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Tap Into the Power of Repeat Sales and Upsells with Your Existing Clients

Tap Into the Power of Repeat Sales and Upsells with Your Existing Clients

Do you need more money? Do you want an easy way to increase your profit and decrease your work time and cost? Kickstart your revenue in less than 30 days by following these simple tips for customer retention.


Serving Your Existing Clients Blooms New Opportunities

Plenty of marketing materials out there designed to help insurance agents is geared specifically towards helping them identify new business. Have you ever heard the concept that you are much more likely to get repeat business from someone you have worked with before rather than investing all of that time and energy in a new client?

While it is certainly important to begin adding new clients to your database and constantly be prospecting for new business, there is a great deal of opportunity in the market of individuals you have already converted. You are surrounded by opportunities to sell individuals life insurance but you may not be aware of it just yet.

One of the most important ways to become aware of this situation is to identify opportunities and solutions that can help to meet client's needs. Just because you were successful with selling someone a policy years ago does not mean that they are still benefiting from that policy or that their needs haven’t changed significantly. Touching base again can give them an opportunity to review their existing needs directly with you and to purchase a new type of insurance or to upgrade their existing set of policies.

A Strategy Designed For Each Customer

Whether it’s a more advanced concept or simple answers for their existing life insurance policy, being able to determine a strategy that helps to best convert these individuals should be your primary goal. Finding possibilities with your clients begins with considering all of the different goals that they may have for their life as well as any potential business since you’ve last talked to them. Identifying someone years ago who was in need of a term life insurance, for example, may give you the opportunity to open the door to talk about more advanced strategies.

These could include retirement planning strategies, unique planning strategies for special needs, wealth transfer strategies or retirement planning strategies. When it comes to cross-selling, you need to consider that there are two primary types of consumers. Those individuals who do not already own the product and those who do already own the product.

In this particular article, we are exploring directly how you can increase your sales with those who already own the product.

Whereas with prospects who do not already own the life insurance, the key with them is education, creating a need, product awareness, identifying the interest and then closing the sale.

When it comes to somebody who already owns the product or has bought it with you in the past, the key with these individuals is repetition, a good follow up strategy and selling the benefits of working with you directly. If you did a great job the first time around, it’s much easier to re-open that door.

Targeting Needs Are New Conversations

One of the most important things you need to do is identify target products for every individual customer. It is important to identify the immediate needs of the consumer in front of you first. Planting seeds for the future can certainly be valuable but there’s no doubt that your prospects will actually get frustrated if they don’t know that you can take care of the first product when you’re trying to promote a second one..

Build A Relationship With Your Consumers

Staying in touch with these consumers is important.  Potentially warming them up with a letter first and then making a phone call to follow up can help you to reconnect and see what needs they may have. The small talk portion of your conversation can help to reveal pertinent issues in their life presently and whether or not their existing life insurance policies are still serving their needs.

Since these individuals are already your clients, they are probably expecting you to review their needs on a regular basis and to provide advice. You can also talk to them about business options, for example, if they have started their own company or changed their own employment situation such that previous group policies are no longer active. This gives you a window of opportunity to talk about more advanced individual life insurance policies. Another excellent way to stay in touch with your existing customers is what’s known as a birthday campaign.

 Term life insurance rates tend to increase with every birthday that passes without coverage. Your goal should be to send a postcard to every client approximately 30 days before their next birthday or before their existing policy expires to let them know about the opportunity to convert an existing policy or to add additional insurance. Marketing benefits significantly from deadlines. Telling individuals that they’ll be more likely to get a cheaper price before their next birthday can help put urgency in their decision and increase the chances of closing the prospect more effectively. 

There are so many ways to upsell an existing customer and to build on the referrals they provide, but the bottom line is that it comes down to you and how well you performed the first time around. Build a solid foundation and ongoing sales will be much easier to achieve.

Key Takeaways In This Article

  • Client's that have bought from you before more likely to be repeat customers
  • Put in place follow up processes in your CRM and commit to client retention
  • Make sure your client's needs are STILL being met
  • Upsell/Cross sell opportunities that present themselves (don't be afraid)
  • Determine a strategy that works for you to meet all of the goals your client has
  • Use many different follow up methods to achieve results

Over to You

We'd love to hear your thoughts in the comments below on:

  1. Were there any methods we didn't cover in this article that you use?
  2. Do you follow up with your customers? If so, how often?
  3. Do you have a Customer Retention Module (CRM) to make following up easier and automated?
  4. Do you cross sell or upsell? Give a positive example of why you do.

If you have any questions, please leave a comment below. We will carefully read each one of them. Happy Selling!

About the Author Matthew King

Matthew King is a co-owner of TR King Insurance Marketing and partner at Independent Life Insurance Agent Association. When he's not creating processes, content, and developing SEO strategies, he likes to immerse in gaming with his wife and friends.