We've all heard it over and over again: "it's easier to sell to existing clients than it is to gain new clients." With that in mind, how can you go about capitalizing on this fact to prompt growth in your agency? You might be thinking the obvious: cross-sell. But I'm going to suggest taking a step back and first figuring out how you can improve relationships with your clients. It's probably not a good idea to try cross-selling to an unhappy client, so figuring out who is unhappy and then working on improving that relationship is going to yield much better results. After all, people do business with people they know, like, and trust.
“People may forget what you said or what you did but not how you made them feel.”
- Discover your promoters and detractors.
This might seem like a pretty significant task but, really, it's simple! The Net Promoter Score (NPS) is a customer loyalty metric. It works like this:
Question: How likely is it that you would recommend our company/product/service to a friend or colleague?
Your clients answer this question on a 0-10 scale. Anyone who answers 0-6 is considered a detractor, 7 & 8's are neutral, and 9 & 10's are promoters.
- Use your NPS results to communicate in meaningful ways.
Now that you know who your promoters and detractors are, you can provide meaningful communication.
Neutral and detractors: reach out to this group of clients to understand how you can improve. Simply reaching out and being proactive might be all it takes to improve the relationship.
Promoters: this group of clients should be a part of your cross-sell campaign. You should also tap into this list of clients for referrals and testimonials.
You can watch the short webinar below to get all of the details on finding your promoters and detractors and then acting on those results to improve relationships and increase referrals for your agency.
Learn 3 ways to improve your referral strategy
Discover how to leverage technology to uncover your best clients and target them with psychology driven communication shown to increase positive recommendations in the insurance industry.