According to Marketing Metrics (featured in Forbes), it's about 50% easier to sell to existing customers than to brand new prospects.
Why Cross-Sell: It's Your Job
When it comes to existing clients, you’ve already earned their trust - now, as part of your normal duties as an advisor you need to make sure your clients are fully protected. “A cross-selling strategy is designed to position your clients under the umbrella of protecting assets throughout the lifecycle” (Denise M. Desautels).
Bottom line: it's easier to sell to current clients and they are expecting you to look out for them by making sure they're completely covered.
How to Cross-Sell: Use the Available Data
There are multiple ways to go about setting up a cross-sell strategy but a good starting point, no matter what your strategy, is to take advantage of the available data:
- Find the average number of policies per client in your book-of-business. This will give you an idea of how many cross-sell opportunities you'll potentially have and will be a good number to use to measure the success of your cross-sell efforts. This should be an easy number to find in your database - learn more here.
- Look for specific cross-sell opportunities that you can capitalize on where your clients might not be completely covered, are not covered as well as they should be, or where a possible upsell presents itself. AgencyBloc offers a Cross-Sell Report that quickly uncovers cross-sell opportunities throughout your database.
Cross-selling shouldn't be a one-time campaign at your agency - it should be an on-going and long-term initiative that is a part of your culture. Everyone from agents to support staff need to always be thinking about cross-sell opportunities when speaking with clients. As with any client communications, all cross-selling communications should be tracked in your CRM so that everyone who talks with a client knows what's going on.
Bottom line: you have the data available to properly cross-sell to your clients, it's simply a matter of making sure the initiative is active in your agency and you are tracking your efforts.