Four great cross-selling opportunities

It can be easier and a lot more cost-effective to grow your business through selling more to your existing customers (as opposed to trying to recruit new prospects) - but many brokers still haven’t fully tapped into this potential income stream.

So, with sales targets for the year to hit, here are four ideas for cross-selling that should hopefully make a positive impact on your financials.

1. A personalised bundle 

Research suggests that most customers would seriously consider purchasing all their policies from one provider – as long as there’s a clear reason for them to do so.

So look to invest time in creating a persuasive plan to convince existing customers of how they, in particular, could personally benefit.

2. New customers – who may be open to additional options

The early days of a new customer relationship are typically a honeymoon period of trust and positivity, so this could be an ideal time to lay the foundations for future additional sales.

3. Returning clients 

During the uncertain times of recent years, some of your clients may have decided that it was opportune to move their business elsewhere. 

The good news?  Many of those who were previously with you may now be missing your friendly, expert and personalised service, and could easily be convinced to return. And if you could offer them another good reason to do so (for example a personalised bundle that covers all their insurance needs), all the better.

4. Relevant cyber insurance to the client 

Almost every business, large or small, is at risk from some form of cyber-attack or data breach - even if they don’t do a lot of their business online. Research has shown 71% of UK businesses see cyber risk as a high priority – yet 63% still don’t have adequate cover in place.¹

Our new cyber Campaign in a Box and these valuable resources on Broker Create can help you put together a cross-sell communication plan of how you can promote cyber insurance cover to your client base.

Selling to an existing client brings with it a whole range of benefits, including their loyalty, trust, referrals, and of course, more income.  However, lacking an efficient way to identify and act upon potential cross-sell opportunities could be minimising your profit potential.

As a broker, you need a solution that allows you to quickly find a constructive plan to ensure that more cross-sales actually happen. To help you with this, we have created a clickable concept map on Broker Mentor which hopefully should act as a good initial guide.

_{¹ Source: Cyber Security Breaches Survey, 2023, DCMS. This source contains public sector information licensed under the Open Government Licence v3.0.}