Sell 60% of your existing clients using “soft sell” marketing.
You have all worked hard to accumulate as many clients as possible and you have been successful. Think about the countless hours of planning and hard work that have gone into making your business a success. With some agencies, it might be a family thing. Your father or mother started your agency and now you are in the leadership role. You have been blessed with thousands of clients because they did an excellent job. Or perhaps you are among the new generation of life insurance agents… all internet and call centers all the time! Either way, it has been a lot of hard work, dedication and expense that got you to this point.
So after all that hard work, why would you not call your clients every year? Think about it…it only makes sense. These are your customers and they obliviously trusted you enough to literally bet their family’s future on your products and services. It should be your honor to continue to service these clients year after year.
As we have stated in our previous blogs, as long as you have a Game Plan in place, it is a lot less expensive to keep a client than to find a new client. Remember, our stats show that over 60% of your existing clients will buy more coverage. That’s a pretty good ratio by most standards.
Let’s assume you have implemented the Game Plan and made the initial contact between you and the client with a letter or phone call. (If you have forgotten what the Game Plan looks like refer to our two previous blogs.) Now it is time to cultivate the relationship. The most important thing about this relationship is NOT to make the client feel that all you want to do is sell them something else. NOBODY WANTS TO BE SOLD. It is time to put your customer service hat back on. That’s right, become an information provider…give your client what they generally want out of all their business relationships, good service. So let’s do our best to gently introduce different products to our clients. This gentle drip campaign is what is referred to as “soft selling”.
Soft selling is defined as providing clients product information (and fun stuff) that you believe is generally in the best interest of most clients. Consider this to be no different than the “nurture campaigns” you would put prospects through that didn’t initially buy. This can include information about disability insurance, long term care, conversion options, and critical care coverage just to name a few. Our agency provides that information to clients with a series of emails and letters pointing out the needs and benefits that these secondary products can offer to protect a specific risk that they may someday face. In addition, we try to keep the overall communications lighthearted by offering occasional client giveaways such as Lammes Candies and YETI coolers and other fun products. The goal is to be in front of the client without always calling and asking them to buy more life insurance. Plus, we want them to know and recognize the name, Insurance 360, when we make our annual phone calls.
This soft sell communications includes the following:
– Client giveaways (Candy and YETI’s)
– Disability Insurance
– Long term care
– Conversions options (Birthday)
– Specialty products (No Exam Products)
– Critical care coverage
These bi-monthly communications continue to surprise us in the amount of goodwill we can establish and the addition sales that can be made. For example, this month we send our clients a simple SBLI No Exam email campaign and within a few days we had 5 new sales for additional coverage. It’s an easy way to get your message across while also continuing to secure engagement and name recognition with your clients.
Creating a detailed inforce marketing system that can be performed seamlessly over and over again is the key to inforce marketing success. It is not sexy but it is very cost effective, and when implemented properly it will produce a recurring revenue stream with very little expense when compared to the cost of acquiring new business.
Let’s breathe new life into your existing book of business!