Let’s face it; we all hit dry spells once in a while when it seems like every prospect doesn’t have two pennies to rub together and what makes matters worse, we won’t either if we don’t make any sales. The best and most efficient way to overcome a low conversion rate is to sell more products to fewer people. That’s right, cross-selling is the answer to every sales nightmare. When you consider your conversion rate has been less than stellar lately, wouldn’t it more sense to sell more products to the person who is actually buying something than to get off the phone and go to the next lousy lead?
Don’t cross-sell price – cross-sell Need
Let’s assume you have completed a sale to a contractor for a GL policy and although he’s a one-man operation, his General Contractor requires a WC policy as well. You know that it was tough getting the premium for the GL, and so you tell him about a worker’s comp Ghost policy (if it’s legal in your state) and he bites because of the manageable premium. Now, rather than price-shop his auto and homeowner’s policy (he already has that), tell him about the great accident plan that he NEEDS because his worker’s comp won’t pay squat if he’s injured on the job. For only an additional $50 per month, you’ll help him get injury expenses paid for and by the way, that accident plan also has an accidental death benefit if he dies because of an accident. You appealed to his NEED rather than offer a price comparison.
Find the holes and fill Them
The best way to win a sale and make a cross-sell on the same call is to ask questions so you can identify the holes in his coverage. You must be willing to help your prospect manage the risks at work and in their everyday life. You accomplish this by asking a lot of “what if” questions and help them to see the need. Your prospect knows they need auto and home insurance because they have to buy it. Your skills should allow you to point out the “what if’s” and get them to take action, as long as they can pay for it.
Just add it Up
By working on your cross-sell techniques, you will find that the more you ask, the more you’ll sell. Now, at the”end of the month meeting” when you turn in your Lead ROI report, you’ll look like the genius you’ve become and your commission checks will put a smile on your wife’s face on the way to the bank.