How to nurture existing customers and build your insurance business using these five strategies.
Thanks to your lead generation strategies and sparkling charisma, you’ve managed to fill your sales pipeline and build a steady stream of customers. Fantastic! Did you know that you’re more likely to sell new insurance products to existing customers than to new customers? It’s true. Part of the reason lies in the deep relationship building that takes place with new customers. In order to safeguard your customer retention rate, you’ll also need to implement ways to nurture existing customers. It’s a proper balancing act, juggling new leads and current customers, but there are steps you can take to ensure your existing customers stay happy. Here are five strategies to nurture existing customers so they’ll be ready for your next cross-sell or up-sell opportunity.
1. Keep in touch
This one probably sounds like a no-brainer. It can be tempting at the close of an insurance deal to move quickly on to your next lead. But don’t forget to nurture existing customers too! Staying in touch with your current customers is an easy way to remind them of the superb customer service you offer. It’s also a way to keep your agency top-of-mind for their next policy needs. From monthly email newsletters to semi-annual policy reviews, reaching out to your current customers shows you value their business. It also keeps you current on any life updates that might require additional insurance coverage. Finding out about new babies, new cars, and new homes, are key pieces of information that can lead to up-sell and cross-sell opportunities.
2. Personalize notes
Nurture existing customers by making them feel special. The easiest way to do that is to personalize your correspondence. Kick it up a notch with a handwritten note. Did your current customer just buy a new home? Send them a housewarming houseplant with a personalized note attached. Did you see one of your current customers win an award or have some other life success? Send them a congratulatory email. Small touches throughout a customer relationship will help retain them and earn you additional referrals from their friends and family.
3. Appreciation events
Think about ways to surprise and delight your existing customers. Host an annual picnic or sports outing and nurture existing customers by inviting them. Let it become a tradition they look forward to year after year. These events and outings aren’t necessarily hard sales opportunities. But an appreciation event gives you a chance to mingle with your customers and learn more about their lives (and eventual insurance needs). These are also great opportunities to network and get referrals. But those are just added bonuses to keeping your existing customers happy. Happy customers will keep coming back for repeat purchases.
4. Offer loyalty discounts
Customer retention goes hand in hand when you nurture existing customers. One way to do double duty is to offer loyalty discounts. These can be longevity-related or product-related. If a customer has been with you for more than 5 years, offer them a bonus or discount. If the same customer buys home, auto, and life insurance from your agency, give them preferred status that comes with added free services like free annual policy reviews or product bundling discounts. All of these efforts serve as opportunities to build long-standing relationships.
5. Ask for referrals
Bet you didn’t think you’d see this one on the list. But believe it or not, asking for referrals is a great way to nurture existing customers. By asking current customers for referrals, you’re demonstrating your trust in them to connect you with other opportunities. What better way of building trust and gauging a customer’s satisfaction than by asking them to refer you to a friend or family member? Throughout the process of referral-seeking, you’ve ended up nurturing your current customer at the same time.
Many agents can’t find the time to nurture existing customers. This is where HBW Leads comes in. HBW Leads can take the burden of lead generation off your plate so you can spend that precious time nurturing current customers. HBW Lead has insurance and technology experts ready to provide you with exclusive, double-verified insurance leads. Grow your business with more leads, more time, and more sales.