3 tips to cross-selling healthcare insurance that can boost your business
It’s a competitive market out there for Financial Advisers and making sure you hang on to your customers is critical to the success of your business. Customers who have more products with you are more likely to remain loyal to you. One way to increase each client’s product holdings with you – and strengthen the adviser/client relationship – is by adopting a cross-sell strategy, using everything you know about your client to meet their needs beyond the products they already have with you.
Nicola Mohns AXA PPP healthcare’s Head of Corporate and Intermediary marketing discusses how it can work for you.
“Building a cross-sell campaign can reap rewards but it’s a tricky balancing act to get the right level of contact with your clients. Too much and you run the risk of bombarding them to such an extent that they may walk away. Too little contact and they may feel you’re not supporting them enough. Get it right and you’ll deepen your relationship with your clients and also increase their lifetime value.”
Understanding how a cross-selling campaign can work for your business can take a fair bit of planning. Here are three tips you might want to consider.
- Understanding your customer
As you’ve already established a relationship with your client you’re familiar with their needs and objectives. Your fact finds can be invaluable in providing you with a wealth of information on your clients which you can use to build an effective cross-sell strategy. Nicola elaborates:
“Building a customer persona from the various data you hold is a great place to start. It can include demographics such as age, gender and income as well as lifestyle and behavioural information such as how they look for products and services. All of this information can help you better engage with your clients.”
Once you’ve built you customer personas you can use the information to identify touch points, such as the birth of a child or moving house to target your clients with appropriate products and services.
- Adopt a pull-based marketing strategy
There are many marketing strategies you could adopt to market your products and services. Perhaps the most the most suitable for cross-selling is a pull-based strategy. Put simply, this is getting your customer to come to you.
With any marketing activity you want to build interest and trust in your company and there here are a couple of ways you could do this
- Informational content such as newsletters and blogs using keywords that relate to the product. They can help you attract people who are interested in similar products or services
- Promotional adverts on your webpage/social media platforms.
Your clients are your best advocates and encouraging them to comment and share content will help to build your presence and reputation online.
- Identify and offer relatable products
You have a range of products at your disposal which you can consider cross-selling to your client base. It’s important that you target those customers who have relatable products or who are at a particular stage in their life that a certain product becomes more of a consideration. Such clients will be most receptive to having a conversation with you. You’re more likely to get a higher conversion rate if you accurately target based on your clients’ preferences.
Nicola believes private medical insurance relates to more products and circumstances than you may think.
“Private healthcare insurance is a great starting point for any cross-sell activity. It can complement many of the products you already offer. Your clients are aware of the idea of protecting the things they value most, and nothing’s more important than their own health and the health of their family.”
“To help you get your healthcare insurance campaigns started we’ve created an online marketing resource called YourHQ which has a wide range of editable marketing materials to which you can add your logo, plus the all-important ‘call to action’.”
You can find out more about how we can support you in offering healthcare insurance here https://www.axappphealthcare.co.uk/intermediaries/amplify/
