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Expand Your Client Base: The New Product Portfolio

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Whether your book of business consists primarily of Health, P & C, or Life Insurance; the highest cost associated with your business is client acquisition. You can measure this in time or money, but the equation is the same. Existing clients are always the best leads, but they are finite. So what is the lowest interest threshold to reaching potential clients within your community? Is there some product/service that people are interested in that doesn’t require the scrutiny or forethought typically associated with purchasing health insurance?

Yes. 

It may be difficult to recruit clients looking for million dollar annuity sales, but the threshold to affordable Dental or Life insurance is much lower. Visualize a client base for dental insurance that contains fifty clients and a client base of twenty five clients that purchased Final Expense. If your primary focus is health insurance, then these unique client sectors can now be directly cross-marketed for your health services, and likewise, you can market your life and dental services to your health portfolio.

A diverse product offering that suits a similar clientele is the new normal. While we caution against becoming a jack-of-all-trades and a master of none, creating a book of business based solely on one product type is both short-sighted and financially reckless. This is not an insult to those who have, and always will, represent a market segment with dedication and expertise, but a caution against modern market turbulence.

The markets change. This is the one constant in the insurance industry. Regulations, laws, certifications, reimbursements, coverage, networks; nothing is sacrosanct. Offering multiple products and services helps to safeguard not just your clients, but your business and family as well. You wouldn’t invest your entire retirement portfolio into one stock, and you shouldn’t be dependent on one product sector either.

Let’s talk McDonalds. They sell coffee. They sell a lot of coffee. In 1992 McDonalds sold 1.35 million dollars worth of coffee a day. This is a business that established its market presence by selling burgers and fries. That coffee money is only part of the equation. Coffee actually drove client sales in many cases. The discounted senior coffee helped to attract a new consumer segment.

Prospecting + Cross-selling = Growth

We aren’t selling food. We are offering services. We provide information to clients on insurance products that improve their quality of life. What services are your clients looking for? If you work in the senior market, it’s no secret that retirees are losing employer sponsored benefits, including health, dental, and life insurance. These products have massive cross-selling potential. Each new client becomes a lead for your additional products and services. Take special care in how you create your product portfolio and consider the synergy between your products and services.

Jack Schroeder & Associates is your marketing partner. Call us today to learn how your portfolio can open doors to new clients and new policies. Take advantage of our systems and resources to generate interest and ultimately get sales on the books. 1 (800) 203-0433 for contracting, commissions, compliance, marketing, and more.