Nigel Payne is managing director at Assurant Intermediary
If you sell more to each client, you will increase your income without increasing your workload, right? Great idea on paper – but there are two approaches to put the idea into practice.
Option number one is to up-sell each client and get them to buy one more product from you, and so increase their overall transaction and therefore the income you generate from that one client. To illustrate what I’m talking about, what happens when you go to Pizza Express? Whenever you order your pizza, you’re always asked whether you want side salad or garlic bread.
Option number two is what I call up-serving each client to delight them and give them a greater sense of satisfaction with their purchase decision. Continuing with my food analogy, how often are you given a free appetiser while you wait for your meal or offered a free taste of the wine of the week to see if you like it or not? That little touch can make you want to return to that restaurant again and again.
The problem with most sales thinking is that it only focuses on the sale or purchase itself rather than on the value of the client. I’m of the opinion that this is a pretty old-fashioned approach and that it’s time to rewrite the sales manual.
People who pursue money often produce money, but in my experience they rarely create an ongoing flow of money. Clients are perhaps more finely tuned in to the process than some give them credit for, and sense their broker’s intentions. When the potential money to be made is the main focus, they know it and they don’t see any reason to cultivate a connection or the need for an ongoing relationship. After all, that broker has positioned themselves simply as a vendor, not a trusted business advisor.
But when you up-serve your client without requiring any additional purchase, their natural sales resistance drops and they will not only tend to buy more, but also seek your advice on other decisions. They will feel a deeper connection with you and a sense of gratitude, which gives you a distinct edge over any potential competitors who might merely offer a lower price. Price is always relative to the value received. So, by increasing the value you deliver, you increase the satisfaction of your customer and their resistance to your competitors.
To create the up-serve sales culture, you must forego the immediacy that most of us, as business owners or managers, really crave. You have to give it time to develop and work. Remember that, like beauty, value is in the eye of the beholder so there isn’t one answer to this but a range of answers depending on your client.
Here are some examples:
A bouquet of flowers for the lady who took out the mortgage to buy her house
A free insurance policy for seven days when someone moves into their new home
Create an aspirational club for your high net worth clients to make them feel special
Regularly communicate with them on what is happening in the market for the products they bought
Ask yourself, “How can I do more for this customer without adding extra cost for them or me?” Recognise their value. Up-serve them, and I think you’ll be happy with the results.
