What is the one facet that can redefine your insurance marketing and sales efforts?
The cross-selling and up-selling mantra has always been in existence and practiced by successful companies all over the world. However, as the world enters the digitization era, data powered cross-sell and up-sell is gaining tremendous importance. Data holds the power of cross-selling and up-selling in an entirely new dimension that produces high results. For insurance companies it can be a goldmine, as the costs of marketing and risks associated with it are high. According to Harvard Business Review, it is estimated that acquiring new customers can cost companies 5-25 times more than retaining customers.
Data powered cross-cell and up-sell is where the data revolution and marketing are heading. It will ensure that you know what your customers will best respond to and open gateways for newer opportunities.
Advanced AI/ML techniques allow you to leverage customer analysis and segmentation which powers your data and allows you to carry out targeted marketing. Customer segmentation segments data based on attributes or preferences of individuals. This presents important information which can be used to create targeted marketing campaigns that will resonate more with consumers that might not be interested. Data powered cross and up-sell allows you to leverage a detailed data supported view of customers are interacting with your product. This presents room for you to understand where you can improve their experience to cross or upsell them.
As an insurer, your marketing efforts should be concentrated towards driving personalized marketing campaigns so that you can cross and upsell effectively. Using a customer-centric approach that is tailored to individual customers you can resonate with them better. Another integral aspect in cross and upselling effectively is through improving customer service. By improving customer service through data and personalization, you can avail more opportunities to cross and upsell your products.
Cross-selling insurance enables you to earn additional profits within your existing customer base and removes the need for always relying on new customers. This not only reduces your marketing costs but it creates inroads for generating revenue in different avenues.
Evvox understands the importance of data-powered cross and up-selling as it allows you to leverage personalized insights that can be used to up-sell or cross-sell your products. Get in touch with one of our experts and get the most out of your insurance marketing strategy!