IMPROVE YOUR EXISTING CUSTOMER SALES
A hurricane ravaged the Florida coast at the end of September, displacing thousands of people and causing billions in property damage. Hurricane Ian was a category 4 hurricane and saw winds of 155 mph. It was so strong that it almost qualified as a category 5. It was the fourth strongest hurricane ever to hit Florida. Hurricane Ian is a potent reminder of the importance of flood and wind insurance, especially if you live in a high-risk area.
WITH THESE 3 STRATEGIES
Property data and analytics provider CoreLogic recently released estimates for
One of the biggest mistakes businesses can make is focusing too much on new customers or potential leads. While your business needs to attract new customers, you can’t forget your existing ones. These clients have already done business with you. They know what your business and its products can do for them. If they like the business relationship enough, they’ll even refer other people to you. That’s why it’s essential to boost your existing customer sales in addition to pursuing new leads.
damages sustained during Hurricane Ian. They estimated between $41 billion and $70 billion in insured and uninsured losses due to wind and storm surge damage. Between $31 billion and $53 billion of the losses are estimated to be insured, which leaves between $10 billion and $17 billion for uninsured losses. CoreLogic stated wind losses are estimated to be $23 billion to $35 billion, and flood losses to the National Flood Insurance Program (NFIP) and private insurance for residential and commercial properties are estimated to be between $8 billion and $18 billion. There’s no telling how long it will take for Florida to recover from the damages incurred during the hurricane. The population of Florida has grown by 50% over the last 20 years, and many areas affected by the hurricane are densely populated. Tom Larsen, the senior director of hazard and risk management for CoreLogic, said, “The extra costs incurred from the surge in repair needs, simultaneous with a fragile economy, are headwinds to rapid reconstruction. We should expect to see resident displacement and housing affordability issues in the state for some time to come.” While we don’t see hurricanes in Arkansas, and it’s relatively rare that the storm remnants make it our way, we do see tornadoes and floods from time to time. Whereas wind is almost always a covered peril in property insurance policies, flood is often excluded, so a stand-alone flood insurance policy is usually a good idea..
If you want to improve your existing customer relationships and sales, try utilizing one of the following strategies.
Engage with current customers often. After successfully completing a sale, reach out to your customer to ensure everything is going well with your product or service. You can address their concerns and provide excellent customer service if they are unhappy. If they are happy, they’re now aware that you care about them as a customer. They’ll be much more likely to buy from you again or even tell their friends about your company. You should also send out email marketing to your existing customers to share information about new products, services, or promotions. Start a customer loyalty program. Many companies offer their customers loyalty and reward programs — the more they shop, the more they earn. This is a great way to encourage current clients to continue shopping with you. Why would they go to a competitor for a similar product if they can earn rewards for shopping with you? Just make sure these rewards are worth your existing customers’ time, and you’ll see a boost in return sales before long. Cross-sell and upsell your products. You may offer merchandise considered to be one- time purchases that leave no reason for a customer to return, but that’s not necessarily the case. Try selling products that relate to their original purchase. Your company might also have products customers would buy, but they just don’t know about yet. Make sure
to cover your bases, and be sure to ask if there’s anything else you can help each customer with after completing every sale. Follow these tips — and you’ll be sure to see an increase in sales from referrals and previous customers as well.
2 • www.INSURICA.com • Specialized Insurance Programs for Specialized Industries.
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