The Check’s in the Mail
June 1, 2010
There are a lot of ways to present an offer to make it appealing to your prospects. The best and most effective of these focus on the benefits you’ll bring to the customer and the reasons they should select you as the provider.
The insurance business is cutthroat, with virtual “price wars” raging on TV ads between, among others, Geico, Progressive, Allstate, State Farm, and Nationwide, with each one discounting the others’ low-cost claims, and boasting that you’ll save the most with their company.
So in this overcrowded “he said, she said” environment, I was interested in an ad I saw for Nationwide. They claimed that not only would they give you a discount for being accident-free, but they would actually send you a check every six months.
I know, it’s essentially the same thing as offering a discount, but they recognized that people like receiving checks in the mail; it’s the same reason people overpay their income taxes (passively or deliberately) so they can get a big tax-return check the next year.
Think about it – renewal time presents an opportunity to reevaluate your coverage, your carrier, and your agent. What better way to put a quick end to that internal discussion than to send the customer a check for several hundred dollars?
Customer: Do we switch companies? Nah, they just sent me a check!
Try to identify the points where you are most likely to lose customers, and see what strategies you can develop to provide them with something extra – something special – when they’re approaching that point.
Remember, it does no good to keep adding new customers, clients, or members if you’re not keeping the ones you already have.
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