--- title: Is Your Cross Sell Approach Working? If Not, You Should Read This. description: The old approach to cross-selling worked when there were a limited set of products to choose from. But consumers are more educated and aware of their options and insurance needs. Consider these 3 cross-sell strategies for your customers. image: https://blog.godonna.ai/hubfs/Blog%20Images/Paper-silhouette-of-family-with-house-and-car-855632322_1257x838.jpeg --- [![Aureus Analytics](https://blog.godonna.ai/hs-fs/hubfs/Logo/Aureus_HighREs_Logo_transparent.png?width=847&name=Aureus_HighREs_Logo_transparent.png "Aureus Analytics")](https://www.aureusanalytics.com/en-in) - Platform - [CRUX](http://www.godonna.ai/en-in/en-in/crux) - [SentiMeter®](http://www.godonna.ai/en-in/sentimeter) - [Solutions](http://www.godonna.ai/en-in/solutions) - [Customer Experience](http://www.godonna.ai/en-in/customer_experience) - [Persistency](http://www.godonna.ai/en-in/persistency) - [Household Analytics](http://www.godonna.ai/en-in/household-analytics) - [Risk](http://www.godonna.ai/en-in/risk) - [Sales](http://www.godonna.ai/en-in/sales) - [Household Analytics](http://www.godonna.ai/en-in/household-analytics) - [Agent Analytics](http://www.godonna.ai/en-in/agent_analytics) - Resources - [Aureus Insights](http://www.godonna.ai/en-in/aureus-insights-yearbook-2023-lp) - [Content Library](http://www.godonna.ai/en-in/content-libary) - [News](http://www.godonna.ai/en-in/news) - [Webinars](http://www.godonna.ai/en-in/aureus-live-webinar-series) - [Careers](http://www.godonna.ai/en-in/careers-india) - Company - [About](http://www.godonna.ai/en-in/about) - [Customers](http://www.godonna.ai/en-in/customers) - [Team](http://www.godonna.ai/en-in/team) - [Contact Us](http://www.godonna.ai/en-in/contact-us) - [Blog](https://blog.godonna.ai/blog) ![](https://blog.godonna.ai/hubfs/Flags/India%20Flag%20-%2045%20x%2030.png) ![Aureus Blog](https://cdn2.hubspot.net/hub/3842749/hubfs/Credo%20pack/Backgrounds/Artboard%2051.png?t=1507211810402&width=1980&name=Artboard%2051.png "Aureus Blog") # ![aureus-insights_logo](https://blog.godonna.ai/hs-fs/hubfs/aureus-insights_logo.png?width=200&name=aureus-insights_logo.png) - [Insurance Analytics](https://blog.godonna.ai/blog/topic/insurance-analytics) - [Artificial Intelligence](https://blog.godonna.ai/blog/topic/artificial-intelligence) - [All](https://blog.godonna.ai/blog/topic/all) # [Is Your Cross Sell Approach Working? If Not, You Should Read This.](https://blog.godonna.ai/blog/is-your-cross-sell-approach-working-if-not-you-should-read-this) [Read More →](https://blog.godonna.ai/blog/is-your-cross-sell-approach-working-if-not-you-should-read-this) - [All (55)](https://blog.godonna.ai/blog/tag/all) - [Artificial Intelligence (40)](https://blog.godonna.ai/blog/tag/artificial-intelligence) - [Customer Experience (37)](https://blog.godonna.ai/blog/tag/customer-experience) - [Insurance Analytics (34)](https://blog.godonna.ai/blog/tag/insurance-analytics) - [Retention (5)](https://blog.godonna.ai/blog/tag/retention) - - - [All Posts](https://blog.godonna.ai/blog) # Is Your Cross Sell Approach Working? If Not, You Should Read This. - [Tweet](https://twitter.com/share) ## Cross selling is a natural extension of trying to get a larger share of the customer's wallet. After acquiring a new customer, the sales and account management teams put their entire effort into: 1. Ensuring that the customer spends more with them; and 2. The customer buys another product or a service from them. Cross selling has a number of advantages for business. The primary being that it increases the customer profitability over the life cycle and discourages attrition. Take for example an insurance company. Let’s say you have a home insurance policy with them. As a cross sell tactic, the insurer will try to sell you a car insurance policy. If that doesn’t work, they will try to sell you a pet insurance policy, or traveller's insurance, or gadget insurance, or… you get the drift. They will try to keep selling to you until either 1) you give in and buy something just to get them off your back; or 2) you start ignoring them. Either way, it’s not the best approach to try to get a larger share of the customer's wallet, which was the original goal. The ‘blanket’ selling approach to cross sell may have worked earlier when there were a limited set of products to choose from and customers were comparatively lesser aware about their insurance needs. However, this ‘sell everything to everyone’ approach to cross sell may not work as effectively now. To make an effective cross sell strategy, the following needs to be considered: 1. **Customer life stage mapping**: Simply stated, this means to *know *and *understand *at what phase of their life a customer is in. Are they married or single? Do they have any children? How long have they been working, etc… If you don’t know where a customer is in their life, how would you sell them the product that best suits their needs? 2. **Use ALL data**: Yes! Use all data at your disposal. Did you take into account the customer's transactions and interactions from the time they first became your customer? Did you consider their product portfolio? What about the household? Are there any gaps that should be fulfilled there? 3. **Leverage Analytics**: Analytics help in connecting the dots. By understanding a customer's historical buying behavior, life stage etc…, analytics makes it possible to predict which other product the customer is most likely to buy. The advantage of this approach is multi fold: **It brings in operational efficiencies to the cross sell process.** Instead of throwing the whole product catalog at the customer and hoping something will stick, you can now positions just 1 or 2 products which have the greatest probability of success. This will save time and money. **Targeted cross selling improves the customer's overall experience.** It delights the customer to know that the brand cares enough to understand their requirements or needs at each stage of their life. [Click here to read about how we helped a large insurer improve their cross sell process](https://blog.godonna.ai/life-claims-fraud-and-cross-sell-case-study) Cross selling is essential for the growth of business. However, a poorly designed cross sell approach will most definitely alienate your customers and make them wary of sharing any information with you.   ![Aureus Analytics](https://blog.godonna.ai/hubfs/Logo/Aureus-A-Icon%5B1%5D.jpg) ###### Aureus Analytics - Recent - Popular - Categories ### Lists by Topic - [All (55)](https://blog.godonna.ai/blog/tag/all) - [Artificial Intelligence (40)](https://blog.godonna.ai/blog/tag/artificial-intelligence) - [Customer Experience (37)](https://blog.godonna.ai/blog/tag/customer-experience) - [Insurance Analytics (34)](https://blog.godonna.ai/blog/tag/insurance-analytics) - [Retention (5)](https://blog.godonna.ai/blog/tag/retention) [Tweets by Aureus Analytics](https://twitter.com/AureusAnalytics) ## Subscribe and Get The Latest News ## Related Posts ## [Data and Innovation: 2 Sides of the Same Coin](https://blog.godonna.ai/blog/data-and-innovation-2-sides-of-the-same-coin) As we set our feet in 2023, having experienced a roller-coaster ride last year thanks to the geopolitical tensions and some lingering rub-off effects of COVID-19, it drives home that "change is the only constant." Like any other industry, insurance is undergoing paradigm changes at different levels, whether recruiting potential candidates or customer onboarding, to name a few. However, a common thread that ties the myriad business functions of an insurance company has been data and innovation. There has been an ever-increasing need for insurance providers to use data and embrace innovation in their routine activities, eventually to stand the cut-throat competition. - [Prerana Suvarna](https://blog.godonna.ai/blog/author/prerana-suvarna) - 8 min read - Mar 01, 2023 ## [Intelligent Risk Assessment in Insurance](https://blog.godonna.ai/blog/intelligent-risk-assessment-in-insurance) Risk Management is a core function within the insurance industry. It is a vital responsibility of the underwriting team. Insurance companies collect data scattered across different business units in various formats – some of which are paper and digital, most of which are typically unstructured. The underwriting team doesn't have immediate access to the information required for internal and external decision-making, resulting in delays in making decisions and costly mistakes. - [Yogesh Dhavale](https://blog.godonna.ai/blog/author/yogesh-dhavale) - 8 min read - Sep 27, 2022 ## [Why Does the Long-term Nature of Life Insurance Products Make Customer Retention Difficult?](https://blog.godonna.ai/blog/why-does-the-long-term-nature-of-life-insurance-products-make-customer-retention-difficult) Most insurers offer similar products and services, which makes it challenging to attract new customers and retain them. As an industry, insurance is low-touch, and insurers seldom interact with their customers. A report shows that the top companies have an average customer retention rate of 93 - 95 percent, while insurance companies have an average of 84 percent. - [Arun Agarwal](https://blog.godonna.ai/blog/author/arun-agarwal) - 6 min read - Jul 20, 2022 ### Subscribe to Email Updates [![Aureus Analytics](https://blog.godonna.ai/hs-fs/hubfs/Logo/Aureus_HighREs_Logo_transparent.png?width=847&name=Aureus_HighREs_Logo_transparent.png "Aureus Analytics")](https://www.aureusanalytics.com/en-in/) Customer experience analytics for EPIC Customer Experience. ##### [Solutions](https://www.aureusanalytics.com/en-in/solutions) - [Customer Experience](http://www.godonna.ai/en-in/customer_experience) - [Persistency](http://www.godonna.ai/en-in/persistency) - [Risk](http://www.godonna.ai/en-in/risk) - [Sales](http://www.godonna.ai/en-in/sales) - [Agent Analytics](http://www.godonna.ai/en-in/agent_analytics) ##### Company - [About](http://www.godonna.ai/en-in/about) - [Resources](http://www.godonna.ai/en-in/content-libary) - [Customers](http://www.godonna.ai/en-in/customers) - [Team](http://www.godonna.ai/en-in/team) - [News](http://www.godonna.ai/en-in/news) - [Security](http://www.godonna.ai/en-in/soc-2) [Blog](https://blog.aureusanalytics.com/blog) - [Platform](http://www.godonna.ai/en-in/en-in/crux) - [Careers](http://www.godonna.ai/en-in/careers-india) - [Contact Us](http://www.godonna.ai/en-in/contact-us) - [Schedule a Demo](http://www.godonna.ai/en-in/request-a-demo) © Copyright 2023. 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