Selling Multiple Business Services

SWiden

New Member
In my business we have business brokers that have an insurance back round and have products and services they want to present to high net worth individuals and business owners. Our brokers go in with their first approach being are you interested in selling your business?, we can help you determine the value or what its worth so you can have the information to choose the right path for you, then after explaining their function as a business broker at the appropriate time they introduce the other services that the provide ie. insurance products.

my question for the group is - how do you get in front of the business owner or the high net individual? do you cold call? Mail? walk in? email?

Imagine if you could provide multiple services how you could leverage them against each other for lead generation. Any thoughts on how we could maximize the angle from which an insurance professional would maximize this scenario would be appreciated.I want to get a better handle on how I can help the insurance folks who work with us.

thanks for your input,
Scott
 
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In my business we have business brokers that have an insurance back round and have products and services they want to present to high net worth individuals and business owners. Our brokers go in with their first approach being are you interested in selling your business?, we can help you determine the value or what its worth so you can have the information to choose the right path for you, then after explaining their function as a business broker at the appropriate time they introduce the other services that the provide ie. insurance products.

my question for the group is - how do you get in front of the business owner or the high net individual? do you cold call? Mail? walk in? email?

Imagine if you could provide multiple services how you could leverage them against each other for lead generation. Any thoughts on how we could maximize the angle from which an insurance professional would maximize this scenario would be appreciated.I want to get a better handle on how I can help the insurance folks who work with us.

thanks for your input,
Scott

For me, it's all about building relationships.

I know it takes alot of patience and is more time consuming than buying leads or direct mail. Regardless, the result is I'm building a solid book of business with little hard selling (most of the time), a high persistency rate and lots of fantastic referrals to their friends, family and colleagues.

For example, I met an Attorney a few months ago at a coffee shop we both frequent. We talked alot and had lunch a few times, and about a month ago he asked me about his health insurance. I got him set up on a better plan that saved him money and he was as pleased as peach! He then had me over for dinner at his home the following week and invited his three Partners as well. He then proceeded to sing my praises for about 20 minutes during dessert and coffee. As a result, all of his Partners are now my clients, and they just referred me to 4 more colleagues!

As an added bonus, I now buy fewer leads than ever before and have managed to keep my marketing expenses to a minimum.

I don't think there is a magic formula, but for myself I go to various cultural events in the community and develop relationships first. Once I spend some time getting to know people, the result is they give me their business because they have gotten to know, trust and like me as a person first.

My priority is to never pursue the biggest wallet, but simply build relationships first and the sales will come.
 
For me, it's all about building relationships.

I know it takes alot of patience and is more time consuming than buying leads or direct mail. Regardless, the result is I'm building a solid book of business with little hard selling (most of the time), a high persistency rate and lots of fantastic referrals to their friends, family and colleagues.

For example, I met an Attorney a few months ago at a coffee shop we both frequent. We talked alot and had lunch a few times, and about a month ago he asked me about his health insurance. I got him set up on a better plan that saved him money and he was as pleased as peach! He then had me over for dinner at his home the following week and invited his three Partners as well. He then proceeded to sing my praises for about 20 minutes during dessert and coffee. As a result, all of his Partners are now my clients, and they just referred me to 4 more colleagues!

As an added bonus, I now buy fewer leads than ever before and have managed to keep my marketing expenses to a minimum.

I don't think there is a magic formula, but for myself I go to various cultural events in the community and develop relationships first. Once I spend some time getting to know people, the result is they give me their business because they have gotten to know, trust and like me as a person first.

My priority is to never pursue the biggest wallet, but simply build relationships first and the sales will come.

good stuff ! - as we know and like the Guru commented not all folks take the time to build those relationships - but for those who do the stories are endless. I'm looking for ways to leverage the multiple professional service angle and the best initial approach
 
good stuff ! - as we know and like the Guru commented not all folks take the time to build those relationships - but for those who do the stories are endless. I'm looking for ways to leverage the multiple professional service angle and the best initial approach[/quoteHey Guru - you seem to have a pretty dry sense of humor and are most likely a no nonsense guy - what do you think of the approach of cold calling business owners asking if they are interested in selling their business, offering them a free valuation as a tool to determine what they could sell for and at that point they can make a decision if the want to move forward - then at the appropriate time introduce you other ( insurance) services VS. going in with i have insurance products i would like to introduce you to, i can save you money and then going into are you interested in selling your business.

I am trying to come up with different approaches ... any thoughts?
 
I see what your getting at now; using another business service to create leads and introduce your insurance business. Some would consider this a form of bait and switch, but I guess it all depends upon how your approaching the situation. I do know of other people who have similar approaches of cross-selling.

One guy I know sells co-op advertising on various printed items door-to door with local businesses. He concentrates on smaller communities a few days a week. Once he gets an ad sale, he will mention that he is and insurance agent as well but "since times are tough right now, I had to pick up the ad sales to keep food on the table". He makes some additional income and typically picks up a few new insurance clients in each town as a result.

Another woman I heard of runs employment ad's in the newspaper recruiting part-time agents via informational seminars a few times a week. She will get 20-30 people showing up consistently, where she will explain the great Term Life products she offers and her system for a part-time careers as a life agent. At the end of the presentation, she gives them all the option of getting started selling part-time with her or to apply for a Term Life insurance. I guess she gets an average of 10 new Term Life applications at each seminar and adds about 5 or 6 new part-time agents each month.

Regardless, your is an interesting idea. If you decide to do a trial run, feel free to report back and let us know how it went.
 
I see what your getting at now; using another business service to create leads and introduce your insurance business. Some would consider this a form of bait and switch, but I guess it all depends upon how your approaching the situation. I do know of other people who have similar approaches of cross-selling.

One guy I know sells co-op advertising on various printed items door-to door with local businesses. He concentrates on smaller communities a few days a week. Once he gets an ad sale, he will mention that he is and insurance agent as well but "since times are tough right now, I had to pick up the ad sales to keep food on the table". He makes some additional income and typically picks up a few new insurance clients in each town as a result.

Another woman I heard of runs employment ad's in the newspaper recruiting part-time agents via informational seminars a few times a week. She will get 20-30 people showing up consistently, where she will explain the great Term Life products she offers and her system for a part-time careers as a life agent. At the end of the presentation, she gives them all the option of getting started selling part-time with her or to apply for a Term Life insurance. I guess she gets an average of 10 new Term Life applications at each seminar and adds about 5 or 6 new part-time agents each month.

Regardless, your is an interesting idea. If you decide to do a trial run, feel free to report back and let us know how it went.
right - but not a bait and switch - a bait and both! - just using the approach that has less initial resistance. Both are services are needed and have value and benefit. How do you maximize that leverage and what is the approach - that's what I'm toying with
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Don't waste your time.

Do you think high net worth folks are asking their stockbroker for business broker advice?
you hit it on the head guru - they don't know who ask - nobody knows a business broker. So if a business owner wants to sell his business who does he talk to? His professional service providers - CPA's, attorneys,...stockbroker maybe?? but the thing is they don't know any business brokers either. So your not in favor of leveraging services as a form of lead generation? I see it as a form of exponential networking.
 
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So your not in favor of leveraging services as a form of lead generation? I see it as a form of exponential networking.

The high-net-worth crowd isn't attracted by "leveraging of services". You won't find many money managers trying to hustle auto insurance - for good reason. Folks, especially the HNW crowd, want a specialist. Would you let a podiatrist do cardiac surgery?

If you want a primer on how to market to HNW folks, check out Bernie Madoff's marketing plan. While the execution was a little off, his marketing plan was brilliant.

The arts, philanthropy, big time country clubs are where it happens! These guys won't take advice from a business broker on insurance and financial issues, they ask around their club for a referral.

Anybody trying to reach this market by cold calling or using direct mail will be filling out a food stamp application within sixty days...
 

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