As a direct selling agent, one needs to look for strategic ways through which one can increase their income and incentivize their customers by offering a variety of products. One of the best ways to plan for increasing earning potential is by appealing to a wider audience with a variety of products.
In this blog, we will look at different strategies and ways through which a DSA can increase its product offerings to serve better to customers and let them have the benefits of higher income.
1. Understanding the Benefits of Diversification
One of the advantages of diversifying products is that it gives an agent the ability to cater to a variety of customers and increase their business. It also reduces the dependency of the agent on a single market, and through that, one can mitigate the risks and capitalize on emerging trends.
There is potential for increased sales and customer loyalty by offering a wider selection of products. One can take a DSA franchisee and offer a variety of products that are available under that franchise and offer them to the clients based on their requirements.
2. Assessing Market Demands and Trends
An agent must delve into the market needs, get into the process of increasing the product portfolio, understand the products that the customers are demanding, and go with the current financial product that you are offering.
One needs to look at the emerging opportunities in the target market and also capitalize on that sector, which has a high growth potential. It increases the income of the person and allows the individual to access recent products and become familiar with them so that it can help a customer get a good product and also make an alternative revenue in the process.
3. Selecting Complementary Products
Selecting a complementary product is essential as it helps an agent add or plug in another relevant financial tool that looks at the separate aspects of the customers, which is essential for them.
For example, if a person is looking to get a loan term, then in that aspect, it’s necessary for that person to have higher insurance coverage that will look after the welfare of the family in case of any unforeseen event of the loan bearer.
An agent needs to look for products that create value in the financial well-being of the customer and allow the person to address the specific needs, which enhances the overall experience of the person.
4. Partnering with Reliable Suppliers
One needs to foster partnerships with reputable financial institutions whom people trust. For example, a person cannot offer products from some shady financial institution that people don’t trust.
However, if one is selling products of SBI or HDFC Bank or other reputed financial institutions, which can increase the rate of purchase from your outlet as you have partnered with the reputed lenders and financial institutions, which can solve the problem of getting the right products.
Here, an agent can get an SBI DSA registration or from any other bank, which can give the person credibility to sell financial products from reputed firms, and the customers will purchase those products for their reputation.
5. Marketing and Promoting Your Expanded Product Line
One must develop a strategy to effectively promote the product portfolio through both the online and offline portals. Here, one must showcase the benefits and features of some of the products and promote them through social media ads and the personalized service one can provide to their clients as an agent.
One can run promotions on some products through which one can provide compelling offers to drive higher sales and increase the income of the business.
6. Providing Excellent Customer Service and Support
Financial products are something about which the majority of the customers have the least awareness. Here, a DSA needs to provide the minimum information about the product and educate the client about the benefits and limitations of the product.
Here, one can assist the client and maintain the connection with them to build a relationship with the customers. Follow-up support calls are very much required for financial products as they help build trust.
Through these few strategies, one can dedicate their time to increasing the product portfolio and serving the customers better.
