Do you want fries with that? Insurance?

This is an article BriteCo Founder and CEO Dustin Lemick wrote for Insurance Thought Leadership.

Like McDonald’s, many insurance companies can implement a point-of-sale upselling strategy to increase market penetration.

By now, most of us are so familiar with McDonald’s “do you want fries with that?” strategy that it’s easy to forget how brilliant it is. Let me refresh your memory. In 1993, McDonald’s implemented a new policy: Every time a customer placed an order that didn’t include fries, the cashier would ask if the customer wanted fries with that.

The result: an added 15% to 40% in annual revenue.

Just as important: The boost didn’t require any expensive training or investments from the company.

So how does all of this apply to insurance sellers? Turns out, many insurance companies can implement a similar point-of-sale upselling strategy to increase market penetration and revenue. Here, I’ll offer examples of several other companies doing this successfully and offer takeaways for those in the insurance industry.