The “Money Tree” plant, which is also known as the Pachira plant, looks like a braided tree. Buyers may think it sprang out of the ground like that, thanks to nature, or a tree fairy.
A blogger at 1800Flowers.com has the real story.
Long, long ago, in the 1980s, a man named Liu tried braiding the stems of Pachira plants together as the plants grew. Liu discovered that braiding three plants together produced what looked like one unusually beautiful, unusually strong plant. His “new plant” sold so well that it seemed as if it were a money tree. That’s why people called it a “Money Tree” plant.
I believe that money can grow on trees for you, too — if you braid ancillary products and unique, added-value services into your practice.
That will help you, the broker, develop your employee benefits portfolio and generate a significant additional revenue stream.
Here are four ways to get “low-hanging fruit” from your personal money tree by approaching existing clients with a targeted cross-selling strategy.
- Look for a plant you like.
While a detailed business plan and execution is crucial to any marketing or cross-selling plan, the most important element of any business plan is your belief in that plan.
If you do not believe that the plan will work, then it won’t.
If you don’t believe in the ancillary products and added value-services that you are offering, then they will fail.
- Add good leaves, and good trunks.
The braided trunks of the Money Tree plant have a unique look, and the braided trunks help “the plant” grow quickly, and strong.
Are the trunks in your practice (major medical, P&C, 401(k), ancillary products) strong? If not, what trunks can you add to strengthen your practice?
The leaves of a braided money tree plant are glossy and deep green. Most money tree plants have five to six leaves on each stem. You can sometimes find one with seven leaves. Just like finding a four-leaf clover, seven leaves on a stem is thought to bring really good fortune to its owner.
The lines of coverage (leaves) that you have with a client should be glossy and green as well. This not only establishes trust and long-term relationship with your client but, provides for greater customer satisfaction and revenue for you.
- Avoid overwatering.
The money tree is, generally, a very easy plant to maintain. As long, as you allow the soil to dry up just a little and then apply water to keep the soil damp, the tree will continue to grow. The tree will also grow towards sunlight. You should regularly turn the tree, so that it grows straight.