How to differentiate your business and win more clients

In a competitive market, it's important for brokers to continually grow their book of business. Differentiating your business can be a challenge and knowing where to begin can be hard. isolved surveyed 165 brokers across the country in 2023 to get their take on how they're managing. The top takeaways were that relationships matter when sourcing new clients and technology is an area to tap into for growth.

Nurture Relationships and Build New Ones

It’s no secret that building up your client base takes effort. It requires skill and an understanding of the market. According to the survey, when asked what methods brokers use to source clients, word of mouth is leading the way. Referrals from existing clients (85%) and referrals from colleagues (73%) were the top two methods used. Knowing where to find and reach your clients is key.

Interpersonal skills are equally important to a broker’s success since they must be able to build relationships with clients and communicate effectively. This is likely why networking events (57%) and cold sales calls (31%) also rank high on the list. Going after your prospects directly and getting out there to meet others in the industry is crucial to building a clientele.

Differentiating Your Business

What makes a business stand out amongst competitors? Not all brokers are able to offer their clients benefit services and human capital management (HCM) technology. This makes HCM tech an area in which brokers can stand out from their competitors and add value to their clients.

Employers are actively seeking out new solutions to help them manage the employee lifecycle. In fact, according to our third-annual HR leaders study, 40% of organizations plan on investing in an HCM platform this year. Of those who currently leverage HCM technology, 63% aren’t happy with their current solution and are planning to switch providers in the next 12 months. Only 17% of brokers currently offer HCM technology, including another 13% who plan to offer it within the next 1-2 years.

Another offering that can provide a competitive advantage is technology to support open enrollment, a sore spot for employers. In fact, 44% of HR leaders plan on investing in benefit enrollment technology this year. Sixty-six percent of brokers offer benefits enrollment technology and 11% say they plan to offer it within the next 1-2 years.

Clients are actively seeking investment in better technology and many brokers are planning to offer it in the next few years. This might be an area to explore if brokers want to stay competitive. All in all, the most effective ways to build business is to know the intended market, actively seek prospective clients out in real time and consider adding technology to existing portfolio of offerings. While the landscape can be challenging, staying on top of these trends can be the solution.

Call 800.733.8839 or contact your account manager directly to learn how isolved can help.