Get a Competitive Edge—Build Your Book of Business
Thursday August 31st, 2023
Estimated time to read: 1 minute, 30 seconds
In a competitive market, it’s vital to continually grow their book of business. Creating a clear difference is a must—but where to begin? To glean insight into the plight, we surveyed brokers across the country to get their take on how they’re managing to stand out in a crowded field. Spoiler alert: relationships matter when sourcing new clients and technology is a treasure trove of opportunity for growth.
Maintain Old Contacts and Make New Connections
It’s no secret that building a vigorous client base involves constant effort. It requires skill and a deep understanding of the market. According to our survey, brokers largely utilize word of mouth to source clients. Referrals from existing clients (85 percent) and referrals from colleagues (73 percent) were the top two responses. Knowing where to find and reach potential clients is a major key to success.
So, it should be no surprise that interpersonal skills are a must-have for any successful broker—especially the ability to communicate effectively. Networking events (57 percent) and cold sales calls (31 percent) also rank high on the list. Clients want the personal touch—and successful brokers will provide it.
Stand Out with Something New
In a tight market, what makes your client’s business stand out amongst its competitors? Not all brokers have the ability to offer clients HCM technology including Benefits Administration and Enrollment.
Employers are actively seeking out new solutions to help them manage the employee life cycle. In fact, according to our recent survey of HR leaders, 40 percent of organizations plan on investing in an HCM platform this year. Of those who currently leverage HCM technology, 63 percent aren’t happy with their current solution and are planning to switch providers in the next 12 months. Only 17 percent of brokers currently offer human capital management (HCM) technology—another 13 percent say they 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 percent of HR leaders plan on investing in benefit enrollment technology this year. Sixty-six percent of brokers offer benefits enrollment technology—11 percent say they plan to offer it within the next 1-2 years.
Your clients are actively seeking investments in better technology-- many brokers are planning to offer it in the next few years.
At the end of the day, the most effective ways to build a better book of business are to understand the market, proactively seek prospective clients and consider adding robust technology to your clients’ portfolio of offerings.
For more information, contact your channel sales representative or visit us at www.isolvedpreferred.com.
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