Traditional approaches to client acquisition are quickly becoming outdated. Today’s marketplace demands a forward-thinking approach to client acquisition. Brokers who have successfully adapted leads with innovative and cost-effective solutions that are backed by technology. The natural question then, is, how do brokers who need to update their approach to client acquisition get started? In this post, we answer that question and we take a closer look at the future of client acquisition.
What Does the Future of Client Acquisition Look Like?
The best way to answer this question is to look at what clients want.
Clients, of course, want their brokers to have several desirable characteristics, but three skills and abilities stand out. Today’s clients are looking for brokers who can:
1. Help them with every aspect of human capital management
2. Find them resources on an on-going basis in a benefits landscape that’s constantly evolving
3. Be their trusted advisor and source of expertise
Successful client acquisition, then, means showing clients you can offer them these three things at the start of sales conversations. For most brokers, that means expanding what you offer.
But, unless you’re Superman or Wonder Woman (or your firm is), you’ll probably need some help. In the next section, we discuss where to start and what to look for when expanding what you offer.
A Starting Point for a Brighter Future
A major shift is occurring in the market right now. Brokers can no longer rely on brochures and handouts to get clients. Instead, you need to demonstrate that you have tools and resources to save your clients time and money just to get your foot in the door.
To expand your offerings, it’s best to either partner with an organization that has what you need or hire someone with experience in areas you’ll need to expand in the future. The next section examines each option.
Option 1: Partner with an organization that can facilitate human capital management
You have your set of expertise and third-party organizations have theirs. Combine them to offer clients the complete package they’re looking for, from quote-to-enroll-to-payroll and more.
When partnering with an organization, look for an organization that offers you the following:
• Benefits software and technology tools—You want to look for an organization that connects you with the technological solutions you need and allows you to leverage those solutions to win more accounts. The best solutions will help you increase your client’s ACA compliance, automation, and engagement.
• A marketplace—A quality partner will offer a marketplace where you can promote ancillary and voluntary lines of coverage using top carriers.
• Decision support software and tools—Encompassing benefits software is a must, but it’s becoming necessary to offer clients additional software-based resources. Decision support software is extremely popular right now because it increases participation in an array of benefits, so you’ll want to partner with an organization that can connect you to it.
• News alerts—It’s hard impossible to be everything to everyone. Reading reports and articles to stay up-to-date could easily consume your entire day if you let it. Don’t let it. Instead, partner with an organization that will send you automatic benefit alerts and reports so that you can get in front of potential problems and trends without having to devote all your time to researching what’s on the horizon.
• Automated reporting and paperless processes—Clients expect automation, so expanding your offerings means you’ll need to provide it. If your current setup can’t offer this, partner with an organization that can. Look for a partner that can automatically update carriers, payroll providers, and third-parties using paperless processes.
• Support and guidance—Even though you’re partnering with an organization, you will still want to feel like you’re working with a colleague—in particular, a colleague who can help you when you need it. Look for a partner that fits your style and personality and who can connect you to popular benefits, even if they don’t sell them themselves. Popular benefits could include a commuter benefits plan, pre-paid legal, student loan assistance programs, telemedicine, and more.
Option 2: Add internal resources
Partnering with an organization is usually your best bet because organizations tend to offer the majority of what you need. But, if you prefer a smaller-scale operation, you could also hire someone who is well-versed in human capital management to help you meet client demands.
Just be careful with this option because there’s no getting around technology. If you don’t provide clients with benefit technology that integrates payroll, Human Resource Information Systems, and time keeping systems of record, it will be hard to acquire new clients.
You’re Not Alone
As the role of the broker changes, it can be easy to feel overwhelmed. Some days it might feel like you have a hundred new jobs and they all fall under the job title of benefit broker. All brokers are in the same boat. But, the smart ones know when they need help, and they acquire it before it’s too late. Expanding your offerings to refresh your client acquisition approach and win new clients now basically requires partnerships with third party organization or the addition of internal resources. To learn more on how you might expand your offerings, visit Clarity Benefit Solutions.
