Common Pitfalls Causing Brokers to Lose Clients

common pitfalls causing brokers to lose clients

So open enrollment for 2019 is in the past and your renewals for this calendar year are taken care of. Mid-year is the time for brokers to kick back and relax, right? Ehh, not so much.

It’s not that you don’t deserve a break for your hard work, because you do—but taking it easy today turns into tomorrow, and before you know it, you could start losing clients. You’ll be left scrambling for new clients as the next open enrollment approaches, distracting you from dedicating the time to your existing clients, damaging those relationships. Before you know it, you’re back to square one.

Set yourself up for a successful mid-year by being conscious of these common pitfalls that could derail your efforts.

Pushing off prospecting. Prospecting is definitely the least glamorous part of being a broker, and for some, it’s the least appealing. It’s also the first thing that’s likely to get pushed off. But without prospecting, there’s no way to grow your client base. Instead, get it out of the way first thing in the day so it doesn’t get pushed off.

Having a “if it’s not broken, don’t fix it” attitude. You may think you don’t have to follow up with clients because they haven’t reached out with any questions or concerns. No news is good news, right? Not exactly. Take a proactive approach and have at least quarterly check-ins with each client so they know where they stand with their account. It also helps build the relationship between you and your client, making less likely to jump ship to another broker.

Assuming all your clients’ needs are met. You might assume that since your client only purchased X from you, that’s all they need. However, they might not know what other options are out there. During your periodic check-ins, make sure to mention the range of products and services you offer, especially if you are part of the vast Employee Navigator marketplace.

Assuming you know everything. You probably know a lot from your experience. But that doesn’t mean there isn’t more to learn. Every broker can benefit from training sessions, even if it’s outside of their comfort zone. There are always new products, services, and tools being introduced to the industry. Enhance your toolkit regularly to stay at the top of your game.

Not planning. Fail to plan, plan to fail. That’s how the old saying goes. And it’s true—when it comes to your business, planning always works better than going off what’s in your head. This goes for making schedules, keeping appointments, following up, and making proposing pitches. You can save yourself time by scheduling reminders for all parts of the sales cycle at once, using templates, and planning regularly.

This is not an exhaustive list by any means, but it includes a lot of common (yet costly) mistakes. Being aware of them is the first step in avoiding them, and will help you avoid losing your hard-earned business.