In our last blog, we talked about how to approach cold calling by segmenting your market and targeting your prospect’s unique challenges and pain points. We’re going to add to that strategy in this blog by discussing the incumbent broker.
Make the prospect think twice
Just about every prospect call or meeting you are in, you are already competing against at least one other agency: the incumbent. If the prospect is shopping around, you may be competing against several other potential agencies as well, but for the sake of this blog, let’s focus just on the incumbent.
An employer may not realize that their broker isn’t doing a great job—or that there are better agencies out there—especially if they have been with their broker for years or are in the relationship through a friend or family connection. Opening your pitch by focusing on the service the incumbent is providing is a great way to open your prospect’s eyes to where the incumbent may be lacking.
Prove your value
You may have used this strategy in the past; targeting the incumbent is generally a common prospecting strategy since insurance is such a competitive industry. But it is a particularly effective technique today due to ACA and the changes since its inception.
Many brokers are not providing clients the support they need to navigate these changes. Plus, many employers have experienced large increases in recent years that are hitting their bottom line hard. Here are a few sample questions you might as a prospect to turn the spotlight on the incumbent and subtly illustrate your value as a broker:
- How has your broker helped you combat rising health care costs recently?
- How is your broker supporting you through changes due to ACA?
- Are you familiar with your compliance obligations now that ACA is in place?
- Has your broker suggested self-funding as a way to manage your rising costs?
If your prospect doesn’t have an answer to these questions, this is the perfect way for you to get in the door and show how you can provide superior service.
Want to learn more sales strategies for success? Be sure to check out our recent e-book, Drive Sales with These Three Strategies.