The beginning of the year is a prime opportunity to prospect. Why? Employers have their latest renewal fresh in their mind, and if they weren’t satisfied, you can win business by presenting a superior renewal experience. This blog highlights five steps to executing on this strategy.
1. Target the right employers
Start by identifying employers who just had their renewal in December or January. They will have the experience fresh in their mind and could be an opportunity to differentiate yourself. If you know of a competitor that other employers have complained about or felt was lacking, specifically look at that competitor’s clients as well.
2. Reach out with an email/calling campaign
Conduct an email and calling campaign to those targeted prospects. Your goal is to ascertain if they were unhappy or less than satisfied with their renewal—and hint at a better alternative. For instance, you may ask some of the following questions to pique interest and encourage a response:
- Did you feel the renewal process was confusing, or do you feel you made a confident decision on the best plan for your company?
- Did your broker visually show you plan options side-by-side to help make a faster and easier decision?
- Did your broker conduct the process with your total budget in mind from the start?
3. Book meetings with interested prospects
Prospects who respond to your emails or engage with you on the phone are great opportunities for you to present an alternative (superior) renewal experience. Aim to book meetings with those prospects, to demonstrate your own renewal process.
4. Demonstrate your superior renewal process
In the meeting, go through an example of what your renewal process looks like. If you use a technology tool, go through a sample renewal using the tool. Refer to the prospect’s specific issues with their last renewal, and contrast with the experience you offer. Your goal is for a prospect to think, “I wish that was how my renewal was.”
5. Ask for the business
Of course, when you are at the appropriate point in the sales cycle with each prospect, be sure to confidently ask for the business. Assure them that you will deliver more than their current broker and offer to do a review of their plans now to start planning ahead for their next renewal.
Want a printable version of this checklist to keep handy or share with others in your office? Grab your copy here.