Dynamis Blog

Close the Deal by Focusing on the Incumbent

Posted by AndyNunemaker on Feb 1, 2016 7:00:00 AM

Close the Deal by Focusing on the Incumbent

Our last two blogs discussed strategies to capture a prospect’s attention and then how to prepare for your final presentation. Once you’ve completed those steps in the sales process, you should have the ammunition you need to develop a final pitch that your prospect can’t say no to.

The keys in this final step are:

  • Integrating the valuable information you’ve learned about the prospect into your pitch, particularly the pain points and challenges
  • Keeping the focus on where the incumbent broker lacks and how you are superior

Connect problems with solutions

Throughout your fact-finding, you should have uncovered some problems or challenges the employer is currently facing. Perhaps their rates have risen dramatically in recent years, and they haven’t found a way to manage those costs. Or maybe they are concerned about ACA compliance.

Whatever challenges you’ve identified, reiterate those early in your presentation, and then show how your offerings solve those challenges. Illustrate how you help clients mitigate large rate increases with creative plan design options, or discuss your comprehensive ACA compliance program, for example.

Take your solution a step further and show, rather than tell, how you will solve their problem. For instance, instead of discussing or presenting a generic ACA compliance plan, tailor your standard plan to the specific prospect (based on their number of employees and other pertinent factors) and bring printed copies to the meeting.

Keep the pressure on the incumbent

As you execute the first part of this strategy, showing how you can solve the prospect’s problems, be sure to emphasize how their current broker is not solving those problems.

Though it may seem like an obvious point, it can be extremely powerful to include statements such as, “Now is your current broker offering this type of service?” or “Do you feel your current broker has addressed this problem for you?”

Forcing the prospect to make a direct comparison paints you in a more favorable light and presents a more powerful message when it comes time to make a decision. It is often easiest to stick with an existing broker or vendor (especially when there is a long-standing relationship), so you need to make a compelling case for why the employer should switch.

If you’re looking for more resources on making your prospecting as effective and powerful as possible, make sure to download our latest e-book, 3 Ways to Outshine the Incumbent, today. And as always, if you have additional thoughts to share on this topic, please feel free to do so in the comments section below.

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Topics: Differentiation, Technology, Sales/Prospecting