In a crowded, commoditized market, it’s critical that you know your key competitors, beyond the basics of who they are and their general marketing spiel. Why? Just like every other broker trying to increase their insurance sales, you are constantly looking for an edge, a differentiator that will get you in the door and eventually secure that BOR.
To do so, you must know the strengths, weaknesses, services, solutions and client perceptions of your top competitors, and understand how they stack up to your agency. Incorporating this knowledge into your sales pitch and approach can help you compete better and increase insurance sales.
In this blog, we’ll discuss how to research your competition and put that information into practice, to win more in head-to-head situations and increase insurance sales.
What you should know about each competitor
Of course, you likely know who your main competitors are, where they’re location and what they offer. But it’s important to go deeper than that to truly benefit from a competitive analysis. For each of the competitors your typically go up against, you should try and find out the following:
- Their primary pitch. Start with their basic pitch. You can often find this on their website and other marketing materials. Do they focus on finding creative cost-saving solutions? Do they tout their HR and compliance support? Try to identify what they consider their unique selling proposition.
- Their weaknesses. Once you discover what a competitor promotes, try to ascertain where they lack compared to your offerings. Perhaps they don’t offer the same technology. Or maybe your customer service is head and shoulders above theirs.
- Why clients choose them. If possible, talk to current or former clients of that agency, or track down some case studies or testimonials. Why did the employer choose that broker in the first place? What in their sales process or presentation really prompted the employer to say “yes”?
- Why clients leave them. Similarly, find out why clients have left them. For instance, if you have clients you’ve taken away from that competitor, ask them what made the difference for them. Do you offer something the other agency doesn’t? Was the client unhappy for some reason?
- Their targeted niche(s). Get to know the employer types that agency typically goes after, and feels is their optimal client. It may be particular industries or group sizes, for instance.
- Their technology offerings. What technology solutions does the agency provide to clients? Does the agency charge an extra fee for these solutions, or include them for all clients?
- Anything else unique about them. Through your research, take note of anything else unique about this agency. Maybe they have a different approach to renewals. Or perhaps they are known for giving clients a lot of face time. Any nuggets like these can be powerful knowledge to have.
How to increase insurance sales with this knowledge
Once you do this research on each of your chief competitors, you have essential information that can help you unseat incumbents or beat out other agencies for new business. When going up against an incumbent, for example, use your knowledge of the broker’s weaknesses to get in the door and steal that BOR. If you know that the agency doesn’t provide X service, or that many clients are unhappy with Y, lead with those weaknesses and contrast with what you provide.
If you find yourself going up against a competitor you aren’t as familiar with, take the time to do in-depth research like you’ve done on your regular competitors. Such analysis can give you to tools to grab a prospect’s attention, as well as convince them that you are the better choice.
Looking for more strategies to defeat the incumbent and win more business? Be sure to check out this free informational ebook.