Standing out from the crowd
I have lost count of the number of times that I’ve been told by brokers that what makes them stand out from the crowd is the quality and experience of their staff, their world class service and their access to a wide panel of Insurers. These really aren’t differentiators, as almost every other broker is saying exactly the same.
Every business needs a unique selling point (USP) – your USP needs to have value in the eyes of your new clients, otherwise you are just part of the crowd trying to win their business.
Most one word USP’s end in the letters ‘st’, for example, largest, fastest, quickest, longest. Work out your USP with your team, ask your existing clients and once you’ve agreed it (remember it must have value) then stick to it. Use it on your website, your marketing material, your email footer.
It’s also worthwhile having an ‘elevator pitch’. This is a form of words (no more than 20 seconds) that you use when explaining your business to a third party. The elevator pitch should leave the third party interested and wanting to know more. Once you’ve agreed your elevator pitch then everyone in the business should use it word for word. If it’s good, then this will set you apart from the crowd.
First impressions count. Remember the words you use only count for 7% of communication, 55% is body language and 38% is tone of voice. Despite having an agreed elevator pitch, 93% of its effectiveness relies upon body language and tone of voice, you must get these factors right to communicate effectively.
Breaking ‘winning new clients’ down into stages
Understanding that ‘winning new clients’ is just a series of stages, allows you to break down each of them into a process. Having a ‘winning new clients’ process in your business is essential. Some of the most successful brokers I know have a proven process that has been carefully crafted and honed over a period of years. The successful broker knows that if they follow their process then they will win, they also know that if they try to skip a stage they won’t.
Having a process allows you to agree the objective of each stage. For instance:
- If you are using cold calls to generate new clients then the objective of the first call is to identify the tnsurance decision maker, and there are many ways to do this successfully.
- The objective of the second call is to speak with this decision maker and to arrange a meeting and so on.
I often see brokers trying to fulfil two or three stages at a time, which often results in barriers appearing that prevent the process from continuing.
Agree the stages in your process and the objectives of each stage, learn along the way and create something that works for you. Once you have a winning formula then stick to it.
If you want to know more about any topic contained within this blog, then please feel free to call me on 07920 299727.
Missed any of the other 12 Days of BIBA blog posts?
Day 1: Why winning new clients is critical to the survival of any broking business
Day 2: The importance of leadership
Day 3: What gets measured gets done & sources of opportunity
Day 5: Tactics to win new clients & insurer relationships
Day 6: Sources of Opportunity & Personal Qualities
Day 7: Barriers & Objections
Day 8: You appeals
Day 9: Teamwork & Favours
Day 10: Terms of Reference (TOR)
Day 11: Review & Learn