As a benefits vendor, open enrollment is one of the busiest times of the year. You have limited time to finalize sales and get everything in place for your clients. If you’re like most benefits vendors, late October into November is typically the busiest time of the season with contract implementations, finalizations and open enrollment.
What are you doing to get those last-minute brokers to work with you? How are you catching their eye? What should you be doing to win their business?
We’ve all heard the stories of what can happen if you have to push your sales at the end of the season. Clients can sense a rushed implementation and it is one of many mistakes that can completely derail your new engagement. So, it’s not a secret that almost all contacts need to be in place long before the end of fall each year.
Not to mention, today’s competition for vendors has varying complexities (that have only increased over the past few years). For example, in the past decade alone, the
number of vendors that emerged online has skyrocketed. At the same time, people do want to buy from people, so it’s important not to overlook existing relationships of varying degrees.
How else can you guarantee that you’ll still succeed when getting in front of brokers last minute? Let’s get the most out of the sales season before it ends with these tips to help you stand out.
Here are a few free ways to get in front of brokers before the sales season ends.
Tip # 1 - Consider smaller/mid-market groups
If you want to go deeper, go where it may seem less expected of you. Often the more prominent groups are ahead of the curve when it comes to strategy and planning due to the complexity of their benefits. However, smaller groups may still be finalizing strategy and deciding which benefits and vendors should be included for 1/1/2023 open enrollment.
Tip # 2- Ask about off-anniversary launch opportunities
Another great option to tap into if budget isn’t the issue is volume or timing: try for a February 1 or March 1 launch (versus cramming everything into January 1). To approach this, you could ask about off-anniversary launch opportunities. In doing so, you’ll have more time to prepare and position yourself as a vendor worth including in the upcoming year.
Tip #3 - Go to your champions
Start by going to the benefits brokers and consultants who know how good you and your company are and see if they have any recommendations. You can casually approach this since they are already ‘bought in’ and enjoy working together.
It’s also more than likely that these people who already trust you– have groups or even colleagues with employer groups who could benefit from a last-minute conversation. (This is a significant first step in getting a new introduction and building a new broker relationship.) You can also ask if they would like to be a testimonial in your upcoming marketing for open enrollment. There’s a lot of juice to squeeze with current champions–which is why they make it number one on the list.
Tip #4 - Re-engage with the ‘I’ll pass’ prospects
This tip may not be as popular with everyone but stick with me. Remember those people who said “I’ll pass” to you? It’s time to check back one more time. (Seriously, you never know what kind of day or week that prospect was having, it never hurts to reconnect!)
They also may be able to introduce you to another contact at their company–who has more resources to take on chatting with you. Or perhaps they got burned or are unimpressed by the vendor they selected over your organization. By re-engaging these prospects, you can hear new pain points and new challenges on the broker side or even unlock a last-minute sales opportunity. Don’t miss this opportunity to make a new sale and partnership again.
Tip # 5 - Ask about non-1/1 renewals
While you’re thinking about off-anniversary launches, it’s important to remember that not every group will renew on January 1. Could you ask your brokers about other renewal dates? Again, you want to provide value to the broker. Share your positioning on non-January/1 renewals and offer solutions that may appeal to them.
Another ‘last minute’ sales approach (though not my favorite move) could get the necessary attention from a broker whose client is price sensitive and, as they’re budget crunching, realized that price may be a problem— and your solution may be priced right! By presenting the price first to the broker, you may be able to close another book of business.
BONUS TIP: Get on BenefitPitch and utilize the Smart Messaging Banner feature. This tool will help you get in front of thousands of users who are all looking to connect with other benefits providers.
At the same time, it’s ultimately important to understand the current challenges brokers are dealing with and position yourself as the solution. Remember: never move their cheese—don’t change the price (make it higher) and don’t change the offering (unless it's warranted or asked for).
By following these tips, you’ll be well on your way to getting in front of brokers this sales season and making some last-minute deals.
What other tips do you have for getting in front of brokers this sales season?
Send me a message so we can chat about it!