5 spring cleaning practice management tips for brokers
Top brokers suggest that communication and organization are key to more effective business practices.
This checklist will outline some concepts that top brokers are thinking about this year, as a booming economy brings both new opportunities and increased competition.
1) The medium and the message
Finding the right way to communicate with both current clients and prospects is a recurrent theme among broker experts.
Related: The sweet spot for sales success “You have to communicate with clients in the way they want to communicate,” says Rick Morgan, senior vice president of marketing of Work At Home Vintage Experts, an insurance staffing firm. “Your outreach will be different, depending on the customer.”
However, there are signs that communication through online tools is finally becoming the standard way to reach employees. Tara Arndt, a senior vice president at Marsh & McLennan Agency, says boomers might finally be finding a comfort level with the online tools so popular among younger workers.
“We’re not seeing a huge desire for print material from employees as it relates to benefits,” she says. “Most employees have adapted to digital communication — in fact, they prefer it.”
Quincy Branch, President and CEO of Branch Benefits Consultants, notes that even with online tools, finding the right approach is important. For example, when the ACA became law, his agency found that webinars were one tool that consumers seemed to appreciate and learn from. “This gave us goodwill in the community; we were seen as a good source of information,” he says. “It’s an effective tool for communication.”
2) Social media is (still) king
There has been no drop in the appetite for social media platforms among consumers, despite recent security concerns. Morgan notes that online consumer reviews are becoming increasingly important. “The one thing I would suggest is that brokers find ways to get good references on social media,” he says. “Encourage consumers who like your services to review them online. We are finding that more and more consumers are going out there and looking for reviews.”
“To me, social media is like a business card — you have to have it,” says Branch. “But some businesses get so caught up with social media that they’re being busy with it, but not terribly effective.”
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Morgan adds that the personality of the firm should be reflected in its social media sites. “An agent’s presence on any network has to be very consistent with who they are; with their personality. That’s how you build trust in social media.”
3) Don’t skimp on face time—no, not the app
Branch said that in an age where online communication is so ubiquitous, his company has made a recommitment to in-person visits. “We’re embracing technology, but we’re also getting back to meeting and connecting with our clients,” he says. “It’s an opportunity to show our appreciation and ask how we can do better—to ask what they would like to see.”
4) Don’t try to do it all
Arndt notes that when it comes to technology, MMA finds good partners, rather than trying to create its own systems. “We don’t own the technology; when we find a need, we partner with tech companies,” she says. “Technology is changing all the time. We want to focus on what we’re good at, which is not doing the latest and greatest in coding. Having a technology partner allows us to focus in on our clients needs.”
5) Integrate, organize, and standardize
Arndt also sees great opportunities for companies to find efficiencies in integrated systems. “Internal systems need to be able to talk to each other,” she says. “Our client contacts change, they grow, they shrink. If your systems don’t talk to each other, you could sit around all day long trying to update information.”
She is also a fan of standardization. “It’s important to have common documents, common storage, common backups. Your focus should be on serving the client, not looking for data.”
Streamlining systems is also important for Branch, who says his company has worked hard to make sure their email and calendar systems are integrated. “It’s just a way of maximizing technology,” he notes. “It’s just a little thing, but it helps us make sure that nothing is slipping through the cracks.”
“Maximizing our systems is something we’ve talked a lot about,” he adds. “It’s a way of doing more with less.”
6) An ongoing process
Finally, Arndt notes, the spring cleaning mentality is one that should continue throughout the year. “This is really a continuous effort; it’s not a one-and-done deal,” she says. “We should constantly be looking at our processes and procedures. How do they meet our clients’ needs? How do we keep those policies relevant and refreshed?”