Winning ethically pays big dividends for benefits brokers
Let’s take a quick review of how to win the right way in our business.
I was recently excited to watch the running of the Kentucky Derby; however, the (apparently) winning horse, Medina Spirit, later failed a drug test. To a fan of the Sport of Kings, this is very depressing. It was then announced that the horse failed a second test and will likely be disqualified. However, as always seems the case, the facts are disputed by the (apparently) guilty. The narrative presented as defense is that some kind of salve was rubbed on the horse, causing it to fail the test. It’s an eerie reminder of Barry Bonds, who claimed to have been inadvertently given illegal steroids because he rubbed some ointments (“the cream and the clear”) on aching muscles.
I’m neither judge nor jury on whether Medina Spirit was inadvertently doped. But I do know that the name of his trainer, Bob Baffert, has now been added to a list that includes Roger Clemens, Lance Armstrong, Tom Brady, Bill Belichick, the Houston Astros, the aforementioned Barry Bonds, and countless others. People who were, through either individual or team success, winners. People who have been–rightly or wrongly–accused of cheating. And in general, the common thread is that their reaction is to deny wrongdoing. Meanwhile, cynics are having a field day.
Related: 60 percent of ‘most ethical’ companies have this in common
People like to win, and it usually pays off in both money and prestige. But in today’s world, winning ethically pays big dividends. Let’s take a quick review of how to win the right way in our business.
Always tell the truth to customers–both about yourself and your competition. This is the most basic advice I can give. Customers are looking for service providers they can trust.
Provable facts describing what your organization provides are great, but trying to accurately contrast them with competitors can be difficult. The benefits business is no longer tied to long product life cycles, especially in the medical, supplemental medical and disability income protection markets, where products are being constantly updated. If you do describe services or products offered by a competitor, make sure to note your information is based on the most recent competitive information at your disposal. Make sure your material is clear and easy to read.
Carefully select the words you use. It’s easy to fall into a competitive trap–for instance, saying “no one else has a product as good as ours.” I have often heard this from people in situations where I know from personal experience that competitors offer virtually identical products.
Sometimes, when it’s clear your organization is not the front runner in the competition, it is a good idea to be helpful to your potential buyer. “Come through, even if it’s not for you” is a business behavior that will pay dividends in the long run. I recall an example where my company really was not a great fit for a customer, but I was able to provide the customer with advice on their employee benefit communications plans. A couple of months later, a different employer called our company and said they would like to give us their business. As it turned out, the CEO of the company was a close friend of the CEO at the company we had helped.
Some ethical behaviors can draw customers to you. If you get involved in your community and do good works, customers who are looking for ethical business partners will research your actions. Stating your organization’s values is important; living them is essential.
Finally, respect your customers. Be open to their feedback and suggestions and always think of their needs beyond your current product or service proposal. Take a page from Simon Sinek’s classic book, “The Infinite Game”: “When leaders are willing to prioritize trust over performance, performance almost always follows.”
Note: The day I finished writing this column, the Belmont Stakes was held. Normally, I would have been interested, but in light of the recent cheating scandal, I paid no attention. That’s what happens when customers sense unethical behavior.
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