How to fill the pipeline with more business prospects
There are many opportunities for finding new clients -- here are a few ideas so you can hit the ground running in the new year.
From time to time the pipeline runs dry. You have few prospects to cultivate. As an insurance professional you are seeking businesses as clients. Individuals can also be retirement clients. How can you find more businesses (and people) to prospect in the New Year?
New members of the Chamber. Let’s all agree, the Chamber of Commerce is an organization that not only allows, but actively encourages networking. They list new members in the newsletter and on the website. They organize orientation sessions for new members.
Opportunity: This is an ideal way to contact and meet business owners new to the Chamber. You can learn about their business. They can learn about yours.
Newly formed businesses. Your local business journal may include a section on recently incorporated businesses. If not, the “old school” method is to look for Grand Opening signs, banners and ads. Build a list, getting as much contact information as you can.
Opportunity: New businesses need all sorts of services. There shouldn’t be longstanding vendor relationships in place.
Businesses under new ownership. Businesses change hands. Business brokers often match up buyers and sellers. Companies merge. They want to retain current customers and add new ones. Now the banners read “Under New Ownership.” Drive around and find them.
Opportunity: New owners usually want to make their mark. They often don’t have the same relationship with established suppliers. On the other hand, inertia might have kept these suppliers in place. You’ve heard the expression: “A new broom sweeps clean.”
Competitors of your clients. You understand your client’s business needs. You might have a niche. Your client isn’t the only one in town providing a specific service. You probably understand the needs of their competitors. If you feel it’s a small world and working with a direct competitor might upset your client, look further afield in the next town.
Opportunity: Everyone wants to work with someone who understands their situation. They are wary of one-size-fits-all solutions. You know what makes their business different from others.
Establishments that are struggling. This might sound like a waste of time. Why prospect businesses that are in trouble? If they’ve been around for decades, chances are they’ve been through similar dry period before and survived.
Opportunity: These businesses are looking to save money by reducing overhead costs. How often have you gotten a business owners attention by saying: “I think I may be able to save you money.”
Most profitable businesses. Now you are on the opposite side of the business spectrum. Certain industries are doing very well. Maybe property development is doing well in your area. These businesses are flush with cash. They may also be expanding, yet having trouble attracting qualified employees.
Opportunity: They can afford better benefit plans. Do some research. Are potential employees looking for the best benefits when choosing where to work? You can be part of the solution.
Soon to retire employees. You provide benefit plans to businesses. Employees retire from time to time. Our emergence from lockdown might have changed people’s priorities. Some may be looking to leave the workforce and enjoy life. Do you have a path to them?
Opportunity: Offer the opportunity to present pre-retirement counseling for employees who have announced their retirement. In addition to helping them through education, you might pick up some rollover business.
There are many ways to refill the prospect pipeline, so you can hit the ground running in January.
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