Benefits selling: 8 strategies for finding new business in 2023

The New Year has started. You have a business plan. The firm has scheduled the kickoff meeting. The year has a theme. Expectations are high. You are expected to find new business clients, upgrade current clients and keep everyone you already have got. How hard could that be?  It’s daunting.

You realize the most important part will be finding new clients. You might have a strictly defined geographic territory or you might be able to sign on new clients anywhere you are licensed. Where are you going to find them?  Fortunately, your firm has technology that can help.

1. How can my current clients help me? They are business owners or connections within HR departments. They know their peers at different firms. They know everyone is looking for new business. Can they send you in the direction of friends doing the same job?
2. Which of my contacts changed jobs? This client is at risk because my contact lost their position in the musical chairs game called company reorganization. Fortunately they got another job elsewhere. You kept in touch with them. What can they tell you about the current benefits plan?  Can you compete for it?
3. What businesses have recently changed hands? Owners sell their businesses. People retire. Failing businesses get taken over. The new owner often wants to make their mark and make changes. This often involves changing vendor relationships. What businesses are under new ownership?
4. What’s going on in my niche? You focus on manufacturers. You belong to the local association of manufacturers. You attend their monthly meetings and volunteer. Who are the new members?  What’s new in the employee benefit space?  Can I turn that news into a talk or workshop?  Can you find new business within your niche?
5. What company plans are coming up for competitive bid? You have been working on this all year. Some are already clients. You want to keep those. Others are firms that put out Requests for Proposals (RFPs). Have you kept track of them?  Are you on schedule to submit?
6. Where did I lose in competitive bidding situations? You tried. You lost. What did you learn?  What feedback did you get?  Who do you know within the company?  Can you get more feedback now?  When are they opening up the bidding process again?  Can you get feedback on their satisfaction with their current plan provider?  You lost once. That does not mean you won’t win the second time.
7. What businesses are new to my territory? This takes research. Your firm should be able to help. The local business journal, the Chamber of Commerce and state licensing information should be able to help, but your firm might have tools to give the big picture. New employers need new providers.
8. What is the universe of all prospects in my territory? Years ago, people looked to Dunn & Bradstreet for this information. Your firm should have tools that can search for businesses in a geographic area using certain parameters such as independent ownership and number of employees. Can the firm provide you with the big picture and basic information on each?

Related: 3 opportunities to spark business growth in 2023

In many of these situations, you are engaging in “who knows who.”  Once you identify a target firm and internal contacts, you look to see who can help to increase your chances of getting in and getting an appointment.

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, “Captivating the Wealthy Investor” is available on Amazon.