Are you missing new business opportunities around you?
As a benefits professional, you can compete for a request for proposal, but it’s better if you can develop a 1:1 relationship, not compete solely on price.
As a benefits professional you want businesses as clients. Business owners are individuals who can be found in several places. It is still possible to get businesses as new clients by competing when they put out a request for proposals (RFPs) but it’s better if you can develop a 1:1 relationship, not compete solely on price.
Let’s look at 11 places you are likely to find business owners in your market.
- The metro area chamber of commerce. This one is first because it is the most obvious. Chambers exist to bring businesspeople together. In addition to raising your visibility in their newsletter, presenting workshops and attending events, it is possible the Chamber offers insurance services directly to members. A provider may already be in place. You may be able to compete for that role when the time comes.
- Merchant associations. This is a different type of group, usually organized around a small geographic area. It may be the main shopping street or the downtown city center. Everyone is interested in getting more merchants involved and driving business to the area. They might have financial support in the form of matching funds from the city to beautify the district. If you are located in that defined area, you should be welcome.
- Smaller chambers. A traditional chamber of commerce is defined by geography. There is usually a state chamber and a city chamber. In big metro areas there might be separate operations for the West side and the Airport district. One chamber is typically the 800-pound gorilla in the room, but these smaller chambers may exist because they feel their area is not getting enough attention. If your territory includes this area, that is a good reason to join and become active. There should be less competition too.
- The manufacturers association. Not every market has one. This is often a group of business owners united by the fact they each make an actual product. They have issues not faced by service companies. You might feel they would not welcome you if you aren’t shipping physical products out the door. You may be surprised to learn they sometimes have associate memberships for people who sell services used by manufacturing companies. Examples are accountants, lenders, temporary help agencies and insurance brokers.
- The college alumni association. This works best if the school is located nearby and you are a graduate. The closer the school, the more activities for alumni. You are cultivating business owners as potential clients, the school is after them as potential donors. This creates reasons for the school to hold multiple activities. The alumni directory can give clues to who owns what local businesses. The school would not want to be openly looking for business, but the alumni activities provide a way of getting close to business owners.
- Cultural chambers. Well-established chambers of commerce exist to bring business owners together. You will find major metro areas have cultural chambers. There should be an African American chamber and a Hispanic chamber. Specific countries often have chambers too. A major metro area may have a Chinese American chamber and an Indian American chamber, for example. If this represents your background and you are local to the area, you should be welcome.
- Service clubs. These organizations exist to do good for the community. They often require members to be active. Some are by invitation and often include individual members representing one specific business area or field. In addition to meeting interesting people and giving back, you may find you are the only benefits professional within a group composed of business owners.
- Women’s chambers. Some chambers of commerce have a segment of their operation focusing on empowering women and addressing specific issues. Other communities have a separate women’s chamber focused on women who are business owners. If you qualify, this can be a good place for you to be.
- Business council at the museum. Many nonprofits offer business memberships. Larger organizations might have a business council with its own board of directors and separate events. Membership in this group surrounds you with local business owners. Generally speaking, when nonprofits and community organizations offer business memberships, they need to provide business member specific events to justify the higher membership dues.
- Advisory councils. The local newspaper or city government might have a group of volunteer business leaders they convene periodically to discuss local issues and gather feedback. Business owners are typically members because it is assumed they are influencers who are wired into the community and can carry the message to local groups and gather feedback from the other direction. Find out if your area has one and if you know anyone serving on it.
- National charities. United Way is one example. These organizations run annual fundraising campaigns in metro markets to raise funds for a variety of large projects. There is often a campaign held within individual businesses. Representatives of these businesses meet as a group and there can also be donor recognition. It can be another way to meet the major figures in the business community while also doing good.
Related: Follow the money: 14 ways to find new business in your market
There are many ways you can meet local business owners in your market. This often involves doing good, uniting behind a common cause.
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.