Join the club! It’s a solid prospecting strategy for benefits brokers

Woody Allen said “80% of success is showing up.” He was wrong because that last 20% can take lots of work. Tom Cargill of Bell Labs is credited with saying: “The first 90% of the (computer programming) code takes 90% of the time. The remaining 10% (of the code) accounts for the other 90% of the (development) time. Everyone says insurance professionals should belong to the country club. You joined. Why are you not getting business/?

Recently I had a conversation with a banker in The South interested in setting out on his own as a registered investment advisor. When we talked about access to the wealthy and country club membership he explained, “Everyone is doing that now.” As a benefits professional you might (once again) wonder, why am I not getting business? Joining is not enough. You need to proactively take the next steps.

The rationale behind country club membership

A bank president spelled out the logic for country club membership for the insurance professional. His bank bought an existing insurance agency. The successful owner was told, “When you move to a new area, buy a Cadillac and join the most exclusive country club.”  When they balked, he explained: “Business is about perception. If you drive up to the best club in a new Cadillac, people assume you are a successful insurance broker.”

Taking membership to the next level

At this point, you and that insurance broker are likely in the same position. You joined. What happens next? That’s where the additional 20% in the Woody Allen quote and the 10% that is actually 90% enter the picture.

The insurance broker has an accountant. They are also active in the Chamber of Commerce. A couple of times a week, they would invite their accountant to play golf, asking them to bring two of their clients along. If they didn’t invite their accountant, they would be inviting Chamber members.

There was a qualifier:  Those invited must be small- to medium-sized business owners.

Put yourself in the insurance broker’s shoes. Why would these business owners accept your invitation? They know you sell insurance, or in your case, specialize in benefits plans. Logic dictates they are going to be pitched for business.

Here is the logic, as the bank president explained:  “These business owners also belong to a country club, but not the best club. They only get to play the best course when someone else takes them along as a guest!  For a golfer, that is a powerful inducement.

Getting to business – getting the appointment

The insurance broker doesn’t wave goodbye in the parking lot after clubs have been stored in the car trunk. They invite their guests to lunch in the clubhouse.

Over lunch, the insurance broker says: “May I call next week to set up an appointment to meet at your office? I have some ideas I would like to share. I think I can save you money.”  They stop talking. The logical outcome is each guest agrees.

Why does this work? The insurance broker has put the guest under a tremendous obligation. They have provided access to a course they could not have played otherwise. They have provided lunch afterwards. It would be very difficult to turn down their request.

Related: Are you missing new business opportunities around you?

As a benefits professional, you know the toughest part of the sales process can be getting in front of the decision maker with permission to tell your story. This approach costs money, but it gets you in front of the right people.

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.