Creating Effective Exit Barriers

Almost every consumer will agree - they want the most quality for the most affordable price. Some are quick to point out that "you get what you pay for", but in many ways, the extent of that may not be especially true because you may not know exactly what it is you're getting.

While most of us have cell phones, virtually no one utilizes (or is even aware of) every function the manufacturer provides. Despite the fact that those capabilities may make certain tasks easier, we still enjoy the fact that those functions are available. After all, would you honestly buy the cell phone without the calculator and calendar if it still cost the same as the one that did?

When putting together solutions for new clients, it can be challenging to produce a package tailor-made for each and every particular group. Getting to know the needs of your client and having a variety of options is just the beginning. The ability to offer them what your competitors cannot is key.

For employee benefits brokers, technology has been an enormous resource in helping to expand their services within the industry. Brokers who are able to provide a "one-stop-shop" solution are better able to gain leverage with a prospect. Brokers aware of this are now targeting vendors that can provide both quality as well as exclusivity.

Contending for the latest, most exclusive tools is certainly a reasonable approach. Why would a prospect choose you over the broker down the street when you both seem to be offering the same thing?

It's this line of thinking that can encourage brokers to mistakenly decide to pass up a vendor or TPA in search of other options in which to define themselves - sometimes surpassing quality for originality just to stand out from the crowd.

In selecting the best resources to offer your clients, remember to consider all the added values rather than just the core services. You may be using the same vendor as everyone else in town - but just like the cell phone analogy - what can the additional functions serve? How can I apply this to my client? It's all the "little things" so many of us don't think to endorse that can truly matter. Be sure to familiarize and educate yourself and your clients with any and all of the features your services can provide.

Accentuating and promoting these additional benefits can make a world of difference between what you are offering as opposed to the broker down the street.

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