In May 2015, one of the world’s largest rock groups went unnoticed in the 42nd Street subway station in New York City. Dressed in disguises, U2 played their hit song “I Still Haven’t Found What I’m Looking For” to a handful of Big Apple commuters as part of an experiment on “The Tonight Show”. It wasn’t until they ripped off their wigs and fake mustaches that people stopped to listen to the music. After the unveiling, hundreds recorded the impromptu show on their smartphones.
This experiment revealed something important: Identity is everything.
Many agencies struggle with creating and defining their brand identity. Herein lies a big problem: without some sort of defined identify, it becomes nearly impossible to articulate what makes you unique—what makes you valuable. Agencies tell me they are best-in-class, but many haven’t found a way to incorporate that philosophy into their agency identity in any meaningful way. The lack of a defined identity and tangible ways of demonstrating it, along with the inability to articulate who the agency is, are barriers to growth and retention.
Here are 4 ways high-growth firms create an identity and market their agency brand:
1. Standardize Your Sales Team’s Presentation
Sitting down and creating a uniform presentation for your sales team will force you to start defining your agency’s identity. Your sales team is hungry and ready to set the world on fire. But how do you want them to be representing your agency? Who should they tell prospects and clients that you are? You need to ensure that not only all your knowledge and experience is translated to your green producers, but that they know the critical components of your value proposition. Every time a rep picks up the phone or leads a meeting, they are representing your brand. (I’ll let you in on a secret: if your sales team “wings it,” it’s safe to say they are not contributing to a uniform identity and building your brand.)
At Zywave, we’ve been hearing that standardizing a sales presentation can be really difficult—a lot of agencies don’t know where to start. That’s why we’ve created the Prospect Presentation Creator tool. With this tool, you can create consistent, branded presentations that speak to your prospect’s pain points in just a few clicks.
2. Provide a Stewardship Report
Brokers today are expected to do so much more than just provide a quote and deliver a policy. Today’s brokers know what value they bring to their clients year-round, but a lot of times, it is hard to illustrate. A Stewardship Report is an effective (and simple) way to demonstrate all the hard work that has taken place throughout the year. It illustrates that you’re “best-in-class” and that your identity as a broker is that of a trusted advisor.
It’s also a great way to set expectations at the front-end of the year and demonstrate your follow-through when you have your renewal conversations. Some examples of items that you can include on your Stewardship Report are negotiating the renewal, providing compliance support, claims analysis and employee plan decision support. A formal Stewardship Report will help you illustrate your value during the prospecting and renewal phases.
You can use the Stewardship Report Creator available in Broker Briefcase to streamline the entire process. Take a look and ask yourself: Are you providing these things to your clients? If so, make sure to incorporate them into prospecting and renewal conversations.
3. Analyze Claims and Show Improvement
Let’s face it, there’s a lot of fluff in the benefits world. Eat an apple a day and lose weight. Take the stairs, not the elevator. All good stuff, but do any of these wellness initiatives move the needle as it relates to the employer’s bottom line? Partner up with a firm who can help you analyze health claims and identify red flags and opportunities to move the needle. What are controllable factors that are driving health claims? Determine a game plan with the employer on how to start addressing cost concerns. Provide employee communications such as newsletters and plan design support content. Offer to run a multiyear report to hold the group accountable and set the stage for a long-term relationship.
4. Have a Presence on Social Media
No—this does not mean you post pictures of your children in Halloween costumes on Facebook. This means you deliver valuable content, insight, perspective and experience on highly-viewed and reputable professional sites, such as LinkedIn. Show prospects and clients that you are focused on helping them address issues like HR, reducing health care costs, and understanding ACA compliance and regulations. Being active on social media is an inexpensive way to reach thousands of people to let them know who you are, how you can help, and what you bring to the table that makes you different and worth partnering with.
The music that U2 played when they wore their disguises was the same as when they revealed their true identity. It wasn’t until people knew who the band was that they understood the value of what they were experiencing. Before your next prospect or renewal meeting ask yourself: Is the presentation I’m giving making it clear who we are and how valuable our partnership is? Ditch the wig, take off the fake mustache and show who you truly are.
Yes, creating a consistent identity is a challenge for me and my small business. It is very tempting to read a competitors marketing information and think, “wow, I have to do that too”. The next thing you know, I find myself having a very wide strategy with no depth.
Thanks for the insight!