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How to Create a More Effective Client Proposal

December 15, 2015

“Plan Button Shows World Wide Web And Formula” by Stuart MilesWhether you want to turn a prospect into a new client or retain an existing one, proposal preparation is an opportunity to map out how you deliver first-rate insurance, HR, and risk management solutions.

In the flurry to submit a bid, many well-intentioned agents and brokers miss the chance to develop a relationship by creating an effective service plan within their proposal.  These agents and brokers have fallen into the Commodity Trap.  They have dozens of competitors whom the prospect believes delivers similar services or products.  When the prospect or client sees little or no distinguishable difference between products, services, and resources, price becomes the differentiator… and your value is suddenly reduced to a number.

To avoid the Commodity Trap and deliver a proposal that stands out, you must connect to your client or prospect.  Research from Beyond Insurance demonstrates that consumers are willing to pay a premium, redefine the buyer/seller relationship, erect barriers to the competition, and establish you as their trusted advisor when you identify an unrecognized problem and establish an unanticipated solution in your proposal.

How can you accomplish that?  Stop focusing on the 90-day bid!

Instead:

  1. Take the time to thoroughly understand your prospect’s business.
  2. Identify, prioritize, and measure the risks that confront their business.
  3. Design strategic risk mitigation strategies that impact the bottom line of the organization.

What else can you do?  Rather than simply summarizing coverages and pricing, develop a relevant and tailored client service plan as part of the proposal that provides a blueprint for risk identification and mitigation.  When you deliver the proposal to your prospect, you should have a clear sense of purpose – know what the prospect’s pains and needs are, what you need to implement, and how you will deliver on your promises.

Keep client service top of mind and focus on:

  • Setting expectations and how you’ll go the extra mile.
  • Outline communication and touch points for each phase of your process.
  • Determine who the business leader’s management team is. Then meet with them and get their perspective on the risks confronting the organization.
  • Include case studies to show the prospect of what they can expect.
  • Plan for tailored service delivery throughout the year.

Remember, the more concrete and actionable your proposal is, and the more focused you are on risk management, the more sophisticated, desirable, and differentiated you will look to prospects.

How does this apply to existing clients?  During your annual client review process:

  • Showcase new team members and enhanced service capabilities that they may be unaware of
  • Re-engineer and update your proposal to enable your client to appreciate the value of your unique process
  • Report activities that you have accomplished and solicit feedback from your client
  • Find and present ways to better protect your client while positively impacting their bottom line

By incorporating a service plan as part of your proposal, you will set the right tone and deepen your relationship with your prospects and clients.  And you’ll enjoy a significant edge over your competition.

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This article was pulled exclusively from the minds of the Beyond Insurance marketing team.  We strive to help you live happier, work smarter, and make more money.  However, for us to do so, we need your help!  Let us know what your biggest frustrations are within the insurance industry by clicking here.  Who knows? Maybe you’ll be the inspiration behind our next article!
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