September 11, 2019
Now that the kids are back in school and summer vacations are memories in our camera rolls, everything seems to have a “back to business” air about it. Traffic may be more sluggish, but companies are working hard to make year-end targets and the 2020 budgeting season is gearing up. Taking proactive steps with prospects will give you a jump on the competition while demonstrating to existing clients that you understand their needs will solidify your relationship into 2020.
Fall is a significant budget planning season for organizations on a calendar fiscal year. Make sure the companies on your radar are preparing for predicted changes in 2020 in the next couple months. Most budget cycles are finalized in October and November, so changes to workers compensation policies should be included.
Add value to the budgeting process by asking your clients about how they expect their business to change. Will they be hiring? Will they be adding locations? Will they be changing the mix of their workforce? Budget season is the perfect time to review coverage relative to growth plans.
Summer months always seem less productive as entire companies seem to put off decisions until everyone is back from vacation. But with everyone back in full swing, it’s a perfect time to follow up with those prospects who gave you the, “call back later” rebuff.
Demonstrate that you used the summer months to do your research, getting to know their company and what coverages they might need. Even an existing customer may need to update their insurance and now is your chance to prove you understand the complexities of their environment.
With the decision-makers back at their desks, September is the perfect time to present your proposal.
Add value to both prospects and clients by sending regular email updates about the latest changes in workers’ comp laws or relevant cases. Managers don’t have time to keep up with changes in their industry which is why they count on you to be the well-informed expert. Become their go-to authority, and you will earn their trust and respect through knowledge sharing.
These regular updates can take the form of simple emails or can be more complex newsletters with different sections. The key is to choose a style you can do consistently and do well. If it’s too complicated, you won’t keep up with it; if it’s not quality, you won’t have the conviction to share it.
Be sure to include action steps that your recipient can take in every update you send out. Those actions can range from advising they do an internal audit of their coverage to calling you for more information or support. Make it clear that you are always there for your clients with the expertise they need.
Now that business is running at full capacity, it’s the perfect time to address budget planning as well as revamp workers compensation insurance for the end of the year. If you need support in making these changes, we invite you to contact us today!