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Why Every Benefits Broker Needs Strong Strategic Partnerships
The success of every benefits broker depends on their ability to develop a solid professional network of strategic partnerships, and then leverage those connections to provide the best possible service and advice to their clients. That’s why networking is such a core part of the job: you get to rub shoulders with thought leaders while prospecting strategic partners and picking up valuable industry insights.
In this blog post, we’ll demonstrate exactly why building strategic partnerships is so important, as well as give you some tips on what to look for in prospective partners.
Strategic partnerships add value at every level
Every conference and networking event is a potential treasure trove of key industry players who can help you add value to your clients’ employees and build a stronger client portfolio. Some of the most important benefits of strong strategic partnerships include:
1. Access to Additional Products and Services
In many instances, your strategic partner will be in an industry that provides a certain product or service that you don’t currently offer to your clients, but that can add considerable value. For example, partnering with a voluntary employee benefits solutions company like TrueConnect can open up a range of customizable financial wellness programs that you can recommend to clients. Not only does this portray you in a great light, it can help you grow and diversify your client portfolio as you gain new clients with more specific and unconventional needs.
2. Increase Your Brand Recognition and Reputation
The more people are talking about you, the better chance you have of gaining new customers. Who in their right mind wouldn’t want to work with a broker who has a great track record and has been recommended by a large number of reputable companies? By partnering with high-value strategic players, your brand recognition and reputation stand to flourish by mere association.
3. Access to New Leads
In line with the previous two points, the right strategic partnership can open up a world of new leads. This is especially the case if you connect with an organization that offers a complementary product or service, in which case you both stand to benefit from combined lead databases. Additionally, the leads you get from strategic partners are bound to be of a far higher quality than those sourced from other methods. By some estimates, partner-generated referrals close up to 80% of the time
What to look for in a strategic partner
While strategic partnerships offer all these benefits and more, we can’t emphasize strongly enough how important it is to choose your partners with great care. The wrong partner can damage your reputation, provide poor leads, and jeopardize your existing customer relationships.
Characteristics to look for in a prospective strategic partner include:
- They understand what you do, why you do it, what sets your firm apart from other brokerage agencies.
- They offer a clearly defined value that you can ultimately pass on to your clients.
- They have as much to gain from the strategic partnership as you do—it should be a mutually beneficial and equal affair.
- They offer an open line of communication with you.
- They are willing to sign a partnership agreement that specifies the rules, roles, and responsibilities of each party.
If you can tick all of these boxes, you’re likely in for a highly beneficial long-term strategic partnership.
Finding and securing your ideal strategic partner can be intimidating and overwhelming, but it’s worth it for your organization and your clients. This is where TrueConnect comes in. We are a voluntary employee benefits service that offers an easy, quick, and effective way to help your clients’ employees with their personal finances. Get in touch today to learn more.