Let’s start with convenience

Convenience is becoming more and more a part of our society. The internet has accelerated convenience to warp speed. You can pay your bills, order/send flowers, take care of all your travel needs, send letters instantly and on and on it goes. You can learn about your employee benefits and make your entire employee benefit elections via the internet in the comfort of your home. No longer does a group of carrier representatives or human resource personnel have to conduct multiple group meetings to disseminate employee benefit information. More and more employers, through their brokers, are utilizing technology to provide convenience and opportunities for their employees. You can go to the pharmacy at your local grocery store, purchase some prescription drugs and pay for them using your healthcare reimbursement debit card. One swipe, no claim forms to submit—what a time saver!

All of this frees up time to spend more time with your family, enjoy your hobbies, serve in the community, etc. Employers recognize the fact that employees prefer to buy their financial products at the worksite through the convenience of payroll deduction.

According to the 2004 MetLife Employee Benefits Trends Study, 55% of employees surveyed preferred voluntary benefits because of the convenience of payroll deduction and another 51% found it more convenient than buying retail.

Employers who provide a menu of voluntary benefits are becoming commonplace. Benefits like life insurance, disability insurance, critical illness, limited medical expense, cancer, vision, dental, auto/homeowners, legal, and even pet insurance. Employees feel comfortable that their employer has done their due diligence and have selected competitive benefits from reputable carriers. More than two-thirds of human resource HR professionals feel that attracting and retaining workers is the biggest threat to bottomline profitability,  As the economy continues to grow and Baby Boomers retire, companies are facing stiffer competition for top talent. Nearly half (47%) of HR professionals indicate employee retention as their number one concern.

Any wonder that the popularity of voluntary benefits offered at the worksite amongst employers and employees continue to rise. Ask yourself the question or better yet pretend to be part of the rank and file and ask the question “Where would I prefer to conduct the majority of my financial and insurance business—at work or at home?

If you are not taking advantage of marketing voluntary benefits to employees at the worksite, well let me just say, that the proverbial train has left the station and there is no stopping it—purchasing financial/insurance products at the worksite is not the future—it is today. Come on board!

Now for the power of cross selling

• Problem: You have limited marketing dollars, yet you need a substantial boost to sales & earnings

• Solution: Pick the low-hanging fruit, such as selling more to people who already have a relationship with you

• Benefit: You should increase sales and get a whopping return on your marketing investment

Go after the Low Hanging Fruit !

The vast majority of businesses have a customer base composed of individuals and companies who have purchased their products and services in the past. Few brokers act on this fact. All too often, brokers spend virtually all of their marketing dollars, time and talent seeking to generate new business relationships while the low-hanging fruit dies on the vine.”

The more products he had with each of his customers, the stronger his position was with that customer and the harder it was for a competitor to de-throne him. Use our revenue formula tool (see below) and estimate your potential first year and renewal commissions for each client.

Employees love the convenience of payroll deduction and doing business at the worksite! Competition today is tough and relenting. Cross-selling makes good business sense and it is effective. Time and commission dollars are passing you by if you find yourself still asking the question, “Should I be selling voluntary benefits?” You should already be in motion helping your clients help their employees solve their financial needs.

Enjoy the taste of that low hanging fruit as you market voluntary benefits with Worksite Resources !