How do I have prospect conversations without giving away too much for free?

Where the question came from

A benefits advisor I coach asked me this on our call this week. He's in good conversations with prospects, but he wants to plant a seed without giving away all his consulting for free. How do you have those conversations without giving away too much?

First, get outside the money conversation

As you're having these conversations, listen for as many opportunities or challenges as you can outside of finance. Lack of service, support, compliance documentation, communication, employee advocacy. Anything other than money is what you really want to ask questions around.

Here's why. Groups really only have a financial problem for about 60 days a year. They don't care about the renewal until they get it, and once they sign it, it's out of sight, out of mind. That pain lasts a short time. The frustrations they feel all year long are HR administration, compliance, employee communication, all the things HR needs to run the benefits all year.

That matters most with smaller companies that don't have a dedicated HR person, or have one person doing the job of four. Ask: are you strained with resources? Well, yeah, we get behind. We can help with that. We've got a tool for that, or a person for that. Money is always going to be a thing, but it's never the main thing.

Then give away more than you think

There can be a fine line here, but I would always lean on the side of giving away more than you think. If they love their broker, they're going to stay with them whether you give them good ideas or not. If they're frustrated with their broker and you give them a good idea, they have three options: do nothing, go back to their broker and say, "Hey, can you do this?", or work with you.

I would rather have a 30% chance of winning that opportunity because I gave away my ideas than hold them back and leave the prospect with no idea how I can actually help them.

What it sounds like

Drop some ideas. Who's managing all of this for you? If your entities have different renewal dates, would it make sense to get them all on one date eventually, renewing some early and some late? That's a strategy that has nothing to do with moving plans. And you still have other options in your back pocket.

It sounds like this: "Look, you're not out of options. There are a few things you should consider. Here's what I think. Here's what I think. Here's what I think. What do you think?"

Ideas don't close the deal, execution does

I always lean toward giving away more, because the ideas aren't what get them across the finish line. It's who can execute on them. There's no secret sauce anyway. What they're really buying is your experience, your expertise, your insights, and the tools and resources you bring that another broker doesn't.

Years ago a trainer, who's now my business partner, said something I loved. Say you're going to spend $15,000 a year on benefits. Do you want seven benefits out of it, or do you want 42? Everybody wants 42. If I can offer you more for the same money, why wouldn't you take it?

Where to start this week

On your next prospect call, ask at least three questions that have nothing to do with price: service, compliance, communication, who does the HR work. Then give one real idea before you hang up, and ask them what they think.

Not getting the conversation in the first place? Start with how many touches it takes to open a new door.