Elevator Pitches — and Retaining a Client’s Loyalty

By ASPPA Net Staff • December 18, 2015 • 0 Comments
There’s an unspoken etiquette on elevators that would make Marian the Librarian very happy — it can be summed up with “shhh!” And that’s too bad, because an elevator affords one a unique opportunity, and a captive audience, for whatever you want to say — but in a short span of time.

Even if one is not in such a circumstance, nonetheless with potential clients one has a similar opportunity — a brief chance to make a pitch, capture attention and attract a client’s loyalty. And then one has to retain it.

“Elevator Pitches — and Retaining a Client’s Loyalty,” an article that appeared in the Fall 2015 edition of Plan Consultant, points out that one can still make an elevator pitch even if one is not in a device manufactured by Otis. And that such pitches, and the follow up to them, can make a real difference for a practice.

Part of attracting clients is part of setting oneself apart from the competition. Some employ a big-picture approach. But a forest won’t long be one if each of its trees are not adequately nourished.

“Laser focus is critical,” says Seth Holstad, Account Executive at Alliance Benefit Group North Central States, Inc. (ABGNCS) “If you go too broad, you may be good at many things but not great at any one thing. Once you know what that thing is, capitalize on it.” Chelsea Atiyeh, Regional Sales Director for MassMutual Retirement Services at MassMutual, says their firm melds the two, with an approach that is broad-based in a way that emphasizes individualized service. “We see the employee benefits marketplace undergoing a convergence as more employers seek to help their employees better manage their benefits and personal financial decisions,” says Atiyeh.

Once you’ve landed a client how do you keep it?

“Every action participants take through the website, on their statements, interaction with a call center representative, or in person with our education team is tracked,” Atiyeh says of MassMutual. “Using this data we are able to provide prescriptive solutions for both plan sponsors and plan participants, customize their experience based on their past behavior and actions to help them achieve their retirement plan goals,” she adds.

Another loyalty-builder: cooperation. Jason Crane, Transamerica Retirement Services’ Executive Vice President and Managing Director of Retirement Sales, says Transamerica works to put together solutions that will best meet the needs of clients and their employees.

And keep in mind that you’re meeting real needs and addressing individual concerns. Serving individuals is key for Alliance Benefit Group of Illinois says ABGI President and CEO John D. Blossom. Says Blossom, “Recognizing the need for a holistic solution to help participants to save enough, we created a Financial Fitness Center to help participants with financial well-being. It begins with a personal fitness assessment, includes individual personal phone consultation, or chat time, about any financial matter, and a financial aggregator to assemble and monitor all of a participant’s financial matters that post a daily net worth."

Another key component of good client service, being competitive and retaining clients is adding value to them and what they do. And remember that technology is a key component in attracting, serving and keeping a client.

So what’s your elevator pitch?