Using Benchmarking in your Advisory Business

What is Benchmarking? 

Benchmarking is a comparison of one employer to a group of other employers.  If comparing rates is apples to apples then this is apples to oranges. Put simply, it’s the answer to the question: 

“What does everyone else have and what are they paying for it?”

What is the purpose of Benchmarking?

The primary purpose in our opinion is context. 

Benchmarking provides context for a client to evaluate their plan. Context also puts things into perspective and provides a framework for making decisions based on your advice. 

Why “On-Demand”?

On-demand which means you have access when you need it. Your clients have questions, need context, want some comparisons or want to see how they rank. With on-demand, you can deliver immediately. No more waiting for an annual survey or requested report from another provider with their brand front and centre, not your own.

With Clients

• provide benchmarking reports as part of your initial service/value proposition.
• use benchmarking reports as a part of an annual evaluation of the benefits and retirement plans 
• generate recommendations based on comparison and ranking data
• monitor client’s positioning in their preferred comparison group
• support your recommendations with insights from the data
• ask for a referral and lead with CloudAdvisors as an extension of value you can offer another organization or contact.

Cold Prospects

• offer to benchmark as a free and immediate deliverable, as a hook to book a meeting
• offer benchmarking insights and case studies as part of a digital content marketing campaign

Warm Prospects

• use as a hook during a meeting to request documents (renewals, booklets, claims experience, etc.) to initiate your complete evaluation
• use as a deliverable to drive urgency in the process to receive the documents
• use benchmarking basic comparison and basic ranking as the one-two punch framework for evaluating benefits during prospect meetings.

Old Prospects

• re-open closed doors by offering new value, a new approach and asking different questions 
• demonstrate digital leadership and evolution in your firm with access to data and insights

Centers of Influence

• build referral relationships by offering reports to their clients or network as an extension of their service offering.