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.
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.
- 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.
- 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
- 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.
- 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.
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