STRATEGIC ACCOUNT PURSUIT
CASE STUDY 3: Regional insurance brokerage team-sells big prospects
Situation
The brokerage had grown large enough to where it could
legitimately service and compete for the major regional commercial accounts.
However, their success at penetrating these accounts was less than stellar.
“We come in with a better program,” said the company President, “but
it always seems to turn into a price war.”
Solution
Brokerage producers were encouraged to shepherd their large account
opportunities through an ad-hoc Strategic Account Pursuit program led
by the VP of Marketing. For each opportunity, a cross-functional team
addressed every aspect of the product mix, pricing, multi-level relationship,
communication, proposal and presentation. Team members were trained
to uncover the customer's key business needs, develop innovative ways
to capture an emotional edge, rehearse company tours and presentations,
and leverage the company's unique strengths throughout the evaluation
process.
Results
Within two years of implementation, the company had doubled its “hit
ratio” on large account opportunities. Half of the company's top 10
customers were new accounts acquired via the Strategic Account Pursuit
Program.
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