In today’s intensely competitive benefit plan market, getting your teams aligned creates a dramatic competitive advantage. When your product, sales, implementation and relationship management teams collaborate and share information, you increase the value you can offer your client as a plan provider – which in turn improves satisfaction and loyalty.
How do you achieve these noble goals?
The practice of Offer Management is now being used by leading benefit plan providers to align the entire service delivery team and maximize the value they can pull from each client.
- Product managers become strategic partners: Your Product Manager’s goal should be to drive the strategic roadmap, identify and remedy gaps in the product offering, and unearth a true understanding of service profitability. By investing in a system to improve data insight, workflows and reporting, you will free up your team to work on tactical initiatives and develop products and services proven to resonate with customers, rather than spend their time reactively answering day-to-day information requests.
- Sales close better deals, more quickly: The primary challenge facing the sales team is balancing a prospect’s requirements with the actual service offerings available. Gaps usually result in exception requests. Attempting to satisfy prospects’ unique requirements is a noble goal, but what if those exceptions end up costing the provider in the long-term?
- Implementation teams manage faster, smoother launches: The implementation team sets the tone for the entire client relationship. The average implementation manager has to be a master juggler, balancing “on-time and on-budget” with high client satisfaction ratings post-deployment.
Strong alignment with product management and sales improves the quality of the implementation experience and reduces the risk of errors and increased costs. Armed with insight that describes exactly what was sold, implementation managers have all the information they need to develop the right plan, ensuring smoother, faster client launches while keeping costs in line.
- Empowered relationship managers gain more focus: The best relationship managers act as trusted advisors to their clients, leveraging insights and experience to gain credibility, drive more repeat business and reduce churn. Their primary challenge is access to the data they need to adequately meet these goals, including basics such as the products their clients are using (and not using). By providing your relationship teams with the data they need, you will arm them to have more strategic conversations with their clients on how to improve their benefit plans.
Better Alignment Drives Growth
Offer Management is emerging as the right solution for plan providers looking to earn more of the right business, keep current clients and generate maximum profit.
If you are looking to combat the ever-increasing pressures of fee compression and offer complexity, don’t despair. Today, you now have the right data to find innovative ways to grow your business.
Learn more about the steps leading providers are taking today to drive smart growth in our comprehensive whitepaper: Aligning Sales and Service Teams to Maximize Client Value.