Winter 2008 / No. 74
What Information Lurks in the Minds of our Brokers?
Who knows the markets better? Who knows the competition better? Who knows us better (yes, warts and all)? Our brokers are one of the most valuable sources of information. They help us answer two of the most fundamental questions:
What are we doing well and not so well?
What should we do differently?
Over the years, Eastbridge has conducted over one hundred producer/broker surveys, and they all have one thing in common: the client company was surprised at some or most of the findings. Shocking or sensible? When you ask brokers a question, you are running into formidable obstacles:
I really need that in order to sell. Brokers want everything they don’t have and more of what they do. Ask them if they want it; they’ll say yes. They may prioritize differently, but they all want everything. (Why not?)
It needs a little work. They want to underemphasize the bad news and sometimes even want to say what they suspect you want to hear (what a shock!). Some will have no criticisms of you. Others will offer some. But neither response is totally reliable. Every broker has criticisms and no matter how strong it sounds, it’s really stronger.
My agenda is the right agenda. Regardless of everything else, producers will be sharing their agenda, not necessarily the common agenda of a larger group.
Asking sales reps or regionals for their input is an important first step. But don’t be fooled into thinking you’re hearing what brokers think and believe. You’re hearing what brokers say to sales reps for the reasons described above. It’s not truth; it’s input.
If you’re after truth, go to the brokers themselves and ask them using a third party that will guarantee anonymity. Violate either rule, and the truth will stay where it is…with your brokers.
Contact us at (860) 676-9633 for a complete list of our broker research.
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