In this day and age, you can’t afford to underestimate the difference.
The year is half-way over and you are probably re-evaluating your business to pave the way to making your year-end goals. One of the areas of high focus for every dealership and agent is their product provider. You have probably felt the burn or know someone who’s business suffered from partnering with a parasitic product provider. You know the signs:
- No personal relationship
- No idea what your business goals are
- A new representative drops by every so often to drop off collateral and leave.
When evaluating current or potential product providers, it is vital to understand how those business partners act as an extension of your agency. Ask yourself the following questions:
- Do they listen to my input and proactively innovate new products that serve emerging demands?
- Are they flexible and willing to adapt with me as my business model changes?
- Are they willing to get directly on the front lines with me?
- Do they take a tiered approach to executing their programs with all customers within the agency model?
- What do consumers say about them according to their Better Business Bureau (BBB) score?
- What are their claims statistics?
Good product providers do much more than drop off collateral at your dealerships. Rather, they understand that there are four levels of customers they must address to ensure the success of your business. First, they work hand-in-hand with you to understand your needs and tailor their service to you and your dealers based on those needs. Then they work with your dealers to understand their market challenges and address how your products meet their needs.
While dealer buy-in is important, the products won’t ever reach the customer without employee buy-in. A good product provider doesn’t stop once a dealer signs on to sell your products. Instead they work to secure employee buy-in by spending time at the dealership, training on the benefits and selling techniques of your products to people actually selling them.
Lastly, good product providers develop products, collateral, and marketing strategies that incentivize the consumer to purchase their next vehicle with your dealership partners. And, they back up product development with claims adjusters who are committed to exceeding customer expectations every day. Their claims statistics and BBB scores should demonstrate their commitment to excellence in terms of claims paid, timeliness of processing claims, and risk assessment and analysis.
With over 35 years as a world class financial service product provider and administrator, EFG Companies is committed to the continuous development of innovative products, services and go-to-market strategies that make our agents successful. Learn why agents across the US choose EFG as their administrator today.