How Consultants Use Benchmarking to Win New Business

Benefits consultants tell us they're using Bnchmrk in ways we didn't fully anticipate. Beyond supporting existing clients, benchmarking has become a business development tool. Here's how leading consultants are using data to win new clients.

The Prospect Meeting Playbook

Before the meeting: Pull preliminary benchmarks based on publicly available information about the prospect—industry, size, location. Prepare a hypothesis about where they likely stand.

In the meeting: Position benchmarking as a value-add. "I'd like to understand how your current benefits compare to your competitive set. Would you be willing to share your plan summary?"

The follow-up: Deliver a benchmarking analysis that shows exactly where the prospect stands. Highlight areas where they're competitive, but focus on gaps or opportunities.

This approach transforms the first meeting from a generic pitch into a value-delivering consultation.

Why It Works

Prospects are tired of hearing that every consultant can "save them money" or "provide great service." Those claims are undifferentiated. Benchmarking offers something concrete:

Specificity: You're not making vague promises. You're showing them exactly where they stand with actual data.

Objectivity: The data speaks for itself. You're not just asserting that they have opportunities—you're proving it.

Relevance: The benchmarks are about their company, their industry, their market. It's immediately relevant to their decisions.

The Competitive Advantage

When a prospect is evaluating multiple consultants, the one who shows up with benchmarking data has an edge:

• They've demonstrated effort and preparation
• They've delivered value before asking for business
• They've shown what the ongoing relationship could look like

Many prospects have never seen their benefits benchmarked properly. Being the first to show them creates a powerful impression.

From Prospect to Client

Consultants tell us that benchmarking-led prospect meetings convert at higher rates. The reason is simple: you've already started doing the work. The prospect has seen what you can deliver. The relationship has begun.

If you're not using benchmarking in your business development process, you're leaving an advantage on the table.