Wondering how to communicate to your plan sponsors about Finch? The below is guidance that you can tailor to your business and plan sponsors. This is all related to the relationship between you and your plan sponsors so make sure to adapt any of the following suggestions to your specific needs.
Intro Finch to Employers
We have email templates that you can customize to send to your plan sponsors based on how you decide to price and bill. Please check out Email Templates and Outreach Best Practices
Set a Pricing Structure
Mitigating administrative efforts for your plan sponsors should come at a premium. Let them know the cost and value upfront. While the final cost will be determined by your own business model and margins, we’ve seen the following pricing strategies work well:
- At-Cost: Pass along the cost from Finch
- Premium: Charge a premium on top of Finch’s costs
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Year One Free: One option is to not charge sponsors for the first-year audit. Help them realize the value and savings through the first year, and be up front about the eventual charge for year two.
- This can be positioned as a promotion
- Given the cost savings you’ll realize with operational savings + Finch’s pay-as-you-go model, this is a low-risk / high-reward strategy. You can drive higher adoption and then charge in year two.
- Once you do charge clients, we recommend charging anywhere between $150 and $300 per audit to stay competitive.
Share the Value Proposition
You can share a version of the following with your sponsors in any communications or resources:
- Faster Turnaround: Experience significantly reduced audit turnaround times.
- Simplified Data Collection: We'll handle the census collection process, eliminating the need for manual data extraction and formatting.
- Enhanced Accuracy: By directly accessing your payroll data, we can minimize errors and ensure accuracy.
Set up a billing plan
Here are some recommendations for how to bill:
- Simplify this process for as many of your plan sponsors as possible
- Make year 1 free.
- Avoid putting an additional bill / invoice in the user-flow. Make it clear that any additional invoicing will happen on their annual bill.
- Given low opt-out rates that Finch clients have seen, we suggest auto opt-ins for all of your clients to use this service.
Set Urgency with Plan Sponsors
The sooner that plan sponsors authenticate using Finch Connect, the sooner you will have access the data you need to complete your audits. Here are some ideas for driving urgency. These ideas assume that you are already charging a fee for this service, but use these as a starting point to brainstorm what incentives make sense for your business and customers:
- For sponsors that connect (authenticate) by Jan 5th, they qualify for a 100% fee credit.
- For those that run their audit by January 29, they qualify for a 100% fee credit.
Create Resources for Your Plan Sponsors
Using Finch as a method of sharing data may be new to many of your plan sponsors and they will have important questions. We recommend creating a one-pager or website that hosts the aforementioned Value Propositions, any incentives, costs, or other value-adds or services you are offering to your clients. You can organize the FAQ into two sections: business FAQs (specific to your business) and Finch specific questions.
We also have a How Finch Works brochure you can use in addition to or in place of any materials you create.