Aug
8
Written by:
Lindsay Resnick
8/8/2011 8:29 AM
Medicare open enrollment is upon us. Whether first-time buyers or switchers from one plan to another, seniors will be shopping. From regional health plans to national mega-players, competition has never been greater—hundreds of plan sponsors competing for thousands enrollments.
In a marketplace characterized by intense competition and a wide range of product and price options, it is critical to embrace basic tenets of senior selling. Communicating with Medicare prospects about product features, benefit structure and premiums is crucial. Setting expectations about a Medicare plan’s value and anticipating questions in advance will go a long way toward creating informed, engaged beneficiaries.
Now is the time to sharpen your approach to Medicare marketing by finding a balance between education and selling. Achieving the proper balance between education and selling can help shape a successful Medicare marketing strategy.
Education: Focus on plan features and benefits along with all the rules that go with it; but keep it simple. Medicare collateral or online content needs to be easy-to-read and informative. Consumer education creates an understanding of a plan’s structure and how it works—basics such as deductible, copays and provider network; and complicating features like formularies, plan gaps and benefit extras. It’s a tough balance to achieve—not providing enough information could mean no decision; too much information could result in overload and decision shut down.
Selling: This is where a Medicare plan’s value proposition is communicated and sold. It’s your health plan’s “why us” and “what’s in it for you." This needs to come through loud and clear—all within a framework of the benefit design you want to promote. Marketing communications need to be persuasive as well as actionable, always driving a prospect into the sales cycle. This includes a range of value-based factors such as premium savings, enhanced benefits, greater freedom of provider choice, comprehensive drug formulary and, your company’s brand value.
Like all successful direct-to-consumer marketing, plans need to connect with Medicare prospects logically and emotionally. Use target audience demographics and psychographics so you understand what’s important to beneficiaries, what concerns them, and what they want from their Medicare plan. Market intelligence also helps pinpoint where to find them and how to get their attention (what they read, watch and where they go on the Web, as well as what motivates them to respond). Medicare is not a one-size-fits-all market segment.
Finally, deploying a few indispensable Medicare communication principles will also go a long way toward improving sales. Of course, compliance is the top priority. Then, throw away the jargon and industry acronyms. Use practical explanations and user-friendly presentations to assure usability and readability…not to mention clickability for Medicare’s online shoppers. Provide plenty of opportunities to compare plans, display additional sources of information and make sure to let customers know what’s covered and what’s not. Finally, before you go public, give your communications a test—share your sales presentation, online experience and enrollment materials with all segments of your ultimate buying audience.
Medicare, like most insurance products can be intimidating and bureaucratic. There are complex benefits, tricky rules and a lot of options to choose from. Given open enrollment’s über-condensed timeframe, there’s bound to be confusion. Medicare marketing success hinges on educating seniors, defining value and creating motivated buyers. This is a customer segment that wants to understand, upfront, what they are purchasing, how benefits work, and how your plan fits into their financial and lifestyle situation. And, don’t forget to answer seniors’ number one question—what’s in it for me?
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