AEP starts this Saturday. Since we’re getting some good conversations about the CMS marketing regs, I thought it might be nice to have some sharing about ways to expand our client bases and offer additional products and services to our existing base.
Assuming we are operating in a lower commission environment, how can we make the most of our time?
Here are some thoughts for discussion:
- Lead Generation – What is working? Generic Banner Newspaper Ads? Direct Mail? Any company sponsored pieces that have worked well? Anyone just focused on cold calling for Med Supp?
- Cross Selling – Understand that you cannot cross-sell non-health related products (life/annuities) at a Medicare Advantage/PDP sales call. That said, as a good advisor, we should be aware of potential uninsured risks in our client’s portfolio. Has anyone developed a “Client Brochure” which outlines the products and services they offer as a “leave behind”? What products might be in demand in today’s environment? Some states are rolling out new Long Term Care Partnership plans in 2009 which may be of interest. “Have you heard about a NEW type of Long Term Care product called Partnership Plans? The Partnership plan works together with the state of ____ so you can buy only the amount of insurance you want to protect your family assets? Do you think that’s something you should be informed about?” What about other products like Wealth Transfer, Final Expense, Annuities, etc?
- Referrals – My idea . . . just for fun. . .try being almost ridiculously specific when you ask for referrals. I think it’s a mistake being too general like handing them a blank sheet of paper to write down friend’s names. . .uncomfortable–yuk! During your call, maybe you hear something specific. They retired from XYZ or you couldn’t meet with them on Thursday night because they go bowling. Try, “Do you know any people, like you, who are in your bowling league, maybe in their late sixties or early seventies, are retired and who mentioned to you in the past month or so that they are a bit confused about how Medicare’s prescription drug benefit works? No? Well, do you know anybody who retired from XYZ, is on Medicare, lives in this town, lost their retiree coverage like you and who might have mentioned that they weren’t happy with the changes in their health insurance plan for next year. . .maybe they mentioned in the last few weeks or so that their premiums went up a lot???” This will help them focus on someone LIKE THEM. Most likely, they know people LIKE THEM. The brain is amazing in that the more complicated a puzzle you present, the harder it works. It’s EASIER to name the color of an apple than to name any color! Generally, if they can’t find someone like that who fits your exact description, they will find the next closest match. If you’ve never tried this approach, give it a try on your next appointment and report back!
Have a great AEP and leave comments below!
Thanks for the ideas on “specific referrals” and brochures.
Have had some success with developing my name as a brand to the extent that new company name would throw people off. Have begun handing out magnets on appointments. This is larger font size than the cards and easier to find and read. They are inexpensive. Easier for people to find to give thier friends. Many people talk about card mailings, so this isn’t a new idea, but encourage othes as it works. I usually do thank you cards. This year will do a Thanksgiving instead of Christmas card mailing. People really get loyal over the years. Have begun putting my cards on bulletin boards in public places, do a little advertising. The mailings are just too expensive with very little response with massive mailings companies do. When I was new, I worked anywhere in a hundred twenty mile radius. Now, try to keep it in several counties. I would suggest being a regular in a busier diner-restaurant-McDonalds. Keep company specific literature on your table!You might buy a stamp pad with your name and phone number and make sure it’s on everything you leave. Find a civic club you have an interest in. Develop centers of influence in varoius places. There are lots of free appointments at the malls. If you’re shopping or browsing just strike up a conversation with the workers. It’s amazing how interested they are in what you might have to say. And if it’s on slow time, they are eager to have someone to talk with! Best wishes to all for a financially rewarding season.
We starting printing our own tri-fold brochures listing our professional qualifcations and markets. We use the brochures in conjunction with our business cards which we staple to outgoing brochures. It has worked very well for us.
That’s right, when we get lemons, we make lemonade…
All of your suggestions above are good.
We do basic Sales 101. Every person we have an appt with we end with – if you are happy with the service we provide, you probably know others that need assistance in learning about available options, please be sure to let them know about us, here’s a few of my cards, have them call – and we leave behind a few of our business cards. ALWAYS, ALWAYS, ALWAYS ask for referrals.
Business cards should have larger fonted names and phone numbers. This is critical now that it is easy to read your name and phone number as you want them to call you. Also, so many clients are just so grateful that there is help out there that they often ask if they owe us anything. We remind them that we are compensated by the companies (using proper disclaimer language of course
and even if they don’t enroll, if we have provided a valuable service and they know of others that can use our services, to remember to refer us.
We may note names that they mention on our file note, but we do not normally take name lists, etc. since you can’t ask for phone #’s and we can’t call them. We do very little direct mail currently as there really hasn’t been many good approved “independent agent letters”. We are considering designing some for CMS approval and taking another look at what the companies have although they aren’t normally the best letters for independent agents. In the beginning the CMS approval timelines were too long. Hopefully that has improved. Knowing our comp, would allow us to business plan and decide if any advertising is warranted at all on this product line.
One of the best things we do, is stay happy and professional doing a good job for each client and since we’ve been doing this since the beginning in 2005, we are referred often as there are so many people needing help and this number is just getting larger and larger. We stay on top of the current events in our area. We keep a copy of the list of plans accepted at the local hospitals and we learn as much as we can on other methods of help/assistance (ie; Pace, LIS, etc.)
We sell group and individual health products and we remind our group account contacts that when members are retiring and/or seeking other coverages, to have them call us. Many of the individuals we help are pre-retiring and we have provided their individual coverage so they naturally look to us.
We are LTC partnership licensed and certified and with everything I am seeing happening currently, I would think it would benefit each of us to do generic agency advertising and other product advertising and just keep our name before the public. MA advertising is too regulated for my taste as the ads that are preapproved have company logos on them and I want an ad with our logo and perhaps all of our carriers logos showing we represent them. Getting that through each plan and CMS approval would be difficult, I would think.
Other things I’ve heard mentioned are that many of us serve our local communities where we live and one agent suggested that we look at the yearbooks to our local high schools for those years that will be turning 65 and that would be a way to generate a mailing, since we can still do mailings of approved letters. Of course, it only works if you are community based as you need to know the ladies married names and/or the ala mater contact
or which ones still remain in the area.
I ALSO HOPE THAT EVERYONE HAS A GREAT AEP and that each of you are able to professionally and efficiently work and guide your clients and prospects and somehow at the end of this busy season prospered enough to remain in it for everyone aging in next year and beyond…