Building a Medicare Book Without Prospecting

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Building a Medicare Book-Hypothetical Scenario

Here is a hypothetical question-

Here is the scenario:
  • The overall goal was to add a minimum of 10 new Medicare clients per month in an area with about 3,000 new Medicare beneficiaries per month
  • Target enrollments are in their 60's to maximize renewal commissions
  • Client acquisition cost is not an issue-willing to spend up to 80% of FYC to acquire each new client
  • Agent does not want to chase down leads, prefers inbound phone calls

Under these circumstances, what would you do in terms of spending money on marketing?
 
Last edited:
Here is a hypothetical question-

Here is the scenario:
  • The overall goal was to add a minimum of 10 new Medicare clients per month in an area with about 3,000 new Medicare beneficiaries per month
  • Target enrollments are in their 60's to maximize renewal commissions
  • Client acquisition cost is not an issue-willing to spend up to 110% of FYC to acquire each new client
  • Agent does not want to chase down leads, prefers inbound phone calls

Under these circumstances, what would you do in terms of spending money on marketing?

You want 10 new clients a month. you dont want to chase leads. and want them all come to you...

You need to find a new dealer, because whatever your smoking is making you crazy
 
You want 10 new clients a month. you dont want to chase leads. and want them all come to you...

You need to find a new dealer, because whatever your smoking is making you crazy

It's a potentially real scenario, I've test my own direct mail to T65 with a personalized introductory letter with just a call back number and had some success (1 sale per 100-400 letters depending on the small test), I just wanted to see if there were any other ideas I've missed.
 
Here is a hypothetical question- Here is the scenario: [*]The overall goal was to add a minimum of 10 new Medicare clients per month in an area with about 3,000 new Medicare beneficiaries per month [*]Target enrollments are in their 60's to maximize renewal commissions [*]Client acquisition cost is not an issue-willing to spend up to 110% of FYC to acquire each new client [*]Agent does not want to chase down leads, prefers inbound phone calls Under these circumstances, what would you do in terms of spending money on marketing?

If it were that simple we'd all be doing it. Once you've built a decent size book of Medicare business you'll start getting people to call who were referred to you. Assuming you do a good job with the existing clients.

But the only way I know of to have potential clients call you is to either have a great website or do live transfer leads.

I know you're experienced on the ACA side. If you were just starting out on that side, do you think it would be possible to do what you're asking? And remember, that's a required product. It would be difficult even in that scenario.

When I started adding Medicare to my arsenal I purchased internet leads for Med Supps. They were good in the beginning, but they eventually sucked. Luckily by that time I had put about 150 on the books and started getting occasional referrals. I was also able to leverage my existing non-Medicare book of business.

If you find a way to sell 10 per month while just starting out by having them call you, keep it a secret. Because once it's out everyone will do it and saturate the market. Like I said earlier, once you've built a decent book of business you'll get unsolicited referrals. Just make sure you stay in contact with them so they'll remember you when the topic comes up with their friends.
 
If it were that simple we'd all be doing it. Once you've built a decent size book of Medicare business you'll start getting people to call who were referred to you. Assuming you do a good job with the existing clients.

But the only way I know of to have potential clients call you is to either have a great website or do live transfer leads.

I know you're experienced on the ACA side. If you were just starting out on that side, do you think it would be possible to do what you're asking? And remember, that's a required product. It would be difficult even in that scenario.

When I started adding Medicare to my arsenal I purchased internet leads for Med Supps. They were good in the beginning, but they eventually sucked. Luckily by that time I had put about 150 on the books and started getting occasional referrals. I was also able to leverage my existing non-Medicare book of business.

If you find a way to sell 10 per month while just starting out by having them call you, keep it a secret. Because once it's out everyone will do it and saturate the market. Like I said earlier, once you've built a decent book of business you'll get unsolicited referrals. Just make sure you stay in contact with them so they'll remember you when the topic comes up with their friends.

Thanks, I already have a book of about 75 Medicare clients and get referrals but it's a trickle rather than a steady stream, I just want to add another 200 in the next 18 months as a hedge against the potential for my ACA business going away.

As I said, I have had some success with a direct mail piece with a call back number which could get 4-5 per month for T65, I could probably do another personalized direct mail piece with a reply card as well as Thad's TM leads, I wanted to see if anyone else had some ideas (and have already gotten one via PM). Spending money isn't the issue, I don't care if I spend most of the FYC on acquiring the client and that is different than the usual independent agent marketing program.
 
Have you tried contacting other finance/insurance professionals, and offered them a referral bonus , like if you refer someone and they sign up I will pay you the first year commission of $210 (AARP) ?

I used to know someone who was a Financial Planner is a Senior community and would refer to us their health and medicare people, good leads.
 
I do a personalize mailer to t65 with good results. I spend about 50% or so of FYC perp lead but when you factor in renewals, spouses, AOR for ACA, referrals its a no brainer. I'd even go up to 100% of FYC assuming you have a steady income or savungs elsewhere. I think a secret is to hit a local area a multitude of ways. I do DM, website, signage, ail marketing, advisor referrals, and client referrals to my surrounding county.

In my opinion a personalized mailing works.
 
I do a personalize mailer to t65 with good results. I spend about 50% or so of FYC perp lead but when you factor in renewals, spouses, AOR for ACA, referrals its a no brainer. I'd even go up to 100% of FYC assuming you have a steady income or savungs elsewhere. I think a secret is to hit a local area a multitude of ways. I do DM, website, signage, ail marketing, advisor referrals, and client referrals to my surrounding county.

In my opinion a personalized mailing works.

Thanks for the input, I agree that the marketing cost for client acquisition doesn't matter because of the renewals.
 
I do a personalize mailer to t65 with good results. I spend about 50% or so of FYC perp lead but when you factor in renewals, spouses, AOR for ACA, referrals its a no brainer. I'd even go up to 100% of FYC assuming you have a steady income or savungs elsewhere. I think a secret is to hit a local area a multitude of ways. I do DM, website, signage, ail marketing, advisor referrals, and client referrals to my surrounding county.

In my opinion a personalized mailing works.

Which source produces the highest ROI?
 
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