Prospecting - Target Markets
You know your strengths, you’ve identified your resources, now, let’s talk target markets.
Finding prospects based on market is all about working smarter.
It’s a combined effort of research and planning on two fronts, location and product.
We’ll start out with location. Which area are you currently working? What does the service area of your plans look like? How far are you traveling? Could you expand on that? This step is about taking your market from what it is currently, to what it could be.
Next, what areas near you have the most Medicare-eligibles? The Centers for Medicare and Medicaid Services has a tool on their website to help you find out. Look up your selling area and the areas around it, and you might either think twice about expanding, or jump at the potential opportunity nearby.
And yes, we have that link for you in our resource notes for this module.
If you do expand your territory, be sure to research for new potential affinity partnerships and centers of influence.
The other half of our target market strategy involves the products in your portfolio.
Which insurance products are you currently selling? Each Medicare solution has its own appeal to potential beneficiaries. The same can be said for the marketing strategies used to promote each Medicare plan type.
If you’re selling Medicare Supplement plans, you may be looking for marketing that targets individuals turning 65, like T65 direct mailers.
For Medicare Advantage, you want marketing surrounding enrollment opportunities like the Annual Enrollment Period, or AEP for short. And remember, with MA plans, you’ll have additional marketing considerations because of the CMS Medicare Communications and Marketing Guidelines.
What about a Medicare Medical Savings Account, or MSA? Since it’s a unique type of MA plan that’s not as well known, an educational event could help prospect while educating potential clients about this product.
And don’t forget about Dual-Eligible Special Needs Plans. Because of the target demographic and frequency of Special Enrollment Periods, community involvement is likely to be the top contender for finding D-SNP prospects.
As you take a look at your own portfolio and selling territory, put these tips to use. We can’t wait to see your next move!