With 10,000 Baby Boomers turning 65 every day, it’s a great time to create your Medicare business plan!
This article discusses 4 core areas to focus on when putting together your Medicare business plan. This includes production goals, lead generation, client retention, and marketing co-op.
Production Goals
Whether you’re a full-time agent or you’re selling insurance as a side gig, there is a lot of money to be made in this business. With so many people in need of your expertise, you can take great pride in the work you do.
The following chart provides an estimation of what you could earn by setting measurable sales goals. In year one, we recommend that you aim to sell 40 new Medicare policies, and 60 policies to individuals who were already on a Medicare plan. This results in a year-one income of $29,000.
It may not sound like much at first, but thanks to renewal income, this begins to scale very quickly. Even if you lose 10% of your book of business each year (the industry average), you can reasonably expect to earn $250,000 by year 5.
The key idea is that you have to set realistic goals and patiently stick with them. “All who have accomplished great things have had a great aim, have fixed their gaze on a goal which was high, one which sometimes seemed impossible.” – Orison Swett Marden
Provider Networking
Doctor’s offices, senior centers, and gyms are all great places to generate activity for your Medicare business. Find out who the gatekeeper is and introduce yourself as someone who can help their members with Medicare coverage.
If you want to improve your grassroots marketing skills, we highly recommend you read How to Win Friends and Influence People by Dale Carnegie. Referrals are always the best leads, and it all starts with building relationships.
Direct Mail Marketing
The price of a 1,000 piece mailer is normally $450 to $500. Let’s assume that out of 1,000 mailpieces you make 3 Medicare sales. That’s a 3X return on investment!
Even if you sell just one new-to-Medicare policy, you add a new client to your book of business and get your cash back!
There are several options when it comes to direct mail marketing. This could include community meetings, T65 campaigns, DSNP marketing, and cross-selling supplemental products.
Our team can help you put together an effective direct mail marketing plan.
Community Involvement
Are you involved with a religious organization, chamber of commerce, school board? These groups give you the opportunity to market your business for little cost. This could include bulletin boards, business cards, flyers, and word-of-mouth.
Another unique opportunity is participating in local health fairs! For a low fee, you could sponsor a small booth and present your products to this interested audience.
Digital Marketing
We all know that technology is increasingly important in the Medicare industry.
Make sure you have a website where people can learn more about you. Set up a free Facebook business page where you regularly share helpful content. Consider launching a YouTube channel where you explain the basics of Medicare and introduce your company.
There is no magic formula for using social media to sell insurance, so please remember to be realistic in your approach. People need to feel like they are part of a community, and the internet offers you a platform to meet those needs.
If you decide to run paid Facebook advertisements, you can read our free guide to learn how.
Client Relationship Management
As your Medicare business grows, you can quickly lose track of your data. A client relationship management system (CRM) helps nurture your client relationships with ease through contact management, sales records, automated workflows, email marketing, and website integration.
This will enable you to track your leads from the first contact to close, make smart business decisions based on real-time data analytics, keep in touch with your clients through ongoing drip marketing campaigns, and manage all aspects of your Medicare business.
Did you know that it costs five times as much to attract a new Medicare client than to retain an existing one? Successful agents know that in order to truly scale their operation, they have to preserve their book of business.
Brokerage Bucks
At The Brokerage, our agents are family to us, and we support their on-going growth and success in everything we do.
One of the ways we help agents grow their book of business is through our exclusive Brokerage Bucks program, where you could earn up to $5,400 annually in marketing dollars!
Whether you are selling Medicare Advantage, Medicare Supplements, or Final Expense, you can combine your production each month to qualify.
If you aim for the sales goals above, then you will have no problem earning Brokerage Bucks!
Conclusion
The topics discussed above are based on real-life agents who have successfully grown their businesses. Now it’s your turn to choose which strategies best fit into your Medicare business plan and take action.
If you have questions about how to grow your business, you can learn about partnering with our FMO.
