Medicare Advantage (MA) is on pace to top 17 million beneficiaries this year, and another 5 million over the next 5-years. Opportunity abounds to grow in the Medicare marketplace — particularly MA. In addition to a booming age-in market and constant flow of switchers, Medicare Supplement products remain vulnerable to MA’s value proposition.
A structured approach to Medicare marketing has never been more important: well-articulated value proposition, data-based targeting, robust B2C tactics, multi-channel selling, and a beneficiary customer experience built around superior service.
In Medicare, addressing consumers’ long list of pain points is essential: economic woes, too many choices, pre-existing conditions, and complexities of Medicare (admit it, on a good day it’s a bureaucratic nightmare tied together with red tape). From a buyer’s perspective, a commoditized set of products and multiple distribution outlets translates into a tricky buy/sell marketplace.
Here are 10 keys to any Medicare marketing strategy —
- DATA DRIVEN - Turn data into actionable intelligence using predictive models for most likely responders and defectors as well as variable direct response call-outs to optimize media for lowest cost per lead/sale.
- DIFFERENTIATED VALUE - Preferred Medicare plans are built on trust, credibility and relevancy combined in a differentiated value proposition as well as understanding what motivate prospects to select a plan.
- MULTI-CHANNEL SALES - Different Medicare customers require different sales channels – face-to-face to telephone to online to retail – don’t close the door on any potential customer that wants to buy from you.
- AGE-INS - Thousands aging into Medicare every day require new approaches to attract boomer-seniors with relevant education content, sequenced messaging, and omnichannel outreach communications.
- DIGITAL MEDICARE - Online Medicare shopping is the norm so it’s essential to have a digital experience that’s built for seniors and user tested, from ease-of-navigation to the pictures and words on the website.
- MEMBER RETENTION - In a fiercely competitive Medicare market “switcher” campaigns are routine, so only superior customer service and loyalty-based engagement will optimize member retention and ultimately, LifeTime Value.
- COMPLIANCE - Today’s Medicare marketers must account for the important role of CMS consumer protections, making sure the link between marketing, sales and compliance is as strong as possible.
- CUSTOMER EXPERIENCE - Create opportunities for personalized, relevant one-on-one interaction to reinforce value every time you engage and connect with a beneficiary. Make it all about them…and their Medicare!
- STAR RATING - Marketing’s role is critical to ensure beneficiary communications reinforce satisfaction tied to every CMS measures across the customer lifecycle to achieve highest possible Star Ratings and payment bonuses.
- MARKETING ROI - A combination of up-front data analytics, direct response discipline, flawless campaign execution and back-end measurement will lower member acquisition costs and increase customer retention.
For a more in-depth review, download: Medicare Marketing 2016