You can really power up your insurance business by selling Medicare Supplement insurance to Medicare beneficiaries. That is if you can keep your pipeline filled with high-quality leads. Having enough leads can at times be hard if you aren’t on the lookout for new business opportunities and don’t have a solid prospecting system. To keep your pipeline full of Med Supp leads, I recommend these 20 insurance marketing ideas designed specifically for Medigap agents and brokers.
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1. Be a Question-Answerer
Many folks have questions about Medicare plans, coverages, and benefits. Even those who turned 65 years ago, may come across new questions, as the laws governing the program continue to change and update. Position yourself as the go-to question-answerer for all these Medicare questions, and you will be surprised at the number of inbound leads you generate.
2. Host a Seminar
You can drive many new leads by serving a larger group of those seeking your question-answering skills by hosting a local seminar. Your seminar could be on Medicare itself, or, it could be on a related topic, such as senior health, nutrition, retirement planning, or anything else of interest to Medicare prospects in your area. Be sure to check your state’s regulations and maintain your marketing compliance. Seminars are a great way to find local leads and build your reputation as the expert and go-to person for Medicare questions – generating an endless flow of fresh leads.
3. Attend Events
You may not find immediate Med Supp leads at a closed workshop or tradeshow, but you can use your attendance at such events to generate future leads. Go to local workshops, metro health care or insurance events, or even national trade shows — and then share your newfound knowledge and experiences at your seminars or with prospects on your email list. Folks are alway eager to hear about changes or important information that might specifically affect them.
4. Ask for Referrals
If you have an existing book of business, particularly within the Medicare Supplement market, referrals can be a great way to expand your Med Supp business. It’s easy because your loyal clients already trust you, which helps build trust with new referral leads.
Important note: Medicare rules for referrals tend to be very strict. You might need to encourage your client to have the referral contact you first. As with other referrals, you will have the best luck if you paint a picture of your ideal Med Supp lead for your referrers.
5. Partner for Referrals
If you have a cousin, neighbor, or friend in another line of business, you might look into striking up a referral partnership. The easiest route involves exchanging business cards to stock in each other’s shops. But you could both get more out of a partnership by asking your clients for permission to trade info with your referral partner. Check the regulations in your area and do this by the book, and you could find many more folks to help with their Medicare Supplement needs.
6. Network for Referrals
If you don’t have cousins, friends, or neighbors with client-based businesses, you can always make new friends in the business community to find potential referral partners. Try socializing with other local professionals like CPAs, lawyers, financial planners, churches, pharmacies, and so on. There is a good chance that someone they know needs help with their Medicare insurance.
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7. Set Up Co-Registration
You’ve probably seen a co-registration offer or two before. These are those forms, usually online, that ask you to check a box to opt-in to receive select third-party offers. If it’s a good third-party, you probably don’t mind checking the box, and you might even end up buying something. This type of co-registration can be set up with your referral partners as long as you follow your local guidelines.
8. Sponsor a Local Group or Event
Another great insurance marketing idea is to get involved in your local community by becoming a sponsor of a local group or event. Look for opportunities that can help you build brand recognition and trust with your potential pool of Medicare prospects.
9. Engage Your Community
Consider joining a local service organization, your local business association or Chamber of Commerce, or a volunteer group. It’s a great way to connect with local professionals, be in-the-know about what’s going on in your town, and bring positive attention to yourself and your insurance business.
10. Try Traditional Advertising
Traditional advertising methods should always be on the table, and you should consider this approach if you are moving to a new market or making other big changes in your business operations. Newspaper ads, phone directory ads, trade publication ads, radio spots, or even TV ads can all be a smart investment under these circumstances.
11. Advertise Locally
Look right outside your office, what ways can you raise brand awareness right around your office? Advertise where your customers hang out. You could buy billboard space or advertise on bus stop benches or the sides of buildings. There are lots of possibilities. Just suit your marketing to your local geography and demographics.
12. Become a Thought Leader
Some people have a gift of gab. If that’s you, you might try your hand at thought leadership. Becoming a thought leader or influencer in your industry is a bit more than being a good question-answerer, it’s about putting your thoughts out there for the masses on topics like insurance, healthcare, senior living, and so on. You could start with some guest blogging on someone else’s blog, and later step up to writing articles, guides, and ebooks for larger distribution.
13. Host a Webinar
Even many of today’s seniors are on on the web and most have internet access. All it takes to get in front of a new audience today is a smile, a smartphone with a good camera, and your knowledge of Med Supps. You can contact all those leads who sign up to view your webinar, whether they watch it live, or watch a recording later on.
14. Try Podcasting
Some people really enjoy making these kinds of videos, either live or prerecorded. If you’ve got a knack for it, you could turn it into a regular podcast. It’s a popular way to build up an audience over time. Who has time to read about insurance when they could just listen to your podcast?
15. Use Social Networking
If you use a social network, like Linkedin or Facebook, keep your eye out for business opportunities. Make a nice profile, join and engage in group conversations, offer your knowledge for free, and make sure your new online friends know about your Medigap insurance business.
16. Try Direct Mail
If you’re still looking for new sales leads consider direct mail marketing. A well-designed mailer paired in the right zip code could help you get many new Medicare Supplement leads for a relatively modest upfront investment.
17. Embrace Cold Calling
In most states and with most carriers, you can compliantly market your Medicare Supplement services over the phone. This is a big distinction from Medicare Advantage and Part D plans that prohibit telemarketing. Remember that half of all leads will eventually buy, so don’t be shy about calling your “no for now” leads or trying a new list of cold leads.
18. Go Door to Door
Except for a few carriers in a few states that prohibit it, it’s okay for you to go knock on doors as part of your Medicare Supplement marketing. Unlike younger generations, many seniors still enjoy polite visitors and a little bit of face-to-face conversation. Politeness and a considerate, consultative sales attitude are a must, of course, but this is yet another insurance marketing idea to help you sell more Medicare Supplement coverage.
19. Buy Real-Time Exclusive Leads
There will be times when your other marketing efforts aren’t producing enough. This is the time that buying leads can help you fill up your pipeline. Real-time exclusive leads are the gold standard of leads, of course, but there’s a reason for that — they cost an arm and a leg. Also, keep in mind most exclusive leads shop around, so they may be less exclusive than their high price suggests.
20. Buy Aged Medicare Supplement Insurance Leads
A better alternative to real-time leads is aged Medicare Supplement insurance leads. Your budget can go much, much further with aged leads — which is where most sales leads close anyways. Remember that an aged lead commission is the same as a real-time lead commission — the difference is the superior ROI of the aged lead. It’s easy, fast, and cost-effective to fill your pipeline up with high-quality aged Med Supp leads from The Aged Lead Store.
From referrals to partnerships, advertising, door knocking, and lead buying, there are lots of insurance marketing ideas you can try in your own Medicare Supplement business. Some take a bit of time or effort to get started, while others will have an upfront cost. Remember to check compliance rules in your state, and you’ll be on your way to getting your pipeline filled so you can get back to selling.
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