Get More With Excelsior’s Lead Program
Marketing for the Annual Enrollment Period (AEP) is more than just getting Medicare leads. You need to leverage technology that can help you maximize your return on investment (ROI) during AEP. Excelsior can give you access to high-converting Medicare leads and turning-65 leads for AEP. Built on statistical modeling, Excelsior’s program offers:
- Leads that can give you a better conversion rate. These leads are based off an analysis that filters out leads with a low probability or low propensity to convert.
- The elimination of duplicate leads, which gives you more leverage to convert prospects into clients.
- Access to leads from hundreds of campaigns and many vendors in a single, mobile-friendly platform.
- The ability to specify when and where you want leads.
- Low costs for leads.
Once you have leads, you’ll want to implement the below marketing strategies to enhance your ROI throughout AEP.
How to Get More ROI on Your Medicare Leads During AEP
Below, Excelsior has outlined seven solutions that can help enhance your multi-channel marketing and increase your productivity, so you can get more ROI on your AEP leads.
1. Make Your Message Matter
AEP offers a short window of time to market to your senior leads, so having a message your prospects can easily understand and connect with is crucial. This is important whether you’re communicating through email, direct mail, social media, or another marketing channel. You have a better chance of converting more leads if your message is clear and identifies your clients’ needs. Here are some tips that can help maximize your results.
- Keep your points simple. You may want to focus on just one main point to make it easier for prospects to remember your message. Do not cram everything you want to say in one communication.
- Create a sense of urgency. Do not use scare tactics. Instead, outline opportunities your clients could miss without your help or what inconveniences you could help them avoid. Use words such as “don’t miss” in subject lines or highlight upcoming deadlines.
- Use eye-magnet words. These are words such as new, soon, finally, or your prospect’s name. Use these words in subject lines, headlines, and at the beginning of sentences.
- Create different versions of your message to test what works best. For example, if you’re sending emails about an upcoming educational event, test different subject lines to see which has the best open rate. Identify what phrases resonate with your audience early in your campaign so you can replicate what’s working.
2. Schedule Your Email Campaigns at the Right Time
Brokers can now participate in email marketing about Medicare, so make sure you’re getting the full benefits. Marketing to AEP leads through email can be one of the best strategies to increase your conversion rate. In fact, the median ROI for email is 124 percent, according to a 2017 marketing study. This was the highest ROI when compared to other marketing channels, such as direct mail (29 percent) and social media (30 percent).
But how can you achieve a higher ROI on your AEP leads? It’s all about timing. Multiple studies have found that email open rates are higher, on average, at 10 a.m. and in the evening after 8 p.m. Most email marketers send emails prior to 9 a.m., but customers open and read fewer emails at this time than at almost any other. Studies have also found that Tuesday is the best day to send emails, followed by Thursday and Wednesday.
3. Leverage Direct Mail Strategies to Increase Your Lead Conversion
If you thought direct mail was a thing of the past, think again. Direct mail has the highest response rate among households compared to other mediums such as email, paid search, and social media. But converting more Medicare leads through direct mail isn’t just luck. Here are some strategies that can help increase your AEP lead conversion:
- Personalize direct mailers with your prospect’s name, and use full color. This can increase response by 135 percent.
- Use oversized envelopes when appropriate. These have the highest response rate and ROI, followed by postcards and letter-sized envelopes.
- Don’t clutter your mail pieces with too many details. You want prospects to contact you for more information, so don’t give away everything up front.
To save time on your AEP direct marketing, you can access compliance-approved pieces from your contracted carriers or through your field marketing organization (FMO) such as Excelsior. Your FMO may be able to give you access to a wide variety of direct mailers at discounted rates that you can personalize with your contact details.
4. Use the Right Social Media Platform to Reach More Senior Leads
Facebook is, by far, the top social media platform for marketing to senior leads. Sixty-two percent of Americans 65 and older are Facebook users compared to only 10 percent on Twitter and 8 percent on Instagram, according to a Pew Research study. AEP is a great time to use paid advertising on Facebook to expand your audience. Facebook even lets you target seniors by zip code and age. This can help you get more ROI on your Medicare leads because your advertising dollars go to the consumers in your service area.
5. Track Your Medicare Leads Through a CRM System
If you want to increase your productivity and ROI during AEP, using a customer relationship management (CRM) system to deposition your Medicare leads is a must. Using a CRM, such as Excelsior’s CRM that will be available in early 2019, allows you to:
- Track which senior leads you’re actively working at any given time.
- Remain focused on the leads you’re most likely to engage with.
- Send out automated emails at appropriate times.
- Remember your past contacts with each lead to add appropriate context to your follow-up when it’s time to reach out to them again.
- Track the results of your activities to gain insight into ways you can improve your sales process.
6. Use a Multi-Touch Approach
Most agents will stop reaching out to a lead after three contacts, but one study found that 80 percent of sales are made after five or more contacts. You should find a balance between contacting your leads regularly and giving them space. It can help to keep Medicare leads on your active multi-touch contact schedule for two weeks at a time. Afterwards, you can disposition these leads in your CRM system, so you don’t lose contact while you turn your attention to others. This is important because you need to maximize your time to make the most of marketing for AEP.
7. Keep Track of Your Marketing Plan and Budget
You should review your marketing plan periodically to evaluate how successful you’ve been and to identify areas where you can improve. For instance, you may notice that certain messaging (headlines, subject lines, phrases, etc.) produces more engagement from prospects. Or that certain marketing channels (email, direct mail, social media, etc.) deliver a higher response. Knowing such information can help you better allocate your time and marketing budget in the areas that are likely to produce the best ROI on your AEP leads. If you’ve done AEP marketing in previous years, you should also look at your past campaigns to identity strategies you may want to avoid or replicate.
Get Access to High-Converting Senior Leads
Excelsior can help you get the most out of your Medicare leads during AEP. If you want to increase your productivity with access to innovative technology, earn more income, and get more ROI on your Medicare leads this AEP, get on board with Excelsior today!