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Medicare Café - Retention

You spend countless hours marketing, prospecting, reviewing client’s needs, presenting solutions, etc.  Once you finally convert that prospect into a client, then what?

It is 5 times more cost effective to keep a current client than bring on a new one.

This is where a lot of insurance agents destroy their profitability. They are so focused on gaining new clients that they see contacting their current clients as unnecessary since “if they need something, they know to contact me.” Keep reading to learn how to avoid this pitfall. 

Out of Sight, Out of Mind

Now, more than any other point in history, people are bombarded with ads. In the past, just 10+ years ago, television and radio have always been vital markets for ads, but expensive and geared towards the mass market.

However, now it is more affordable with social media and internet advertising to get your message in front of a local market with a hyper-specific message.

Example

Medicare ads will not appeal to your average 16-year-old, just like the newest video game may not appeal to your average 65-year-old; but, you can target your Medicare message to a specific age or interest groups so the 16-year-old is more than likely never going to see it, and the average 65-year-old is more likely to see the ad on multiple occasions and across various platforms. 

The challenge here are carriers, large agencies, and call centers have figured this out as well.  Yes, I said call centers. One of the largest call centers in the country for insurance reported they have seen their outbound call answer rate drop, so they started heavily investing on internet advertising to boost their inbound calls. 

What Does This Mean for You?

While you had the pleasure of converting that prospect into a client, that does not mean they are immune to every other advertisement on the market. One of the top complaints to carriers is “I didn’t know I was changing plans.” Translation: I saw an interesting ad (which they may not have realized it was an ad for insurance) and called the number.

If you are not concentrating on keeping your clients with you, they are not concentrating on staying either.

Over the next few weeks, we will focus on various retention methods and ideas to keep your clients from becoming another agent’s future prospects.

However, now it is more affordable with social media and internet advertising to get your message in front of a local market with a hyper-specific message.

What To Do Now?

Make sure you have an active client list in a client relationship manager (CRM). Need suggestions? Call Senior Marketing Specialists at 800-689-2800 for some ideas and CRM suggestions, such as Agency Bloc.

Join the conversation every Tuesday at 10 am CST.

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