As we are 85 days short of October 15, 2019, Medicare AEP, I decided to review my collection of tools for identifying which consumer is actually interested in purchasing a Medicare Gap product - after all only 1/3 of the Medicare Eligible universe has a product today.
My “Why” tools:
- What research are you conducting to examine the consumer’s awareness, satisfaction with your offering?
- Did you run any primary research after the last AEP period?
- Did you purchase or search for secondary research information on the 2019 marketplace?
What audience did you survey:
- Turn 65
- Turn 66
- All Medicare qualified—65 years plus
- Persons who did not purchase any Medigap coverage
- Switchers from one plan to another
The research that I monitor indicates that many persons (2/3's of the eligible universe of people) simply are not buying our Medicare products—no Medicare Advantage, no Medicare Supplement, no Part D plan.
However, if they are interested then they are being strongly influenced by our supplemental offerings: dental, vision, wellness.
Many seniors really love Silver Sneakers! In fact, they are not sure what Medicare plan they have but they can describe their enjoyment of Silver Sneakers in detail. (full disclosure: I do not work with Silver Sneakers; merely relaying our survey responses when we study Medicare plans).
What methodology did you employ?
There are many research efforts that can provide true insight into the Medicare marketplace. For example, the employees of large corporations living in the urban areas truly seek Medicare Advantage programs when they turn 66.
My “Who, What, Where, When” tool
Marketing Database—the single view of the consumer
How did you gather data and organize your marketing data?
Prospect lists—direct mail, email,
Website inquiries, social media inquiries
Responders, buyers, lapses—what KPI(s) do you need
Third party data installed—by the way there is large variance in quality from source to source
Did you build a marketing database or customer data platform? Or did you continue to batch process the data in silos?
Did you track triggers?
- Turn 65
- Move to another state
- Suffer the death of a spouse
- Encounter changes in their financial or health conditions
If you did process market research and establish a segmentation scheme did you ensure that your campaign implemented that scheme by appending and scoring the datasets.
Historically, we have recommended that you define your best dataset via market research and then build a consolidated, single view database for your business intelligence and campaign management.
My “How” tool
Have you created an internal data science team or do you employ an external vendor? The power of campaign analytics is amazing. We see increases in the response rates that are not just a 10 percent improvement but multiples.
DDG uses 3 different approaches currently in the analysis of campaign outcomes(our statistical software is proprietary, so I have the advantage of that resource).
Lookalike Profiles—wonderful for your creative teams
Predictive Models—your CFO will love the match between your forecast to actual outcome
Nested Models—when you need the absolute best definition of audiences by territory/geography/media market
You can market differently to consumers who want
- Medicare Advantage
- Medicare Supplement
- Part D
- Supplemental benefits like dental
- Plus, SNP, Medicaid etc
As opposed to treating them as just one homogenous group. Again, the increase in response to your campaigns can be stunning.
Much like the machine learning process DDG employs in our Reach analytics tool, effective Medicare Marketing requires feedback loops that allow us to study and learn so we can adjust the audience, the offer, the message, the number of impressions or the timing.
If you are using Medicare Seminars to engage the consumer then timing and impressions are critical to your success as well as the definition of audience and the offer they prefer.
And that measurement may change over time. The 2018-2019 answer may not fit the 2019-2020 period.
What’s in your toolkit?
If you want to discuss/debate the best tools for Medicare marketing, give me a call. Our team is consistently evaluating how to improve our client’s marketing outcomes.