Ever since its introduction in 2009, Medicare Advantage has been the fastest-growing and highly regarded option in the health insurance market, giving people convenience and peace of mind. In fact, Medicare influences people over 65 when it comes to making a decision about the type of healthcare they want to receive.
If your venture engages in Medicare-related services or is a provider, being able to handle Medicare marketing can sometimes become a challenge, given the sensitivity of the matter and the demographics you are targeting. A carefully planned and executed Medicare Advantage marketing plan will enable you to approach and convert your target audience ethically and responsibly.
This blog covers every detail you need to know about Medicare marketing strategies and more.
Why is Marketing Essential for Medicare?
Marketing efforts play a crucial role in helping Medicare Advantage beneficiaries understand their options better and find the right plans for their best benefit. Medical Advantage sales strategy also allows providers to make people understand the steps they can take to protect their future against unexpected expenditures as well as uncertainties, particularly protecting their future from financial difficulties (including bankruptcy).
The following are the reasons that make marketing essential for Medicare:
Raising Awareness
Many seniors may not be aware of the benefits, features, and complex process of availing of Medicare. This can include their eligibility, available coverage options, and enrolment period. The lack of such awareness can make it challenging to determine which option is right for them, eventually resulting in seniors opting for plans that offer limited coverage, leaving them having to cover the majority of expenses themselves. By marketing Medicare Advantage plans, you can ensure seniors can understand what’s best for them and take steps towards securing their future by opting for the right coverage plan.
Encouraging Enrollment
The Medicare enrollment process often has specific enrollment periods. If an individual misses these deadlines, they will experience gaps in coverage. By actively marketing the ongoing enrollment procedure or upcoming windows, you can ensure your target audience knows when they need to start the application process and continue enjoying Medicare coverage.
Promoting Specific Plans
Medicare offers various plans, allowing individuals to choose the ones that are the ideal fit for them. Your marketing materials can highlight these various plans, including the range of Medicare plans, through local advertising platforms. This allows interested people to opt for the plans that fit their budget and needs.
Building Trust
Given that health insurance is an important part of the lives of many Americans, direct your marketing efforts toward educating and attracting your target audience to take advantage of the benefits and features of the plans. As Medicare Advantage is an excellent option for people above the age of 65, when they consistently see your provider name in your marketing and advertising campaigns, they are more likely to trust you when it’s time to make a purchase decision.
Managing Enrollment Periods
Medicare has highly specific enrollment periods, making it crucial to take necessary steps to avoid causing coverage gaps. Your marketing efforts will ensure you can remind people of upcoming enrollment periods while encouraging them to take steps on time, avoiding any missed deadlines. Besides, when people come across your advertisements, they are more likely to get in touch with you for renewal.
Addressing Misinformation
It can become challenging for seniors to find relevant information online, given that many sources are actively sharing outdated or irrelevant details, making it challenging for them to make an informed decision. By marketing adequate and relevant information about plans and the range of services available, as a provider, you can clear the clutter and win trust while actively addressing any kind of misinformation.
Supporting Enrollment Assistance
Your Medicare Advantage sales strategy drives people to get in touch with you about renewing or learning more about Medicare Advantage. The Medicare market is highly competitive, and with a wide range of private Medicare Advantage plan providers, your advertising campaigns will ensure your target audience can make the best choice for them by opting to get their plans renewed or initiated with you. The campaigns will also allow you to establish your brand name as a dependable and reliable source to learn about and acquire Medicare Advantage plans best suited for them.
Essential Marketing Ideas And Strategies for Medicare Marketing
There are plenty of obligations when it comes to marketing and advertising for Medicare Advantage plans and more. To ensure your campaigns are effective and market your range of services, features, and benefits, the following are some effective strategies to try:
Leverage Geofencing Marketing
Geofencing marketing strategies aim to advertise your business to your target audience when they are close to your business. This can include your physical office in most cases or even booking a consultation whenever they are in a specific area. Consumer data is used to advertise your business this way to ensure higher accuracy and effectiveness.
Utilize OTT (Over-The-Top) Advertising
OTTs, or over-the-top advertising, allows your business to precisely target people who are above the age of 65. The hyper-targeting and the high engagement rate allow your business to reach an audience that is already engaged and is going to pay attention to your ads.
Besides, using OTT advertising, your business can advertise to targeted regions or even a particular group of people with specific interests. As these platforms use immersive ad formats, including skippable and unskippable ads, you can get creative, knowing your target market will engage with the ad.
Social Media Marketing
Social media advertising empowers businesses to reach their target audience in a captivating and engaging manner, ensuring they actively interact with the ads they are seeing. The diversity of social media allows businesses to run various campaigns pertaining to informing people about currently available plans, upcoming deadlines, and the plans they should consider investing in. Social media should indeed be a part of any Medicare marketing strategy, given how effortless it can become to target the right audience.
Google Ads for Medicare Enrollment Periods
Google Ads is an incredible tool for getting your Medicare enrollment period-related ads seen by the target audience on time, enabling them to take prompt action. By using short—and long-term keywords and creating ad sets targeting specific concerns, your advertising campaigns can ensure that people over the age of 65 always have access to Medicare benefits.
This is by virtue of the fact that Google Ads allows businesses to use specific keywords related to Medicare Advantage, increasing discoverability whenever a relevant search is being made. Another key advantage of using Google Ads for Medicare advertising and marketing is the massive amount of data available for optimizing the campaigns and increasing brand visibility while encouraging your target audience to take a desired step (like getting in touch with you to know more about the best available plans and more).
Email Marketing Campaigns
Indirect and direct mail campaigns will be immensely beneficial when you are looking to generate leads or drive conversions. Emails can be a beacon for delivering personalized communication and dedicated reminders and ensuring your customers can reach out to you directly whenever they are in need.
Considering the importance of Medicare plans and associated information, emails will act as a valuable and dedicated source of information, ensuring your target audience gets all the necessary information needed to act. Make sure you are catering to the unique and specific needs and interests of your Medicare leads.
Educational Content Marketing
In matters like health insurance, positioning your brand as a credible and trustworthy source is immensely important for successful lead generation and conversion. By leveraging educational content marketing, you can show how your brand is a trusted source of knowledge, building trust in the minds of your potential enrollees.
Besides, many seniors may find it difficult to understand the details of Medicare Advantage plans and other plans.
You can actively use educational content to understand which plan suits them the best while emphasizing the unique features, including prescription drug coverage, hearing aids, and dental and vision-related benefits.
Integrating educational content marketing efforts into your website (through search engine optimization) can further enhance your business website’s chances of ranking higher on search engines, eventually being seen at the top whenever a relevant search is made.
Why Choose Propellant Media for Medicare Marketing?
At Propellant Media, we are committed to ensuring every insurance provider’s Medicare Advantage marketing needs are taken care of. We have a team of highly experienced and trained experts who work tirelessly to ensure your business gets in the front and can be seen by people looking to continue getting benefitted from Medicare Advantage and other plans. At Propellant Media, we customize our services, making it easier for your business to leverage customer data to build lasting relationships.
Here are all the reasons to contact us for all your Medicare Advantage digital marketing needs:
- Our digital marketing efforts are tailored to Medicare agents and businesses, allowing them to become more visible whenever a relevant search is being made.
- We help create a website that allows your business to leverage digital platforms to cater to your existing clients and launch referral programs.
- Our social media marketing services ensure your brand is represented correctly, especially around the annual election period, when registration rates are high.
- We collect actionable customer data from every campaign we run, ensuring your marketing plan is advanced and attracting potential clients at all times.
- Whether your potential customers are switching Medicare plans or want to get started, we ensure your prospective customers know you have the expertise to make it happen for them.
- We also use different marketing strategies, including issuing direct mailers, pay-per-click campaigns, SEO techniques, and even hosting informative sessions to simplify decision-making.
- Our services are omnichannel-oriented, allowing us to provide geofencing services and instantly help your customers find you whenever they are in close proximity.
Our experts work tirelessly with you to ensure better online visibility and community engagement and consistently measure success for all your campaigns to drive better results. We understand how rising medical bills can be a worry, and our campaigns help you educate people and let eligible beneficiaries take advantage of them.
Get in touch with Propellant Media today to get your customized Medicare Advantage marketing and sales strategy ready!
Frequently Asked Questions
Here are all your Medicare Marketing-related queries answered!
What is Medicare Marketing?
Medicare marketing is concerned with promoting and selling Medicare Advantage plans, Medicare Prescription Drug Plans (also known as PDPs), or any other Medicare-related products or services for eligible beneficiaries to use and take advantage of. Different private health plans contract with Medicare to provide comprehensive health coverage, ensuring the insurer can benefit from it.
Compliance requirements with Medicare marketing regulations must be adhered to throughout the procedure. When you partner with experts like Propellant Media, you can leverage omnichannel marketing strategies to get the most out of your marketing budget.
How can geofencing be used for Medicare marketing?
Geofencing can be an immensely powerful tool for Medicare marketing. It allows your business to target a highly specific region and audience while delivering highly effective marketing messages. Geofencing concerns setting up virtual boundaries around senior centers, retirement communities, and assisted living facilities, and it can trigger ads at highly specified timelines.
When potential customers enter these geofenced areas, they are greeted with marketing messages that promote the Medicare plans you offer. Geofences are set up in targeted areas and only trigger advertisements at specified intervals, allowing your target customers to act.
Is social media effective for reaching Medicare audiences?
Yes, social media is indeed an effective tool for reaching out to your target customers, even if it involves Medicare audiences. While choosing social media to target seniors for advertising may not come as an option right away, the benefits and targeting benefits associated with these platforms are truly worth trying.
For instance, social media platforms can be used for demographic targeting, allowing your business to target people based on their specific age groups, interests as well as locations. You can also reach people who are specifically looking for services related to health insurance. Through social media, your business can also create a community-like feeling, allowing your target customers to engage with your content and more.
How can I measure the success of my Medicare marketing campaign?
Marketing campaign measurement is crucial to ensuring your campaigns are producing results and that you can make changes to your strategy to maximize those results.
Here’s how you can measure your Medicare marketing campaign:
- Set clear goals that you are looking to achieve (inquiry calls or getting their Medicare plan renewed).
- Define the key performance indicators you want to track.
- Create a specific timeframe for your campaigns to ensure you are not running them during the off-season.
- Choose tools like Google Analytics, Google Campaign URL Builder, and others to ensure you can track performance throughout the process.
- Create pragmatic benchmarks for measuring campaign performance, ensuring you are constantly optimizing your campaigns for performance.
Key performance indicators to track:
- Return on Investment (ROI)
- Customer Lifetime Value (CLV)
- Website Traffic
- Cost Per Lead (CPL)
- Return on Ad Spend (ROAS)
- Conversion rate
- Cost Per Acquisition (CPA)
- Cost-Per-Click (CPC)
- Impressions
- Pageviews
- Click-Through Rate (CTR)
- Email open rate
- Bounce rate
Can I use educational content for Medicare advertising?
Yes! Educational content can be immensely beneficial when it comes to Medicare advertising. It allows your business to educate people while also increasing the scope of educational events if needed to draw more last-minute registrations, especially around election time.