There are over
600 Medicare Advantage plan sponsors. That’s a sea of competition! It’s time to
look beyond member acquisition and start focusing on member retention. As a
plan marketer, it’s vital to spend time on the after-sale sale.
Which customers are unhappy… and why?
Are you creating loyalty through problem resolution?
What is your strategy for affirming their purchase decision?
Which competitors are targeting your members…and how?
takes a proactive effort. Simply reacting to decreasing membership numbers puts
you behind the curve. As companies acquire customers, part of the immediate
on-boarding plan should be retention. There are three stages to a successful
Data DrivenSeniors have demographic and
psychographic indicators that can help you build loyalty. The more you know
about your customers and their needs, the more members you will retain. Use
customer information to turn numbers into intelligence – understand their
interests, traits and “hot buttons”. If
40% of your membership goes to the library, start a book club. If 35% like to garden, start a Gardening
column in your newsletter.
InteractionThree customer “touches” per year can help
generate over 90% retention. How often are you in touch with members? Smart Medicare plans have formal member
orientation “touches” such as welcome calls, plan benefit reminders and
expanded provider relations programs. Over the course of the year, constant
follow-up remains critical. Develop social networks where members regularly
receive newsletters, quarterly telephone calls and wellness or plan reminders.
Meaningful MessagingOnce you’re talking with your
customers, speaking their language gets results. Seniors need guidance and
interaction that’s meaningful to their situations. Make your materials work for them. Keep
information simple and relevant. Mix education with ongoing selling. Use
retention efforts as opportunity to explain why your company is the right
choice. Reinforce value, not just product features. It’s the after-sale sale.
create customer-centered brand experiences, you will build loyalty and you’ll
retain more members. It’s not easy to steal loyal members…and there’s over 60 competitors
eyeing your customers for defectors. It’s a switchers market.
is your company’s reputation. It’s every
aspect of the relationship you have with your customers–everything they see,
hear, feel and experience. This means every telephone call, email exchange, and
written communication must support the customer experience. In other words,
fulfill every promise your company makes. Your brand differentiates and defines value and ultimately, is the
reason customers remain loyal.