The 65 and over population controls the bulk of disposable income in the United States. For insurance brokers and agencies, this means that using the right marketing-to-seniors strategy can have a tremendous impact on the bottom line.
Historically, insurance brokers targeted seniors through traditional media.
But today’s seniors—many of whom are baby boomers, born between 1946-1964—are more internet-savvy and active than their counterparts from the past. Successfully selling to them requires a more modern approach.
Before we explore what such an approach might look like, let’s take a step back and examine a few things that make the modern 65 and over customer tick.
Today’s seniors have been driving the economy for decades. Compared to younger adults, seniors have the most money to spend.
Successfully marketing insurance for seniors starts with understanding what’s most important to them.
Now that you have a better idea about what your Medicare prospects are looking for, let’s explore some tips that should help you close more deals.
How do you effectively sell insurance to seniors? Consider these four tips as you hone your ultimate senior marketing strategy.
If you’re in the Medicare Advantage market, you need to make sure that all marketing materials comply with the guidelines issued by the Centers for Medicare & Medicaid Services (CMS). Failure to comply can result in sanctions and other penalties for the health plan and for your agency.
CMS has oversight over direct mail pieces; advertisements on television, the internet, the radio, billboards, or other publications; promotional materials; presentation materials; scripts and outlines for sales agents; communications regarding membership, contracts, and plan activities; notifications of changes to providers, costs, or benefits; and more.
Be sure to review the Medicare Marketing Guidelines before engaging with seniors. In some cases, the health plan and CMS may have to approve your content before you can send it out or publish it.
Seniors today are comfortable searching for information and buying things online (thank you, Google and Amazon). As such, the right web marketing strategy can deliver impressive results.
As you build your digital marketing campaign, remember to make your site user-friendly and intuitive so visitors—young and old—can easily navigate it. You’ll also want to pay attention to the layout of the site—its colors, the fonts you use, the contrast between the text and background, and more—to make sure information is easy to consume.
Seniors are active on social media, too—particularly on Facebook. You’ll want to have a robust presence there.
Last but not least, when you’re marketing to seniors, use images that reflect your target audience. Someone in their 70s is unlikely to be persuaded by a picture of a group of teens playing beach volleyball.
A 2018 Deft Research study found that direct mail remains a top purchase influencer for baby boomers—even in the digital age.
Direct Mail is a great way to reach as many prospects as possible because direct mail does not require consent to contact.
Campaigns are only as strong as the content that powers them. Whether you’re writing for the web or writing a direct mailer, you need to make sure your content is persuasive and easy to understand.
Make sure your content explains why and how your insurance products will improve your prospects’ lives. Emphasize the customized solutions your agency offers, as well as the personal attention brokers provide. Pay attention to your tone, too. You don’t want to sound condescending or disrespectful, and you don’t want to use fear to make a sale, either.
Great content demonstrates empathy. If you can convince a few seniors that you understand their problems and have a great solution, you may be able to generate additional business through word-of-mouth referrals.
The right senior marketing strategy can help your insurance agency unlock an enormous revenue stream from a group of customers who love to be loyal to companies that deserve it.
It starts with understanding your customers as best as you can. You’ll also want to develop a multi-channel campaign and invest in tools that help you achieve your goals.
It may take some time to put together a winning strategy. But that hard work should pay off—helping your insurance agency or brokerage grow a profitable segment of its customer base.