As TBR’s Medicare Supplement Marketing Manager, I am constantly asked by agents “PK, how do I increase my Medicare Supplement sales?”. Most agents go after the 65 year old open enrollments because they think this is the easiest group to market. While this may be the case, our best agents continue to find those healthy seniors who are looking to save money on their Medicare Supplements by switching to Mutual of Omaha.
As I have said before, an advantage that I have over you is that I get to speak to top producing agents everyday. I ask them the questions that you might ask. What’s working for you, and how do you grow your business? The answers are more simple than you might imagine, referrals and replacements. Getting Referrals and replacements will increase your Medicare supplement sales.
Always ask for referrals. If you are a Medicare expert and can give helpful information as well as present the product, seniors will appreciate the time you have spent with them. Hopefully you develop a rapport from the very beginning of your presentation, and build upon that rapport with useful information that you can share. Keep in mind that people buy from people they like. If you help them, it’s surprising how much they will want to help you.
I will never forget the day I called on a Long Term care customer who came to the door with her walker. Did I immediately write her off? No. It was a hot day and she invited me in for a drink, and I was more than willing to get out of the hot sun. Once seated inside, I told her that she could not qualify for what I had to offer, so I didn’t even get into the product.
There was one part of my presentation that always needed more work, and that was rapport building. It was funny how easy this was to do, especially since I wasn’t selling anything, or so I thought. Little did I realize that I really was selling something myself.
I looked around the house and started taking notice of everything around me. Besides the family pictures, I remember seeing empty cans of Diet Coke everywhere. We got off to a great start, and before long she was giving me names of neighbors and business owners who might be interested in what I had to offer. It’s hard to believe that my half hour “chatting” was probably the most productive half hour in my entire sales career. Did I turn those referrals into sales? You bet! I wanted to thank the nice lady, so I bought a case of Diet Coke and stopped by for another visit about two weeks later. I told her about my success, and she was glad that she was able to help me in such a big way. After celebrating with a couple of Diet Cokes, what do you think she did? She gave me even more referrals! Do you think I could go back today and get more referrals- you bet! She is probably waiting for me this very moment, who knows?
Ask your clients for the names of people who are over 65 and already have a Medicare Supplement. There a LARGE numbers of customers who had the cheapest rate four or five years ago from a less than “A” rated company. Guess what? They’re not the cheapest anymore! A lot of your sales come simply from timing. Lately, I am getting a number of calls from agents in VA and SC doing replacements on a company that just had a huge rate increase. It’s funny, but the same person who told you last month to “get lost” is now scrambling to find your business card because he just got a 20% rate increase!
Check out the SHIIP guide. Eleven months of the year, various Medicare supplement companies are announcing rate changes. Know your competition and take notes every time you visit a prospect. If your customer is with company A, and company A has a large in-force rate adjustment next March, you might want to call on that customer again. They will be happy to see you if you can save them money.
The key to success for Medicare supplements is working all of the “angles”, not just open enrollments. If you are not a Medicare “expert”, that is why we are here! To help you become an expert and make more sales. To get started, it’s as simple as attending one of our free online seminars, or attending one of our free Road Shows. Our newsletters, Mutual of Omaha newsletters, as well as their website- these are all excellent sources of information regarding the very latest in Medicare changes. All of this, and of course I am just an email or phone call away!
Posted by Paul Keller