Generating new leads and growing your business is contingent upon your ability to separate yourself from your competition. In order to do so, you need a marketing strategy that will allow you to get your name out there without breaking the bank in the process.
When people refer to traditional marketing, they are talking about methods such as print advertisements, direct mail, referrals and other “old-fashioned” marketing techniques. Today, these practices are being dismissed as outdated and ineffective -- essentially a waste of money. The common misconception in today’s digital world is that the older, more traditional marketing techniques are inferior to their new, internet-based counterparts. While this may be true in some cases, for the health insurance and Medicare industry, traditional marketing still remains one of the most effective means of communicating with their target audience.
Marketers in the health insurance industry have a unique challenge because their target audience is mainly comprised of elderly people who are age 65 and up and are Medicare eligible. This is a lucrative market, representing 14.1% of the entire population of the United States and is comprised of people who actually need what you are selling. The trick is trying to find the best way to communicate with them.
As I mentioned before, Internet marketing can be an effective tool, but not with the elderly. Only 43% of seniors above the age of 65 use any form of social media, and fewer than half of Americans 75 and up even use the Internet at all. So, clearly an online marketing campaign would not be the most efficient use of your money. The best way to reach these older people is with older ways of communicating, like direct mail and print advertising.
People of the baby boomer generation spend almost twice as much time with print then their millennial counterparts. Print consistently ranks as the most trustworthy source of information, as well as the least intrusive. These people are not very tech savvy and they like the feel of having a hard copy that they can hold in their hands and read. Print is a great way to reach out to this older generation of individuals, but make sure you place your ad in the proper publications that you know this group of people read.
If you are looking for an even more targeted approach, then you should try direct mailing. Mailing lists can be purchased from the DMA that will allow you to single out the exact people that fit your customer profile. Even though people often refer to it as “junk mail” direct mail still has a nearly 75% open rate and 63% of those people actually read through its contents. Compare that to email, which has open rates around 10% and click-through rates at only around 1% in this market.
People often consider email to still be the better option because it is cheaper then sending out direct mail. However, it is not necessarily about how much money you are spending, it is about spending the right amount of money in the right places to maximize your return on investment. In fact, for every dollar spent on direct mail marketing it produces an average of $12.57 in sales.
If you have already tried print advertising or direct mail and haven’t achieved the level of success you were hoping for, there are other options. Consider, for instance, sponsoring local events or sports teams. This is an inexpensive way to get your name out into the community and establish yourself as a household name. Even old-fashioned word-of-mouth referrals can be effective. Be kind and courteous to customers and they will undoubtedly refer you to all of their friends.