Association Marketing - LTCi


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Association Marketing - LTCi

  1. 1. Developing Association Sales… …a Process Using the Internet Presented by: Brian M. Johnson, CLTC, MBA National Long-Term Care Brokers, Ltd .
  2. 2. <ul><li>“ Approach an ordinary activity… </li></ul><ul><li>… in an extraordinary way” </li></ul><ul><li>Become a Trend Spotter… </li></ul><ul><li>… and relate those trends to your business </li></ul>
  3. 3. Agenda <ul><li>Trend Spotting! </li></ul><ul><ul><li>Demographics </li></ul></ul><ul><ul><li>Education, Experience </li></ul></ul><ul><ul><li>“ Green” Initiative, Technology </li></ul></ul><ul><ul><li>Healthcare, Lifestyle </li></ul></ul><ul><li>Why association marketing? </li></ul><ul><li>LTCi in the association market </li></ul><ul><ul><li>Carrier guidelines </li></ul></ul><ul><ul><li>Benefits </li></ul></ul><ul><ul><li>Underwriting </li></ul></ul><ul><li>Once you have the endorsement, now what? </li></ul><ul><ul><li>Activities to increase participation </li></ul></ul><ul><ul><ul><li>Leveraging the Association’s communication </li></ul></ul></ul><ul><ul><li>Internet sales presentations </li></ul></ul><ul><li>Mock Web Meeting </li></ul><ul><li>Case Studies </li></ul>
  4. 4. What do we want as agents? <ul><li>Qualified prospects to talk to! </li></ul>
  5. 5. So what’s our true challenge in selling Long-Term Care Insurance? <ul><li>It’s not the actual sale of Long-Term Care Insurance. Long-Term Care is something that has touched or will touch almost every person you meet. </li></ul><ul><li>The true challenge is finding the groups of people that trust you and want to speak to you. </li></ul>
  6. 6. Trends <ul><li>Demographic </li></ul><ul><ul><li>Aging Baby Boomer generation is 78 Million Strong </li></ul></ul><ul><ul><li>46 Million Generation X members are now in the workplace </li></ul></ul><ul><ul><li>Longer life expectancies </li></ul></ul><ul><ul><li>Geography and the family dynamic </li></ul></ul><ul><ul><li>There is a gap not covered by health insurance </li></ul></ul><ul><ul><li>Technology, going “Green” , even LTCi are En Vogue. Capitalize. </li></ul></ul><ul><li>Personal Experiences are on the rise </li></ul><ul><ul><li>Lost productivity in the workplace </li></ul></ul><ul><ul><li>The “Sandwich” Generation </li></ul></ul><ul><li>An increased thirst for education on LTC planning </li></ul><ul><ul><li>Consumers and Planners </li></ul></ul><ul><li>Technology </li></ul><ul><ul><li>Your prospects and clients are busy people, but they are also internet savvy </li></ul></ul><ul><ul><li>Internet and Telephone Counseling </li></ul></ul><ul><ul><li>Education </li></ul></ul>
  7. 7. What makes an Association, an Association? <ul><li>The official definition from the IRS: “In general, an association is a group of persons banded together for a specific purpose.&quot; </li></ul><ul><ul><li>Associations exist to set standards for industries and professions, provide networking opportunities for like minded people and to provide education and training. </li></ul></ul><ul><ul><li>A sense of community coordination is at the heart of associations. </li></ul></ul><ul><li>The criteria insurance companies use to approve an association discount (5%-10%) are: </li></ul><ul><ul><li>Does the group have by laws? </li></ul></ul><ul><ul><li>Do the members pay dues? </li></ul></ul><ul><ul><li>Was the group formed for reasons other than obtaining a discount on insurance? </li></ul></ul><ul><li>In 2004, it was estimated that there were approximately 1.8 Million Associations in our country. 1. ASAE and the Center for Association Leadership. </li></ul>
  8. 8. Why Market LTCi to Associations? <ul><li>Extremely large numbers of qualified prospects to talk to, that already trust you! </li></ul>
  9. 9. Why Market LTCi to Associations? <ul><li>Large groups of potential clients that are bound by a common cause. </li></ul><ul><li>Association members are typically “planners” by nature. </li></ul><ul><li>Association members trust the vendors endorsed by their association. </li></ul><ul><li>Discounts of 5-10% for the member, as well as her/his immediate family members. </li></ul><ul><li>Depending on the association, many members own businesses or have leadership roles within his/her business (Employer paid opportunities). </li></ul><ul><li>Keeps you active and busy. </li></ul><ul><li>Ancillary business. </li></ul>
  10. 10. Advantages to the Association <ul><li>A discounted LTCi program adds value to their membership. </li></ul><ul><ul><li>Shows the membership base, that the association cares and is looking out for the members’ and their families’ best interest. </li></ul></ul><ul><ul><li>Helps to attract and retain members, justifies membership dues. </li></ul></ul><ul><li>Gives the membership and employees of the association a trusted resource for information on LTC planning. </li></ul><ul><li>There is zero cost to the association for endorsing a discounted LTCi program. </li></ul><ul><li>LTCi as a member benefit gives the association another reason to contact or “touch” the membership base. </li></ul>
  11. 11. Underwriting for Associations <ul><li>Associations usually offer Long-Term Care insurance as a voluntary member benefit, meaning all applications require full medical underwriting. </li></ul><ul><li>However, if a certain number of applications are guaranteed (usually 10+), some carriers will offer simplified underwriting. </li></ul><ul><ul><li>A great opportunity for the employees of the actual association. Do your fact find with the executive director of that Association. Associations, have the same challenges of retaining and recruiting talented people. </li></ul></ul>
  12. 12. Which Associations are the Best to Market To? <ul><li>Every Association! </li></ul><ul><li>Remember our Survey. People from all walks of life and from all industries experience Long-Term Care. Long-Term Care does not discriminate and neither should you in your marketing efforts. </li></ul>
  13. 13. Where To Find Associations <ul><li>Start with the people you do business with everyday! Ask them what professional associations they belong to? </li></ul><ul><ul><li>Your doctor, dentist, child’s orthodontist, dry cleaner, restaurant/bar owner, day care owner, police officer, contractor, architect, librarian and even the president of your home owner’s association. </li></ul></ul><ul><ul><li>Your hiking or ski club, woman business owners association </li></ul></ul><ul><li>Ask if there is a discounted Long-Term Care Insurance benefit for members? Most will say “I don’t know” or simply “No.” </li></ul><ul><ul><li>Get that person to refer you in, or ask if it’s ok to use their name when talking to the executive director. </li></ul></ul><ul><li>Search the Internet and Yellow Pages. </li></ul><ul><li>Ask your current clients, friends and family members what professional associations they belong to. </li></ul><ul><li>Utilize the fact that you have a “Mutual Client.” </li></ul>
  14. 14. Who to Speak to at an Association <ul><li>The Executive Director of the Association is the decision maker and the person you want to meet with. </li></ul><ul><li>Key points to discuss: </li></ul><ul><ul><li>Attracting and retaining members </li></ul></ul><ul><ul><li>Bringing value to the membership </li></ul></ul><ul><ul><li>Opportunity to reach out and “touch” their membership base </li></ul></ul><ul><ul><li>Make it clear that you are going to be a resource for education </li></ul></ul><ul><ul><li>Benefits of competing Associations </li></ul></ul><ul><ul><li>Highlight the current associations you work with, provide references. </li></ul></ul><ul><ul><li>The prevalence of Long-Term Care </li></ul></ul><ul><ul><ul><li>Discuss the Impact of a Long-Term Care event </li></ul></ul></ul><ul><ul><ul><li>Statistics about Long-Term Care </li></ul></ul></ul>
  15. 15. Once you have the endorsement, how do you market to the membership base? <ul><li>Develop a marketing plan. Many carriers will require your marketing plan prior to approving a discount for an association. </li></ul><ul><ul><li>Mailings </li></ul></ul><ul><ul><li>Seminars </li></ul></ul><ul><ul><li>Email blasts </li></ul></ul><ul><ul><li>Tradeshows </li></ul></ul><ul><ul><li>WEB MEETING </li></ul></ul><ul><li>Be sure to work with the Association and get their guidelines for working with the membership. </li></ul><ul><ul><li>(Some Associations will email you their mailing list, while others will handle mailings for you). </li></ul></ul><ul><li>If the Association offices are close to your office or home, be sure you stop in frequently. </li></ul>
  16. 16. Web Presentations <ul><li>Why It Works: </li></ul><ul><ul><li>People are busy (you and your prospects). </li></ul></ul><ul><ul><li>It allows you to meet with more people. </li></ul></ul><ul><ul><li>People are not hesitant to meet with you via the web. </li></ul></ul><ul><ul><li>Immediate credibility. </li></ul></ul><ul><ul><li>You can control the presentation and show your prospects what you want them to see. </li></ul></ul><ul><ul><li>The geographic restrictions no longer exist. </li></ul></ul><ul><li>What to use: </li></ul><ul><ul><li>Go To Meeting ( ) </li></ul></ul><ul><ul><li>Web Ex ( ) </li></ul></ul><ul><ul><li>Yugma ( ) </li></ul></ul>
  17. 17. Key Points To Remember <ul><li>You can’t see the client or prospect, keep him or her engaged. </li></ul><ul><ul><li>Ask a lot of questions, listen to their answers. </li></ul></ul><ul><ul><li>Ask for their opinions </li></ul></ul><ul><ul><li>Ask for their concerns </li></ul></ul><ul><ul><li>Ask for the business </li></ul></ul><ul><li>Design a sample plan in real time with the prospect. </li></ul>
  18. 18. Mock Web Presentation
  19. 19. Mock Web Presentation <ul><li>Phase I – Questioning your prospect </li></ul><ul><li>Phase II – What is LTC </li></ul><ul><li>Phase III – Options </li></ul><ul><li>Phase IV – Plan Design </li></ul><ul><li>Phase V – Asking for the business </li></ul>
  20. 20. Case Studies Library Association – 3,400 Members Nurses’ Association – 24,000 Members Restaurant & Tavern Association – 1,800 Members
  21. 21. Bringing It All Together <ul><li>Pay attention to the trends </li></ul><ul><li>Target Associations to market to (use the internet and ask the people you live, work and play with  the “mutual client”) </li></ul><ul><li>Get an appointment with the Executive Director </li></ul><ul><li>Once you have an endorsement, co-brand yourself with the association and get marketing </li></ul><ul><li>Expand your reach by utilizing web conferencing </li></ul><ul><li>Your extraordinary approach </li></ul>
  22. 22. Thank you for the opportunity <ul><li>Brian M. Johnson, CLTC, MBA </li></ul><ul><li>[email_address] </li></ul>