Are you an independent agent looking to increase your Medicare supplement insurance sales?
If so, we have some good news for you. First, the overall trend when it comes to Medicare supplement insurance is one of growth. According to data from the BLS, Medicare spending grew 6.7% to $799.4 billion in 2019 alone and made up 21%of the total NHE.
If you're looking to tap into this growth and increase your Medicare supplement insurance sales, targeting leads online is the way to go. Consumers are increasingly looking to digital avenues for purchasing insurance.
Marketing insurance online is not only an effective strategy; it's also cost-effective. Selling insurance online can reduce your overhead and travel costs and give you access to a wider target market.
Selling Medicare supplement insurance in-person restricts you to the areas you can physically service. On the other hand, selling insurance online means you can serve clients throughout your state. You can even sell insurance to clients in another state, providing you apply for a non-resident insurance license.
Ready to start ramping up those Medicare supplement insurance sales? Continue reading to find out how to grow your sales online.
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Audit Your Website
Don't have a website? Now is the time to launch one. Depending on your needs, you can either get a custom site built or opt for a WordPress template or use drag and drop site builders such as Wix or Squarespace.
Our recommendation is to do this quickly is Weebly if you don't have a site already. If you do, we recommend Thrive Themes.
If you already have a site, you should take some time to audit it. You can choose to have it professionally audited, or you can do this yourself.
The first thing you'll want to look at is how functional your site is.
Ask yourself:
- Is it easy to navigate around?
- Are all the menus functioning properly?
- Is important information (such as your contact page) easy to find?
Besides analyzing your site's functionality, you should also make sure it's properly optimized for search. Ensure that you are targeting the right keywords and implementing SEO best practices throughout your site.
If you want to learn more about optimizing your site, take a look at this article on effective insurance website design.
Engage in Content Marketing
Once your website is up to speed, the next step is to develop a content marketing strategy. Content marketing is the practice of creating content that serves your target market.
If you create good quality, informative content, this can:
- Build trust
- Establish you as an authority
- Draw prospects into your sales funnel
One of the easiest ways to start content marketing is by publishing blog posts on your site. Think of the topics and areas that your clients typically struggle with.
What are some of the common questions you come across when speaking to clients?
These topics can all make for great blog content. If your clients are asking you these questions, chances are others are searching for the answers online.
Insurance can be complicated, which is one reason why consumers are sometimes suspicious of insurance products and agents.
Pro Tip: If you can position yourself to answer their questions for free, this can move leads one step closer to buying a product.
Then, when they decide to take the next step on the buyer journey, you will stick out in their mind as a go-to source of advice and information.
To start a regular blog publishing schedule, you can either:
- Draw up a list of topics, do keyword research for them, and write them yourself
- Hire a content writer or company to handle this
Another great way to carry out content marketing when selling insurance online is to create videos.
Video creation does take a little more initial input than blog articles. However, it can have big payoffs.
For instance, did you know that social video generates 1200% more shares than text and images combined?
Create Paid Ad Campaigns
While content marketing is a highly effective long-term strategy for marketing insurance online, it can be a slow burn.
If you want to boost your Medicare supplement insurance sales quickly, you should also look into running paid ad campaigns.
You can do this using:
- Google ads
- Ads across social media platforms
- Via alternative online ad agencies
When setting up your ad campaigns, be sure to look into retargeted ads. Retargeted ads generally come with an increased ROI and higher click-through rates.
According to statistics, retargeted ads have 10x higher click-through rates compared to regular display ads. This is because they are targeted at leads who have already engaged with you in some way.
For instance, you can install cookies on your site to track your visitors. Once someone has visited your website, you can then target ads towards them. Because they have already shown interest in your offerings or content, there is a higher chance they will click your ad than someone completely unfamiliar with you.
Retargeted ads also help remind consumers of you, which enhances brand awareness and can draw them back into your funnel.
If you want to learn more about retargeted ads, head to our blog post on tactics that drive quality leads when marketing insurance online.
Fine-Tune Your Sales Funnel
A vital part of optimizing your insurance sales strategy online is to analyze your sales funnel. If you don't yet have a sales funnel, now is the time to build one.
A sales funnel is essentially a path that you guide leads down towards a sale.
Your sales funnel should cater to the different stages of the buyer journey, which typically includes:
- Awareness: the consumer realizes they have a need or problem, such as a lack of insurance for supplements
- Consideration: here, the consumer researches their options and finds out what types of Medicare supplement insurance there are
- Decision-making: the consumer directly compares different types of insurance products and selects their final choice
- Loyalty: during this stage, the consumer may have a feeling of loyalty to you because they have already purchased insurance through you
Pro Tip: To attract leads into your sales funnel and keep them there, you need to create content and tailor your insurance sale strategy for each of these stages.
For example:
- Direct ad and marketing campaigns to consumers in the awareness stage, aimed at addressing pain points (i.e., a lack of coverage) or even making consumers aware of them
- Create blog posts and videos that can help consumers in the consideration stage
- At the decision-making stage, you can assist leads by giving them clear and accurate product comparisons, either on your website, via virtual communications, over the phone, or in person.
Once you have made a sale, be sure to leverage the loyalty stage by re-entering your clients into your sales funnel. You can do this via email marketing, ads, content, etc.
Build a Landing Page That Converts
Another essential component of selling insurance online is your landing page. No matter how good your sales funnel is, you'll see leads drop away if your landing page isn't optimized.
Make sure your landing page has a compelling headline, addresses your leads' pain points, and conveys your value. Include a tempting call to action button, and make sure your copy is short and to the point.
Keep your design clean and minimal, and consider incorporating video, as stats show that video use can increase landing page conversion rates by over 80%.
Leverage Social Media
One of the best ways to find insurance leads (without cold calling) is via social media.
Start by creating social media profiles on the major platforms and lay out a rough content strategy. Then, experiment with the different platforms and see what reaction you get. For instance, content that performs well on Tiktok will look very different from content for Youtube.
When devising your content, try to make it valuable to your target market.
Avoid overt self-promotion, as this won't gain traction on social media. Instead, work on branding yourself, building relationships, and establishing authority.
Start an Email Campaign
To increase your Medicare supplement insurance sales online, you should also carry out email marketing.
Start by building your email list. You can do this via a signup form on your website. You can also ask existing leads if they would like to receive emails from you.
You will also need to devise an email marketing campaign to lead receivers down your sales funnel.
For example, you can send things like:
- Information and resources on insurance for supplements
- Alerts for new blog posts
- Special offers
You should also look into segmenting your email list and leveraging automation to target leads at their specific stage in the buyer journey.
For instance, you wouldn't want to send a special offer to a lead in the discovery stage. But, on the other hand, a lead that is in the decision-making stage might welcome an email with a special offer.
Ramp up Your Medicare Supplement Insurance Sales With the Right FMO
Now that you know how to increase your Medicare supplement insurance sales online, the next piece of the puzzle is finding the right FMO.
Fortunately, you won't need to look far. TR King Insurance Marketing is a leading FMO. Not only do we offer easy online contracting, but agents who work with us also receive exclusive discounts, access to online training programs, no-cost software and tools, lead resources, mentoring, support, and more.
Kickstart your Medicare supplement insurance sales today by visiting our Medicare agent's page to learn more.
