Senior Insurance Blog

According to a report released Thursday by the Community Oncology Alliance and Avalere Health, Medicare currently only pays 56% of chemotherapy expenses and will further decline by 20% down to 45% in 2013. The report states that the average oncology practice currently loses $500,000 a year and many are being forced to pass on some or all of their losses onto patients with private insurance.

The Reuters article from which this post is sourced, interviewed Dr. Shannon Penland of Jefferson Medical Associates in Laurel. Mississippi. Dr. Penland explained that the more business she took in, the more money was lost. In just eight months since starting she amassed a $300,000 debt. She later went on to state that treating cancer is threatening the entire practice, and that she is considering leaving cancer care and going into internal medicine.

The report concludes that many cancer centers are losing money on patients and predict many will be forced out of business. The report also identified that patients in rural areas are the most likely to see their cancer treatment centers closed first. One other thing to note about the report is that it mentions that the cuts to Medicare will threaten other specialties in the medical field as well.

Special Notice: Big changes are coming to psmbrokerage.com. Over the next few days we will be making changes to our site. This will not affect functionality of our site, however you may see some visual inconsistencies during the process. The changes we are making aim to improve site navigation, provided added content, and refresh the overall look of the site.

As we mentioned before, one of the sales methods you’ll want to take advantage of this year is the webinar. And if you are already doing a webinar, then perhaps you’ll find some useful nuggets of knowledge that will help you refine your presentation.

1. What you need. In order to conduct the most effective webinars you will need the right tools. Here is a list:

• Presentation software such as Microsoft PowerPoint

• Web conferencing software such as http://www.megameeting.com or http://www.gotomeeting.com

• Stock media from sites such as http://www.gettyimages.com or http://www.shutterstock.com

• Video editing software (free) such as Windows Movie Maker or iMovie

• Video camera and tripod

2. Planning. Your webinar is a project that will require a few hours of planning to ensure a smooth execution, low cost, and as little rework as possible. First, you will want to think about your audience. Do you sell direct to seniors? Do you solely recruit agents? Are your clients more affluent? Are they mostly minorities?

Once you’ve identified your audience, you’ll want to identify the key issues that are important to them when considering the product or services you are trying to sell. Your webinar subject matter will vary greatly depending on if you are selling Medicare supplements, annuities, or even both. Regardless, you’ll want to remember to focus your subject matter on only 3-5 major points.

After identifying the 3-5 major points you want to convey to your audience, the next step is to create an outline of the information you will convey about those 3-5 major points. The key here is to get the right arrangement for your information so you can then start thinking about the detailed content you will present. The more visuals the better, so consider how you can visualize as much information as possible.

The last part of planning your webinar requires that you finalize all the content you want to put in your webinar and think about the logistics of creating that content. You’ll need to write the script for your oral presentation, and if you plan on showing a video clip of a customer explaining her financial devastation from not having a Medicare supplement, you will of course want to identify the customer, pick the time and place to interview, and so forth.

3. Creating the content. With your plan in place, now comes the execution. You will want to contain your entire Webinar within the presentation file. This is easy to do as you can easily drag and drop other types of files into the presentation file. If you are unfamiliar with how to use presentation software, I recommend buying a presentation software tutorial or book to enable you with maximum creative ability.

The first thing you will want to do is choose your theme. The color and structure of your theme are both important in addressing your audience and presentation style. If you are going for a more upbeat style, then brighter colors will compliment and enhance your presentation. If your subject matter requires respect and a more serious tone, then you’ll want to use darker shades of colors. Stay away from blacks as a primary color as it comes across as too serious and it can be hard to read text from. If you aren’t happy with the included templates, you can find many impressive templates for purchase with a simple search for “PowerPoint (or other software) templates.”

Next, comes adding your content. A good rule of thumb to follow is to use as little text as possible. This means keeping your bullet points to 3-5 on each slide and never writing paragraphs of text. Use charts, tables, photographs, videos, and so forth to convey your message when possible.

When it comes to charts and tables, make sure the data and source is correct and that you have permission to use them. Also, always use professional stock photos. Nothing loses respect more than low-quality, amateur material. Stock photo sites allow you to buy at different sizes so you shouldn’t have to worry about resizing photos. If you have to resize photos to conform to your design, know that you can safely scale down, but never up. When scaling down hold down the shift key when resizing the photo. This will prevent distortion and pixilation.

With the popularity of YouTube and reality TV, less than professional quality video is accepted if done right. If you are doing a client interview video or if it’s a video of yourself, make sure you record it with at least a tripod. You don’t want any shaking in your video. Also try to record in as well lit a room as possible. Dark video isn’t appealing. Once you recorded your video, you can then edit it with one of the free programs mentioned above. Music always helps, so buy some stock audio to make your video that much more attractive and effective. Again, cheap and short tutorials are readily available to show you how to use the video editing programs.

4. Edit and Test. Once you’ve created your presentation make sure to edit it for mistakes. You’ll also want to test your webinar to a sample audience to make sure it’s perfectly executed. The software should give you the ability to record your webinar, so make sure to watch yourself and see if there are any improvements to be made.

5. Marketing. With your webinar all ready to go, you’ll want to consider how to get the most eyeballs to watch it. Before you do though, consider the costs. Typically, each “seat” in a seminar costs money. The more “seats” you need the more it is going to cost you. So as you can see, it will pay off to ensure your audience is as targeted as possible for maximum effectiveness.

If you have a large budget and want as many eyeballs as possible, then you’ll want to communicate your webinar information through an E-blast, LinkedIn, Facebook, and Twitter. You can also use more traditional methods like radio and print, but they cost a lot more.

Once you’ve executed your perfect webinar and have it recorded, you can then use it as a very effective promotional/educational piece. Set up a webpage to show the recorded webinar and drive traffic to it. You can also put it on a disc or thumb drive and send it out to those less Internet savvy. You spent the time, money, and effort to make the perfect webinar, so make sure you leverage it as much as possible.

It’s been awhile since we reported on health care reform and much has transpired since then. Democrats are suffering losses from both elections and retirement. In December, Rep Bart Gordon (Tenn.) decided not to seek a 14th term, and joins Reps. Dennis Moor (Kan.), John Tanner (Tenn.), and Brian Baird (Wash.) as Democratic members in swing districts who have announced their retirements. Democrats lost gubernatorial elections in New Jersey and Virginia, and most recently lost the special Massachusetts senate race when Republican Scott Brown defeated Democrat Martha Coakley. The latter is significant as it breaks the Democrats' 60-vote, filibuster-proof majority in Washington.

Democrats have been trying to pass health care reform before the swearing in of Scott Brown, but yesterday Nancy Pelosi (D-Calif.) announced that she lacks the votes to quickly move the Senate’s version of health care reform through the House. According to Alan Fram at the Associated Press, Julie Rovner at NPR, and several other analysts, this is a devastating blow to one of President Obama’s most important issues. They also believe the recent elections are the American public’s way of saying it wants more balance in government where legislation isn’t forced through by one party.

The recent setbacks for the Democrats have re-energized Republicans who are now more steadfast in their opposition to the current health care reform bills and other legislative issues promoted by Democrats. Now Democrats are discussing splitting up the health care reform bill into separate pieces and passing each issue one-by-one with the most popular issues coming up for a vote first. Several experts quoted by NPR don’t see this strategy working, as many of the reforms are dependent on others, so even if one gets voted on and passed, it may not be able to be implemented until other reforms are passed too. Splitting up the reforms also makes it easier for opponents to fight them.

Democrats were hoping to wrap up the health care reform issue next month, but with all the recent developments, that isn’t going to happen.

The most successful producers know that one of the keys to success is to make generating leads a strategic objective of the organization. Lead goals should be S.M.A.R.T. (Specific, Measurable, Attainable, Realistic, and Timely). It is a principle that we stress during our recruitment process. The reason we bring up this subject is because this month’s issue of Senior Market Advisor has a decent article titled 50 Best Ways to Generate Leads. The tips were selected from numerous submissions sent in by readers and industry leaders.

The tips are redundant and don’t really tell you anything revolutionary, but they serve as an excellent reminder and reinforcement of best practices we should continue to follow in order to generate quality leads. To save you time, we’ve condensed the 50 tips into five and added our own spin on them. Feel free to contribute your own tips in our comments section below.

Focus on Referrals – If you’ve done a great job with your clients, then never be afraid to directly ask for referrals. Your loyal customers are extremely valuable because of this so customer retention is important. Additionally, look to establish referral partners. If your clients have a good experience with the professionals you recommend to them, they will further trust your advice and see you as a solution provider for a range of services.

Leverage Technology Smartly – Not all technology is right for your business. If you know 90% of your market doesn’t use computers, then don’t waste your time creating a Facebook page, a Twitter page, or an E-blast campaign. For example if your goal is to keep your clients continuously updated on the latest news, it may be better to send out text messages to their cell phones rather than through twitter or through an e-blast. Also be aware of how much time you spend tinkering with technology – it may be better spent generating leads the old-fashion way.

Quantify Your Networking – You already know the importance of networking, but are you measuring the effectiveness of your networking? It’s good to set predetermined goals and continually try to improve your numbers. If you are going to a one or two hour event, keep reminding yourself that you need to make an X number of new contacts within that time. How many of these contacts turned into leads? How many of those led to real business? Look back each year and see if the events you attended were the right ones and are worthwhile to attend again.

Target and Customize – In all your marketing efforts take the time to plan and really make your efforts as lean as possible. By lean, I mean as targeted and customized as possible. Some of the ideas proposed in the article were to send out handwritten notes, personal pictures, using names in communications whenever possible, and meeting clients at special times such as their birthday months. Additionally, standing out from your competition is important too. Is anyone else using video testimonials? According to one industry leader, video boosts retention by 50% over live presentations.

The Don’ts – For every thing we should do, there are many actions that we need to avoid. Here is a list of don’ts that you should keep in mind:

* Don’t use mailing labels that lack personalization
* Don’t always copy your competitors – they may be on the wrong path
* Don’t “freestyle” your presentations
* Don’t promote products – promote solutions to problems
* Don’t just rely on one method to acquire leads
* Don’t sell yourself as an expert in more than one or two knowledge areas

Happy 2010 everyone! As an independent agent, not only do you have personal resolutions to make, but business resolutions as well. To help you come up with some great ideas, we surveyed our top producers and asked them what their resolutions are for 2010. Here are the top five resolutions you need to make for 2010:

Get More Education – We are all constantly bombarded with new government regulations, technology, products, and so forth. In the Information Age, what you don’t know is a significant threat to maximizing your income. Many of our respondents made resolutions to take weekly evening classes. Classes ranged from minimizing tax liabilities to online marketing. Many local community colleges offer affordable classes. Online classes/tutorials are also a good, convenient alternative. One agent suggested the site http://www.lynda.com. This site offers online video tutorials for an array of software and technologies at an affordable price.

Optimize Your Processes - Do you have certain processes that perform well for you? Then squeeze everything you can out of those processes by optimizing them. Many of our respondents said they wanted to improve various business processes that would result in reduced printer usage, less travelling, and fewer rework and mistakes. One agency reported that it will utilize checklists more to reduce mistakes and rework in the contracting process. Recently, NPR reported on the effectiveness of checklists in hospitals. Check out the article here.

Consult More Experts - As much as we would like to think we can do everything ourselves or that we already know everything we need to know about our business, we know that the most successful people and individuals are those that can leverage the knowledge and abilities of a team. Many of our respondents said they would consult with more experts this year rather than try and do it themselves. Accountants, lawyers, bankers, technology experts, and other dedicated professionals can offer very valuable services in a short amount of time. For example, you agency owners will want to find out how much your unemployment insurance expense will increase due to changes in state laws and plan accordingly. Small businesses are projected to face anywhere between a 2.5% – 600% increase in payments (yes, that is six hundred) according to entrepreneur.com.

Measure, Measure, Measure – When you are so busy doing your daily work, it really is difficult to find the time to look back and quantitatively see if what you did really benefited the business. Did you spend thousands of dollars on building a Web site? Have you recouped your investment yet? The same applies when looking forward as well. Conducting a survey of your target market can help you determine if you really need to take on a new product. Many of our respondents vowed to really look at measuring ROI before making significant investments. Want to learn more about measuring ROI? One agent recommended the book How to Measure Anything by Douglas W. Hubbard. It has a 5-star rating on Amazon with 55 total customer reviews.

Improve Sales Presentations - One big issue among our respondents was sales presentations. Many feel they can improve their presentations to close more sales. Many promise to incorporate more imagery into their presentations. Showing too much documentation or talking too much can quickly lose the interest of potential clients. This is especially true when selling products over the phone. As you well know, not having a physical presence makes the sales process that much more difficult. To compensate many agents are integrating their Web sites into their phone sales process to present images and information while making their pitch over the phone. Some agents said they are going to look into video conferencing technologies for those seniors who are more computer savvy. Even if a senior doesn’t have a camera of their own, they can still see your face and get more of that personal feel without having you there in their homes. One good place to start is http://www.megameeting.com.

So what resolutions have you made for your business? We encourage you to share your resolutions and ideas in our comments section.

The days of software are numbered. Web applications are the future and if you aren’t using them, you are losing out on cost savings and efficiency gains. So what are the benefits of Web apps?

 * Available practically anywhere, anytime – Web apps aren’t tied to specific machines like software is. As long as you have access to the Internet, you can use it.

* No installation required – no more having to worry about long installations, hard drive space limitations, serial numbers, or remembering where you put all the CDs when you need to reinstall software after a computer crash. As long as you have a browser you are good to go.

* Always updated – one of the pains of software is remembering to check for updates and applying them. Web apps are always current and have the latest features and improvements.

* Less infrastructure required – No server? No IT manager? No problem. The company offering the tool supports the entire web application. Troubleshooting problems is a phone call away.

* More secure – It’s probably safe to say that your computer equipment pales in comparison to that of the companies that run these services. As such your data will be much more secure with these organizations than on your computer where even just one piece of malware or a hardware failure can leave you with downtime at best and losing all your data at worst.

These days there are more and more Web apps coming out. I’m going to recommend five to you, but of course, you’ll want to research further to ensure these tools will meet your business requirements.

Customer Relationship Management: SalesForce
Managing all your customer data is vital to your organization and Salesforce makes it easier and more cost effective to do it. As with most Web apps, this is a customizable service, so no matter the size of your organization, you will most likely find a cost-effective solution here. All the above benefits apply here.

Document Management: Google Docs
First, Google Docs is free. Second you can share and collaborate online, significantly reducing the amount of back and forth emails and numerous file attachments. Google docs contain the major three office applications – word processing, spreadsheet, and presentation creation. If you haven’t yet co-edited the same document in real-time with someone across the country – you’re in for a treat.

Web Development: SnapPages
There are many low-cost website creation web apps, but most look exactly like what you paid for them. Also, if you aren’t a Web designer, I highly suggest you don’t attempt to do it yourself. You don’t want to experiment with the face of your organization. Templates are great because experts who understand the requirements of good Web design design them. SnapPages has some of the best templates I’ve seen and the whole tool is very easy to use for beginners.

Secure File Sharing: Box.net
File sharing is necessary in our industry and since we all deal with very private information such as social security numbers, date of births, and so forth, we must treat our clients’ and partners’ data with great respect. This means using a very secure method of file transmission. Box.net features a 99.9% uptime guarantee, SSL encryption, redundant storage, and configurable permissions. This tool also integrates with Salesforce and is used by some of the biggest companies, such as Intel and Nike.

Telephony: Skype
If you already have a cell phone, you’re probably wondering if there are any alternatives to that expensive landline that has the benefit of being on at all times (not dependent on a battery). You’ll want to check out VOIP (Voice Over Internet Protocol) services such as Skype. VOIP services essentially use the Internet to make calls to anyone in the world. Because of this call rates are significantly cheaper than a landline service. Skype isn’t a pure web app, but it's close enough. Skype actually has an advantage over pure web apps in that it doesn’t require a computer and browser. Skype can be used with many Internet-enabled devices or with Skype-enabled phones. Skype has dedicated services for both small and medium sized businesses that feature video conferencing, instant messaging, IP PBX, and more.

Many of you are already familiar with referrals: getting existing customers to recommend you to others. The value of referral business is significant as these customers were obtained without expending time and money marketing directly to these customers. Now imagine getting an exponential amount of referrals from sources you never served from places you’ve never heard of. This is the power of Inbound Web Marketing.

Before I get into the strategies, let me give a brief review to those of you who may be unfamiliar with this concept. In the 21st century, marketing can be split into two categories: Outbound and Inbound. Outbound marketing consists of traditional marketing efforts such as telemarketing, tradeshows, direct mail, TV/Radio, print ads, and newer techniques such as E-blasts. These methods require that you interrupt whatever the customer is currently doing with or without their permission. With customers being bombarded by so many ads on TV, radio, Internet, roads, and practically everywhere else they go, they are getting better and better at ignoring such ads. This of course reduces the ROI on your marketing investment.

Inbound marketing consists of search engine optimization, link exchanges, blogging, video and audio podcasting, and social media. The significant difference here is that since customers are actively seeking out your products and services you automatically have their permission to inform them of how great your business, service, and products are. You also have their undivided attention. When a customer is searching for something that is their focus. They will continue to search and be focused until they find the solution they seek. This is something that is so elusive with traditional outbound marketing efforts. As an added bonus, your “broadcast” cost is minimal to nothing.

Here are some inbound web marketing strategies you will want to implement if you haven’t done so already:

1.) Location. Location. Location. The phrase made famous by realtors around the world is equally applicable to the land of the Internet. When I speak about location, I am referring to your ranking on the search engines. Non-paid search result positions 1-5 on any search engine such as Google, Yahoo, or Bing are considered top “real-estate.” Now how to get there is a whole other blog post, but I will say that if your Web site is just starting out, you will want to focus on long-tail keywords that are very specific to your market and are easier to rank for. “Vermont Medicare Quotes” will be a whole lot easier and faster to rank for than “Medicare Supplement.” You may not generate as much traffic, but the leads you do get will be highly qualified.

2.) Get Social. Meet your new friends Facebook, Twitter, and LinkedIn. Now, your elderly clients may have no idea what these are, but their children do. Remember, many of the people searching for Medicare and other insurance information tend to be relatives of seniors who are more Web savvy. So make sure you setup accounts on these sites and include them in your traditional marketing materials. And once you’ve set them up make sure you maintain them by linking to different content on your site or getting out important information fast. For example with Twitter you can inform them “GA United of Omaha now Available. Call 1-800-555-5555 for more info” as soon as you find out. Best of all? These tools are free.

3.) Get Partner Links. Nothing is free, but many things don’t have to cost money. Is there an organization in your industry that doesn’t compete directly with you? Partner with them and exchange links. For example, if you only sell Medicare products, you may want to link to an organization you trust that focuses on long-term-care products. The partner of course will link to your site in exchange and you’ll generate referrals from that site.

4.) Speak Up. Who doesn’t like free advice? This is where blogging comes in. The most important thing about a blog is to keep it updated. The vast majority of blogs are abandoned after just a few weeks. So if you want your blog to be a referral tool, you have to maintain it and maintain it well. Anyone can just link to content already created or reword existing articles. Take the time to offer your unique expertise and professional opinion and your customers will keep coming back to learn more and refer your blog to others. Don’t have time to write extensive blogs? Then consider commenting on other blogs and through Internet forums frequented by seniors. Seniors love to talk and read about current events – leverage it.

5.) Broadcast Yourself. Don’t like writing? Make a Web video. Don’t like how you look on video? Make an audio podcast. Just like blogging, you can spread your wealth of knowledge and other information through these other effective mediums. Once you’ve created the content, you may be wondering how exactly to get it out there for everyone to see. Well there is the famous YouTube, but you’ll also want to post your content on these other great sites that can generate organic leads to your site:

Delicious
Digg
Facebook
Flickr
LinkedIn
StumbleUpon
Twitter
YouTube
PRweb

These are just a sample of the thousands of sites where you can post your content. The more places you post – the more potential customers will find you.

With 2009 coming to a close and a brand new year filled with many changes and opportunities just around the corner, it’s a good time to review the strategic objectives of your organization. Is there significant variation between actual performance and your initial baseline? Do any changes need to be made to existing processes? What are realistic 2010 expected values for apps written, leads generated, and retained customers? These are just a sample of questions we all must ask ourselves when evaluating where we’ve been in 2009 and where we want to be in 2010.

That said, it’s also a good time to refer to some great resources for brainstorming new strategies or tweaking existing ones. One great reference that I highly recommend for your holiday reading list is the book The 22 Immutable Laws of Marketing by Al Ries and Jack Trout. Those of you with formal marketing education most likely have the laws engrained in memory by now, as the book is a staple of marketing classes at universities. The book is getting long in the tooth (1993), but its laws are timeless. Here are the 22 marketing laws you need to know:

1. It is better to be first than it is to be better.
2. If you can't be first in a category, set up a new category you can be first in.
3. It is better to be first in the mind than to be first in the marketplace.
4. Marketing is not a battle of products, it's a battle of perceptions.
5. The most powerful concept in marketing is owning a word in the prospect's mind.
6. Two companies cannot own the same word in the prospect's mind.
7. The strategy to use depends on which rung you occupy on the ladder.
8. In the long run, every market becomes a two horse race.
9. If you are shooting for second place, your strategy is determined by the leader.
10. Over time, a category will divide and become two or more categories.
11. Marketing effects take place over an extended period of time.
12. There is an irresistible pressure to extend the equity of the brand.
13. You have to give up something to get something.
14. For every attribute, there is an opposite, effective attribute.
15. When you admit a negative, the prospect will give you a positive.
16. In each situation, only one move will produce substantial results.
17. Unless you write your competitor's plans, you can't predict the future.
18. Success often leads to arrogance, and arrogance to failure.
19. Failure is to be expected and accepted.
20. The situation is often the opposite of the way it appears in the press.
21. Successful programs are not built on fads, they're built on trends.
22. Without adequate funding, an idea won't get off the ground.

The laws may not easily be understood at first glance, but contemplate on them you'll see their application to your business in time. For those of you interested in learning more, the book provides more details and excellent examples of each law. Keep these laws in mind and 2010 will be that much more fruitful for you and your business.

Weekly Recap:

Mutual of Omaha Companies News:

• 2010 Medicare supplement modernized plans now available. The official release date was December 01, 2009 and applies to new business effective on or after June 1, 2010. Contact your marketer for the approved outlines of coverage and other information.

• United of Omaha Med Supp has approved unisex rates for Texas. This takes effect as of January 1, 2010.

• United of Omaha’s Medicare supplement in Georgia has been approved. This product will release on December 9, 2009.

Health Care House Bill v.s. Senate Bill: NPR has an excellent comparison chart showing the differences on how each addresses key issues. Check it out here.

Medicare.gov Launches Hospital Compare: This tool allows you to find information on how well hospitals care for patients with certain medical conditions or surgical procedures, and results from a survey of patients about the quality of care they received during a recent hospital stay. Click here to view it.

Precision Senior Marketing is proud to announce that it has teamed with SeniorJournal.com to bring you real-time news articles concerning the senior market. SeniorJournal.com is the dominate source of news for senior citizens in the United States, with no other source providing the same volume and quality of daily news concerning seniors and baby boomers. You can find real-time news headlines on the column to the right. Clicking anyone of these headlines will take you to SeniorJournal.com where you can read the full articles – no sign-up required.

Offering real-time news headlines on our blog allows us to provide you with greater value in two ways. First, you get daily headlines regarding your customers, so we encourage you to revisit this blog often. We know that many of your clients view you as advisors, and as such it would benefit your business to know the current issues that are affecting them from politics to health. Such knowledge can provide you with a great ice-breaker when making cold-calls or that one last answer they need before deciding to work with you.

Second, the partnership allows us to focus this weekly blog on bringing you the right business strategies and marketing techniques that will help you grow your business. If there is a certain business topic that you want to know more about (e.g. phone sales techniques), shoot me an e-mail at info@psmbrokerage.com and I’ll be happy to research and report on the topic right here on this blog. Of course I won’t be able to do every suggestion, but I’ll definitely explore subjects that are of concern to the majority of this audience.

We are always striving for continuous improvement, so if you have any other suggestions for this blog, please let us know.

Weekly Recap:

New Senate Bill: Senate Majority Leader Harry Reid introduced a health-care reform bill on Wednesday that would extend health insurance to more than 30 million Americans at a cost of $849 billion over 10 years. Mr. Reid claims that the bill would reduce the federal deficit by $127 billion over the next 10 years and by over $600 billion in the following decade. Republicans have promised to block the bill by threatening a filibuster. To avoid this, Mr. Reid needs 60 votes (of 100 total) to get the bill to a debate. The vote will be held this Saturday. (source: CNN)

House Cancels Medicare Pay Cuts: The House voted on Thursday to cancel a 21% pay cut for doctors who treat Medicare patients. The bill was passed mostly along party lines with a vote of 243-184. Republicans are furious, alleging that the passage is political quid pro quo for AMA backing the House health care reform bill. Republicans also state that the $210 billion cost of the bill is not offset by other spending cuts or tax increases. With the Senate already rejecting a similar bill, what happens next is anyone’s guess. (source: NPR)

Whether your business has existed for five months or fifty years, organizational brand management is vital to the ongoing growth and success of your organization. Despite its importance, you’d be surprised at the amount of neglect this aspect of business management receives. Great brand management has many benefits including:

• Appear “bigger” than you really are and/or better than the competition
• Increased customer loyalty and referrals
• Increased mind share among potential and existing customers
• Enhanced ability to attract customers of competing organizations
• Easier sales process

On the flip side, poor brand management can be very detrimental to your business:

• You appear incompetent and/or inferior to the competition
• Lose both existing and potential customers
• You are forgotten immediately
• Very difficult or nearly impossible sales process
• No future growth opportunities

Though at first it may not appear that you have much control over what other people think of your organization, there are many factors (conditions or acts) that you can control or at the very least influence to continuously improve your personal or organization brand. Here are five effective methods that we recommend for enhancing your brand.

1. Write a brand management plan: Before you can manage your brand, you need to know what you are managing. Take time to gather your leaders and determine what branding goals you want to accomplish. Some things to think about include “What is our identity?” “What do we want to specialize in?” “Do we want to be seen as an innovator?” Your plan doesn’t have to be an encyclopedia, just enough to get the point across throughout your organization. I like the old saying that says “If it’s not worth writing down, it’s not worth doing.”

2. Go beyond selling: In the process of marketing and selling to as many people as possible, many organizations forget the true value of the selling – improving the situation of the customer. Yes we all have numbers to hit, but that should not come at the expense of the long-term growth of your organization. Improving the situation of the customer not only means bringing them better products, but also providing excellent support of those products, educating your customers on how to further improve their situations, and getting to know their motivations (family, money, security).

3. Don’t brand based on price: O.K., so many of you may think this is ignoring marketplace realities, however hear me out for a second. Basing your brand on price alone is self-defeating primarily because in the race to the bottom, someone will always beat you there. Of course there are cases where you have to revert to the lowest price, just don’t make it a habit. Focus your marketing on your organization’s or product’s advantages, that way when everyone is offering the same “lowest” price, you’ll be the one making the sale and have the opportunity to cross sell on a higher margin product.

4. Under-promise and over-deliver: The fastest way of driving your brand into the dirt is to not follow through on your obligations. Although it is natural to want to actively make your organization appear to be the best by screaming it to the ends of the Earth, this strategy can backfire very quickly if you can’t meet the expectations you have created. Foster excitement among your clients and the market in general by being modest and truthful with what your organization can do and then exceed their expectations by giving them more value or world-class service (within constraints of course).

5.Turn brand problems into brand opportunities: Bad things happen – it’s just a fact of life and business. Rather than hide, minimize, or outright lie about mistakes or problems, the best method is to analyze the situation, determine a solution, and then market how your organization can be better because of it. One famous case is Tylenol. In 1982, seven people died after taking Tylenol pain-relief capsules that had been poisoned by a criminal who has yet to be identified to this day. This incident could have literally put Tylenol out of business; however they proactively addressed the problem leading to the creation of federal anti-tampering laws and reforms of over-the-counter packaging. Tylenol and parent company Johnson & Johnson were praised by the media for its handling of the incident. In seven years Tylenol became the most popular over-the-counter analgesic in the U.S.