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PSM is proud to partner with AgencyBloc to assist Medicare agents and agencies in organizing and making their overall business more efficient through automated solutions. Request a live demo today!
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Tags: CRM
Social Proof: Why it Matters to You
Whether we like it or not, most people are getting their information today from Social Media.
They may click a post that takes them to a website to read an article or watch a video, but they are finding that info first on a social media platform.
An important role for social media in your business is spreading word-of-mouth. Or, as it’s called today, “Social Proof”.
What is Social Proof?
Social proof is a psychological phenomenon where people assume the actions of others in an attempt to reflect correct behavior for a given situation.
That’s the boring definition, but here’s an example.
When people see evidence of people having a positive experience through their interaction with your brand, like with testimonials or reviews, or comments, they assume they will have the same experience.
This is a very simple but powerful phenomena that can be used to help your business.
According to a Nielsen survey, 82% of Americans say they seek recommendations from friends and family before making a purchase. 1
A similar study found that 88% of consumers trust online reviews as much as personal recommendations. 2
Yet Another study showed most people need to see a 3 star or higher rating in order to consider a review positive. 3
When it comes to reviews, specific examples are always more powerful.
It’s great when people leave unexpected reviews for your business, but it is always better to ask for a review and give them examples of how to specifically to leave a review.
So, think of the types of reviews that would work best for you and suggest that kind of language to your client.
Once you have reviews, this social proof can be used in endless ways. Add a quote to an email, to a website page, to a blog, social media, etc. Anywhere that you want to build trust.
At then end of the day that’s the key thing to remember. A good review will build credibility and trust with a potential client, before they ever meet you.
Ask for reviews regularly, and remember to ask for specifics. Don’t leave anything to chance.
So, how do you get good reviews?
Well, it will happen organically, but you should be asking regularly. When a client has a good experience, ask them if they would be willing to leave a review.
The key to a good review is to ask for specific examples to be cited when you ask a client for a review. Reviews aren’t as effective if they are broad or vague.
For example, saying “I liked working with Bills Best Medicare”, will not have the same impact as “Bill from Bill’s Best Medicare answered all my questions, explained all my options, and made it easy to pick the Medicare supplements that were best for my situation. I would definitely recommend him”
When it comes to reviews, specific examples are always more powerful.
A good review will build credibility and trust with a potential client, before they ever meet you.
Ask for reviews regularly, and remember to ask for specifics. Don’t leave anything to chance.
But what about the dreaded bad review?
Most business just won’t display them and this could be a mistake. Everyone realizes it’s only a matter of time until you get a bad review.
If a bad review is unreasonable and is clearly someone being dramatic or venting, it’s not the wrong decision to remove it. That's a decision only you can make.
But not showing anything but 5 start reviews can look suspect. If you get a questionable review just make sure you respond to it appropriately.
Apologize for the customer’s bad experience and review what happened. Let them know you are doing what you can to make it right, and ensure them that it won’t happen again.
Remember, you’re speaking as much to everyone who reads the review as you are to the person who left the review, so choose your response carefully.
Everyone makes mistakes. The important thing is, how you react to your mistakes.
Showing a willingness to accept responsibility for mistakes and put effort into correcting those mistakes will go a long way toward building trust in the mind of your prospects.
People want to do business with people they trust and like. That is especially true for in the insurance space.
Having evidence in the form of social proof, supporting the fact that people like and trust you will go a long way towards making the decision to work with you an easier one.
So, create a plan to reach out to your satisfied clients and ask for a review.
Then use those positive comments in any way you see fit.
You’ll be surprised how easy it is, and the positive effect it can have on your business.
Good luck, and happy selling.
Sources:
*For Agent use only *Not affiliated with the U. S. government or federal Medicare program
Tags: Social Media Marketing
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According to the Wharton School of Business, a referred customer costs a lot less to acquire and has higher potential for retention and loyalty. In fact, a referred customer has a 16% higher lifetime value than a non-referred customer. What's more, these customers are free to acquire for your business -- a win-win.1 Not only that, but 82% of Americans say they seek recommendations from friends and family when considering a purchase.2 People prefer getting referrals from people they know, rather than hearing from someone selling a product. By asking for referrals you are giving people that opportunity. So, let’s talk about how you get referrals. A happy client is almost always willing to recommend your services to a friend, but they will likely need to be prompted, so don't forget to ask them. It’s surprising how many agents we speak to that say they don’t consistently ask for referrals. That’s money left on the table every time. You should be asking for referrals after every sale. So, how do you pick the right referral source? Maybe it’s a client that is very appreciative of the work you do, or maybe a local business with customers in common that could bring referrals your way. Whomever it may be, make sure to give them some content to pass along or send an email detailing how you want your business to be referred. Don’t leave anything to chance. Whenever you have someone referring you, make sure they know how to refer you. If you have any questions about the referral process give us a call. We’d love to help you grow your business. Sources: https://faculty.wharton.upenn.edu/wp-content/uploads/2013/05/Schmitt_Skiera_VandenBulte_2013_Referrral_Programs_2.pdfhttps://www.getambassador.com/blog/survey-says-referral-practices-of-todays-consumers
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As a brokerage, we know the plan that licensed agents sell the most is Plan G, and you may sprinkle some Plan N in there as well. But are you still offering the Plan F to your clients and bringing that value proposition to the table for them? That’s the million-dollar question. I think we are all fully aware of the MACRA legislation that went into effect January 1st, 2020 by now. If not, we have a 1-page flyer that will lays out those rules and how they apply to Medicare eligible prospects out there. MACRA was a major industry change that certainly affects the Medicare Supplement market. And because of that change, we anticipate a small revival of the Plan F and more diversification into the Plan N. And this is why... Because of MACRA, we know that Plan F is only available to those clients who were Medicare eligible before January of 2020. So yes, it’s off the table for any new T65 clients you are speaking to. And that means for most scenarios, any client who is eligible for, and considering a Plan F would have to go through underwriting, which allows the carrier to assess the claims risk upfront. In addition, we are seeing brand new Plan F blocks hit the market from several carriers, with very competitive rates. Those new blocks are going to receive mostly underwritten business, which should yield greater stability on that Plan F block, as well as very low rate increases for your clients in the future. As we all know, lower rate increases means higher retention on your business, as well as less churning of your business down the line. In turn, that’s going to translate into more renewals and less time needed to manage that part of your business. We also saw the Part B Deductible take a larger increase in 2022 than we expected, moving up to $233. And we are starting to see larger and more sporadic rate increases on the Plan G nationwide, because of all the Open Enrollment and Guaranteed Issue business coming in for that plan. So all of these changes put Plan F in a new light and position to consider. So here is what it boils down to… For your clients experiencing those large Plan G increases, or even for clients currently on a Plan F that are healthy enough to switch, you should be bringing Plan F to the table for them. Plan F is a stable offering that provides first-dollar coverage with no deductible or out of pocket surprises. For some people, that will be music to their ears and worth the extra premium. The added value and future stability is a win-win for both you and your client, so be sure to not overlook Plan F when you are offering Medicare Supplements. Yes, it takes a little bit more explaining and education with your client, but as you know, everyone out there is offering the Plan G. So make sure to differentiate yourself and make Plan F part of the value proposition conversation with your clients. Hope this is helpful and adds value to your business.
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Producers can earn a $150 cash bonus for every issued underwritten Medicare supplement policy after they have a minimum of five issued policies per month. They can also earn a $30 bonus per issued policy, after meeting the monthly minimum, for Open Enrollment business (excluding internal and affiliate conversions). The bonus program runs through June 30, 2022. See the attached flyer for complete program rules and requirements.
We've had a lot of people ask us recently, "Is the 2022 National Medicare Insurance Industry Conference going to be in person?" As of now, the answer is yes. We enjoyed seeing everyone who attended at last year's conference in Chicago, and we can't wait to see you again this June in Las Vegas. Check out the 2022 conference website for the latest updates.
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Tags: Medicare Supplement, Mutual of Omaha Medicare Supplement
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The Most Efficient Signature Process Yet! Getting signatures on Prosperity Medicare Supplement applications just got easier with the Security Question Signature! We are thrilled to launch this feature alongside the various multiple signature options we already offer for you and your clients. State Availability Not appointed with Prosperity Med Supp? Request details |
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While Medicare is important to have, it may still leave gaps in coverage that a policyholder is responsible for. For instance, most Medicare Advantage Plans don't cover the first 4 to 7 days of a hospitalization. Per the American Hospital Association (AHA) Hospital Statistics, the average hospital stay costs over $10,000, but can vary widely. A Hospital Indemnity plan can help bridge the gaps left open from a Medicare Advantage Plan, by providing a direct cash benefit to the policyholder.
View our Hospital Indemnity portfolio here. |
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Tags: Hospital Indemnity
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Nassau Launches Elite Program for Med Supp
Earn Your Way to the 2023 Nassau Elite Retreat Write $125k in Issued, Annualized Med Supp premium to secure an invitation for you and a guest to join us for the 2023 Nassau Elite Retreat, including airfare plus four days and three nights at a world-class resort. Our 2021 Nassau Elite qualifiers will head to the luxurious Ocean Reef Club in Key Largo, Florida to connect with Nassau's senior leaders while exploring and unwinding at the resort's various exclusive and picturesque pools, bars, and beaches, and enjoying its breathtaking ocean views. Not appointed with Nassau Med Supp? Request details here
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Tags: Medicare Supplement, Nassau
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Prosperity Med Supp | Virginia is now available for sale
Materials In One Place The Digital Agent Kit is a resourceful tool for all agents who are looking for Prosperity product/marketing materials. You can find state-specific materials, state availability map, and the latest agent incentive.
Not appointed with Prosperity Med Supp? Request details here |
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If you travel, you’ll get a voucher to redeem for a vacation wherever you like. There are no travel restrictions, and you can upgrade or add to a chosen trip, all using a special concierge service for booking. It's your reward, your way. How to qualify: The application date on qualifying production must be between January 1 and December 31, 2022. Qualifying production is based on all new, issued annualized premium, and each qualified policy must be issued on or before January 15, 2023, and be in force on or before February 1, 2023. The reward value is based on the sales threshold for your level. The minimum production amount required to qualify for the payout or travel credits is $225,000 and for the Agent Rewards, the minimum production amount required is $190,000. Qualifying products and requirements are a combination of any of these products:
Our newest category is back again this year! For agents hitting milestones just under the threshold of Agent Elite Producer, you’re in for some surprising and delightful rewards! You’ll receive the reward for the tier you reach at the end of the year. Not contracted with Aetna? Request details here. |
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10 Cities. 9 Months. 8% Roadshow.How do successful people think? From the professional to the personal realm, hear how you can better overcome challenges and develop a winning mindset. A destination without a path is unreachable. Learn what leaders from your industry and others did to pave their way to your dream lifestyle.
 NetworkingHave you ever heard the term, “It’s not what you know, it’s who you know?”One of the greatest things about the 8% Nation conference is the attendees themselves. Friendships, partnerships, and mentorships have all happened from agents just like yourself who happened to bump into the right person in the audience. By connecting with the person to your left or your right (or both) at our conference, you can hold each other accountable to your new goals, challenge yourselves to do more every day, and help each other to keep a growth mindset. It’s important to keep successful people around you if you want to achieve your goals and the people who attend 8% Nation are the ones who are committed to doing something big with their lives. |
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Tags: Success Tips, Professional Networking, sales advice, Entrepreneurship, Insurance Marketing, Leadership
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