Marry Data to Build Accurate Customer Profiles
Have you ever played “Pin the Tail on the Donkey” as a kid and found yourself laughing when you got completely turned around and totally missed the donkey? That’s what it’s like when blindly developing benefits, products, marketing, and sales strategies without understanding what your current and prospective customers look and think like — except there’s not a lot of laughing going on.
Utilizing enrollment and benefit data to gain an understanding of your marketplace is a great beginning to understanding your market. Taking the deep dive into the data gives you a greater understanding of your competitors, their benefits, and how different benefit, product, and possible provider strategies have affected the enrollment trend. It also gives you the ability to look at your own benefits/products and enrollment trends to try and build hypotheses of what is driving enrollment/disenrollment trends and develop premium, benefit, and product strategies to either reinforce the direction you are heading or to get back on track.
When you have the ability to add additional dimensions such as demographics, geographic, and psychographic elements to your current members and prospects to develop member and prospect profiles, it helps to gain clarity about your benefits and possible product development strategies to get a full picture of your market. This sets you up for changes that may need to be made or products to be developed in the future.
Analyzing these dimensions will also allow you to build a better pathway to smarter marketing and sales strategies to succeed. In June, when marketing and sales strategies are finalized, you don’t know what your competitive advantage/disadvantage will be in the marketplace. Understanding how your 2016 products/benefits match your current membership and the prospective market and how your marketing and sales strategies will attack the market during the Annual Election Period (AEP) and subsequent year will give you a solid game plan to help crystallize your strategic vision.
Resources
GHG’s Sales, Marketing, and Strategy division has developed a detailed analysis of the 2015 Annual Election Period (AEP). This allows health plans to understand existing opportunities in their market as well as the potential for new market opportunities.
The Medicare Advantage marketplace is evolving — are you prepared? Gorman Health Group’s marketing experts have developed strategic plans for hundreds of Medicare Advantage Plans, Prescription Drug Plans, Special Needs Plans and Exchange participants. Visit our website to learn how we can help you >>
Even as you are enrolling beneficiaries for the new plan year, your team should be working on your strategic positioning for the following year — reviewing the past year’s performance, conducting feasibility analyses, testing assumptions — all to ensure future success. Contact us for more information >>
Time is running out to register for the Gorman Health Group 2015 Forum, April 7-9, at the Gaylord National Resort & Convention Center. Attendees can expect timely, actionable advice on the trends shaping health care from notable speakers, including Barclay’s analyst, Joshua Raskin, and regulatory guidance directly from Jennifer Smith, a Director in the Medicare Parts C and D Enforcement Group at the Centers for Medicare & Medicaid Services (CMS). Register your team today >>