With Mark Stryker, GuideWell Connect Chief Financial and Business Development Officer
In year two of the health insurance marketplace, consumers realize they have more options as more carriers enter the market. Yet our own Mark Stryker observed that most were reluctant to rush in and make a selection at the start of 2015’s Open Enrollment. In our second installment of “How to Consumer,” Mark divulges what any marketing executive needs to know to make the right offer to the right consumer target in this highly competitive environment.
Start with your Value Proposition
Making the right offer starts with what differentiates you from the competition. Identifying your value proposition will help you better know whom to target. While many consumers are driven purely by price, Mark counters that many more are driven by value. Your offer should highlight this value, and how it meets the needs of your audience.
Avoid the one issue voters
Smart marketers will develop data models and overlay it with additional elements to create personas that reflect your prospective member base. GuideWell Connect uses over 800 data points to do just that – and they know who won’t be receptive to their offer as much as they can predict who will! Target your campaigns where you can be competitive and curtail dollars wasted on those who fall outside your value proposition.
Get creative and be digital
Long gone are the days of mass direct mail campaigns. To be successful in today’s market, you must be able to customize your offer to a specific segment (those personas you identified from your data models). Further, you have to break through the dizzying array of offers your audience wades through daily. Your creative execution should be engaging, eye-catching and formatted for a variety of media, from print to digital. It’s here where video can be a game-changer!
Know how often is too often
Using data to build highly integrated campaigns can help you eliminate costly, ineffective tactics for laser-targeted ones. Yet testing is still a necessity: measure how successful offers are on various channels, and quickly reallocate funds to high-performers. Ideally, those data models you created will also help you set how often each segment might need to see an offer before they purchase.
Shopping will never be the same
As the healthcare industry continues to respond to the rise of consumerism, one thing is certain: the old ways of doing business are falling away. Marketing executives who plan now for success in 2016’s Open Enrollment will consider all the factors consumers demand, from personalized offers to “there-when-I-need-it” delivery. GuideWell Connect is committed to helping your business optimize its marketing efforts. Connect with us today!