Running a successful Medicare business requires many skills, but one of the most important is knowing how to split your time between the many essential components of your business. Understanding where to focus your time and resources leads to long-term growth and profitability. While all successful agents have their own systems, this article provides a reliable time allocation strategy to get you started.
Every week will be a little different, and you’ll need to adapt to unexpected demands, so think of this strategy as a foundational framework to help keep you on track. Your schedule should never be rigid, limiting or restricting.
Client Retention and Referrals – 20 hours/week
The foundation of any Medicare business involves client retention, so your existing customers should be your primary focus, requiring at least 20 hours a week for most agents.
Retaining existing clients is key for creating a stable income stream, and it’s also cost effective because you don’t incur the marketing and acquisition costs involved with new lead generation.
Retention efforts require your year-round attention. Client retention efforts should include visiting and calling to check in with clients, sending birthday and holiday greetings, sending a newsletter, sharing educational tips, and conducting annual policy reviews.
A satisfied client base not only leads to increased residual income through renewals – it also leads to more referrals. Customers who have a relationship with you are more likely to recommend you to their friends and family members. You are also more likely to sell additional ancillary products to existing clients who view you as a trusted advisor. Clients should see you as a resource for all their insurance needs.
New Lead Pipeline – 8 hours/week
You always need a pipeline of incoming leads to ensure you have more business coming in than leaving. This requires a well-crafted and CMS-compliant marketing strategy.
In addition to cultivating referrals from existing customers, use social media and your website to attract and engage with prospects. Host educational and sales events throughout the year. Direct mail is still an effective tool for generating leads, especially for the T65 audience.
Don’t forget the importance of networking in your community. This takes time, but it’s vital for building your reputation and name recognition. This may include joining local organizations, such as your chamber of commerce, senior groups or a church group. You can also develop partnerships with a provider group or pharmacy, or volunteer for a non-profit whose mission you identify with. You will be supporting your community while enhancing your visibility.
In the hustle and bustle of the day, it’s easy to forget about lead generation activities. To ensure diligence and consistency, consistently schedule your lead generation focus time. Some agents find success in dedicating one day (or 8 hours) of every week for lead generation activities.
Be sure to periodically review the effectiveness of your efforts to see which methods generate the most customers. This will help you decide where to focus in the future.
Administrative Tasks – 10 hours/week
Administrative work overlaps with all other areas of focus. It’s the time you dedicate to executing the small details. A well-organized calendar and CRM system are essential tools for staying on top of this work and maintaining order and control. Many agents block out the first two hours of every workday (or 10 hours each week) to ensure that administrative work is completed before their time is overtaken by meetings and phone calls.
- Leverage technology whenever possible to save time and reduce errors – Use online quoting and enrollment tools. Use your CRM to schedule and track client interactions and keep track of important dates, such as policy renewals and birthdays. The data you collect will help you make better business decisions.
- Prioritize customer service – After working hard to bring in your clients, you need to ensure you keep them. Set aside time each day to answer emails, return phone calls, research, and respond to client issues. Follow up on applications and enrollments to ensure there are no issues that will impact your clients.
- Execute marketing plans – Send out cards, emails and newsletters. Update your marketing schedule. Book future meetings and events. Update your website.
- Track and stay on top of your own licensing requirements, training, and certifications. Schedule these items in your calendar.
- Be disciplined about follow up. Each time you interact with a customer or prospect, take a moment to schedule your next follow up so nothing slips through the cracks. This added discipline can make all the difference in your success.
Professional and Portfolio Development – 2 hours/week
Block out two hours of every week for professional self-care, including training, professional development, certifications and expanding your solution portfolio.
Secure all the products needed to meet your clients’ diverse needs for Medicare, life insurance, annuities, and ancillary products. This will help differentiate you in a competitive market and create a one-stop shop for all your clients’ needs, boosting retention and lead generation.
Partner with WAP
Managing your own Medicare business is a balancing act that requires hard work and perseverance, but you don’t have to do it alone. When you partner with Western Asset Protection, you have access to world-class training, industry leading tools and resources, and a team of experts committed to helping you grow your business. Contact us today to discover how we can help you succeed.