A practice with purpose

Avoiding the hype on marketing practices can be a full-time job. It’s very easy to spend large amounts of money on marketing projects that don’t work at all. Some marketing programs are oversold by those who would simply like to make a profit. It’s very important to understand clearly all of the details of a marketing program.

You need to know what the initial and ongoing investment will be for execution of a marketing plan. How much time will it take out of a busy schedule? What is your expected return on investment? Many other questions also need to be answered.

In previous articles I’ve written that a great practice will be treated as a business. Most insurance agents are just that, insurance agents. The great majority of insurance agents struggle to earn $50,000 per year. They learn sales tactics instead of business tactics. The public perceives them as salespeople, not business people. They look for a “lead source” not a “marketing plan.” They position themselves as product pushers, not problem solvers. Let’s take a look at one way you can position yourself as a practice with a purpose.

Every time someone asks me a question I can’t answer, it compels me to not let that happen again. I will study that subject and will be able to apply that knowledge the next time I have a prospect with that same problem to solve. That way, I get smarter almost every day.

Since I am a curious person, all topics are interesting, so that helps me continue to learn. Since I’m getting older (64), it’s not as easy to retain information, so review is necessary.

Last month I wrote briefly on how to market Medicare products, but that is only part of the equation. Medicare products don’t insure health. That’s the doctor’s world. They insure money. A Medicare beneficiary pays into Medicare through payroll taxes each year throughout a working life. These payments are premiums that are paid in advance along with part B premiums, Medicare Supplement premiums, part D premiums, deductibles and co-pays.