Marketing Plan Review

[method85]

Hi all -

Thanks for your time reviewing the initial marketing plan; I will try and be brief.

New to the industry (3 agents), fairly well capitalized, and have spent about 6 months getting up to speed on industry dynamics. Would like feedback from some of the veterans on our AEP marketing plan, constructive criticism is appreciated.

Plan: 62 educational workshops in 6 weeks. Driving attendance through DM campaign (4000 pieces per drop, 3 events listed on each letter). Potentially considering TM for 65+ crowd.

Location / Venue: 5 counties in TX, booked 6 different restaurants in highest concentration zip codes (5 mile radius). Each has a private room (average cost with apps/beverages per event $178).

Demographics: Average T65 population for highest concentration zip codes (5 mile radius) is 500-700, 65-70 population is 5000-8000 when sorting by married/homeowners. Pulled lists from 3 reputable data companies, scrubbed to create one list.

Sales Copy: 2 letters written by professional copywriters, one for T65, the other for 65-70...CTA is attend workshop, 3 methods of RSVP (Phone, email, web).

Professionally designed website, clearly laid out CTAs and UI/UX experience.

The plan is to send the letters out so the recipients receive them 10 days before the event. Attendance goal per seminar is approx. 10-15. Close rate 80+%.

Thoughts? Happy to provide more detail if needed, I know everyone is busy.

Questions/requests..
What are your thoughts on DM educational workshops vs TM for the 65+ market?
Are there any threads or resources that offer best practices for TM (compliance, data, lead gen, etc.)?
What can we do to maximize our chances for having a successful AEP? (intentionally broad)

Thanks.

 

[jacobtn]

I'd rather market annuities if I was going to do all that. Better ROI.

 

[FRJ]

Hi all -

Thanks for your time reviewing the initial marketing plan; I will try and be brief.

New to the industry (3 agents), fairly well capitalized, and have spent about 6 months getting up to speed on industry dynamics. Would like feedback from some of the veterans on our AEP marketing plan, constructive criticism is appreciated.

Plan: 62 educational workshops in 6 weeks. Driving attendance through DM campaign (4000 pieces per drop, 3 events listed on each letter). Potentially considering TM for 65+ crowd.

Location / Venue: 5 counties in TX, booked 6 different restaurants in highest concentration zip codes (5 mile radius). Each has a private room (average cost with apps/beverages per event $178).

Demographics: Average T65 population for highest concentration zip codes (5 mile radius) is 500-700, 65-70 population is 5000-8000 when sorting by married/homeowners. Pulled lists from 3 reputable data companies, scrubbed to create one list.

Sales Copy: 2 letters written by professional copywriters, one for T65, the other for 65-70...CTA is attend workshop, 3 methods of RSVP (Phone, email, web).

Professionally designed website, clearly laid out CTAs and UI/UX experience.

The plan is to send the letters out so the recipients receive them 10 days before the event. Attendance goal per seminar is approx. 10-15. Close rate 80+%.

Thoughts? Happy to provide more detail if needed, I know everyone is busy.

Questions/requests..
What are your thoughts on DM educational workshops vs TM for the 65+ market?
Are there any threads or resources that offer best practices for TM (compliance, data, lead gen, etc.)?
What can we do to maximize our chances for having a successful AEP? (intentionally broad)

Thanks.

Why are you going through all that trouble for EDUCATIONAL events? You do know that you can't SELL at these? Are you going after Med Sup or MAPD/PDP biz?

 

[method85]

jacob - Too many conflicts of interest with annuities. Would rather refer out to a fee-only planner and eventually establish an RIA and a fee sharing agreement to capture some of the AUM fee (compliance/disclosure hurdles) much higher LTV and better outcome for the client.

FRJ - Read through the CMS marketing guidelines and have created the events to comply but still cause people to want to want to take action. Facilitate information, dispel confusion, and ultimately end up with a sale at a later date. No plan information will be discussed @ the workshops.

 

[yogooglethis]

jacob - Too many conflicts of interest with annuities. Would rather refer out to a fee-only planner and eventually establish an RIA and a fee sharing agreement to capture some of the AUM fee (compliance/disclosure hurdles) much higher LTV and better outcome for the client.

FRJ - Read through the CMS marketing guidelines and have created the events to comply but still cause people to want to want to take action. Facilitate information, dispel confusion, and ultimately end up with a sale at a later date. No plan information will be discussed @ the workshops.

"but still cause people to want to want to take action"

A call to action is forbidden at an educational event and since you used educational event mailers to draw them to your event you wont have PTC your attendees before or after the event.Since you can't promote specific carriers or even show favoritism for a type of plan i.e. Med supp vs. MA it seems like a waste to me but on a positive note your attendees will be able to make a more informed decision when they attend the carriers marketing events to enroll.

 

[method85]

Didn't realize everyone on the forum worked for CMS? An implied call to action is not prohibited, since it is not specifically stated - build trust by providing information. They will know where to find you.

 

[GoPokes]

jacob - Too many conflicts of interest with annuities. Would rather refer out to a fee-only planner and eventually establish an RIA and a fee sharing agreement to capture some of the AUM fee (compliance/disclosure hurdles) much higher LTV and better outcome for the client. FRJ - Read through the CMS marketing guidelines and have created the events to comply but still cause people to want to want to take action. Facilitate information, dispel confusion, and ultimately end up with a sale at a later date. No plan information will be discussed @ the workshops.

Tell me more about the conflicts of interest.

 

[method85]

It can apply in certain circumstances, but annuities should not be offered to everyone in a workshop setting.

Selling a variable annuity to a 65+ year old when they should be engaging in holistic financial planning (social security, investment management, tax planning, estate planning, etc.).

 

[GoPokes]

It can apply in certain circumstances, but annuities should not be offered to everyone in a workshop setting. Selling a variable annuity to a 65+ year old when they should be engaging in holistic financial planning (social security, investment management, tax planning, estate planning, etc.).

Never done a workshop annuity presentation. I'd imagine it would be more of a concept sell, leading into an individual appt where you could make a better recommendation. Annuities can have a fit for retirees, but I stay away from the variable products.

 

[method85]

^ I agree with your statements.