A Current Look At Direct Mail and Advertising To Generate Local LTCi Leads. Defining Directions: The 7th Annual Intercompany LTCi Conference

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1 A Current Look At Direct Mail and Advertising To Generate Local LTCi Leads Defining Directions: The 7th Annual Intercompany LTCi Conference

2 Direct Mail and Advertising To Generate Local LTCi Leads Presenters Lindsay R. Resnick, Chief Marketing Officer, Finelight Strategic Marketing Louis H. Brownstone, Chairman, California Long Term Care Insurance Services, Inc. Mark Goldberg, National Sales Manager, ACSIA Long-Term Care Inc. Defining Directions: The 7th Annual Intercompany LTCi Conference

3 Direct Mail and Advertising To Generate Local LTCi Leads Goals for Today s Panel Session What can be learned and replicated from insurance and financial services advertising and direct mail programs? Address your questions for campaigns you are considering. Defining Directions: The 7th Annual Intercompany LTCi Conference

4 An Opportunity For The LTCi Industry Long-Term Care Awareness Week November 4-10, 2007 For Info www. AALTCI.org Defining Directions: The 7th Annual Intercompany LTCi Conference

5 Direct Mail and Advertising To Generate Local LTCi Leads Presenter Lindsay R. Resnick Chief Marketing Officer Finelight Strategic Marketing Defining Directions: The 7th Annual Intercompany LTCi Conference

6 Direct Response - Roadmap To Success Customer Segmentation Brand and Message DR Tactical Mix Accountable Marketing 2007 finelight

7 Take A Strategic & Tactical Path Customer Intelligence - First step to competitive advantage Integrate Data - Customer profiles and segmentation Maximize Messaging ROI - Tailor messages by customer target Test and Refine - Test results and refine the message Accountable Marketing - Measure ROI and lifetime value Direct Response - The Secret Sauce

8 Customer Segmentation and Profiling Market Data Market Market Intelligence Intelligence Buyer-NonBuyer Brand Brand Creative Creative Message Message Competitive Analysis Purchased Name Lists Demographic data Do Not Call Data Direct Direct Mail Mail Telemarketing Telemarketing Ethnic Encoding Seminar Seminar Distribution Distribution Channel Channel Mgt Mgt Media Media Sales Sales Tools Tools Customer Database Data driven profile & Predictive Modeling

9 Market Segmentation The practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing age, gender, income, interests, attitudes and spending habits.

10 Traditional Segmentation Behavioral Brand loyalty, purchase decisions, readiness-to-buy Demographic Age, sex, location, family size, income, occupation, education, religion, ethnicity Geographic Regional, local, metro, rural Psychographic Lifestyles, values, attitudes Value-Based Segmentation Assess segmented markets by value indicators: Revenues they generate (lifetime value) Costs of establishing and maintaining a relationship By combining traditional and value segmentation, predictive modeling will further refine which segments to pursue.

11 The Right Footprint Segmentation will allow you to: Determine when, where and how to prioritize product development Tailor benefits to meet the real needs of your customers Develop a measurable strategic marketing plan Refine right people, right time, right place tactics Improve customer service Manage budgets and costs The Right Footprint

12 Brand, Creative and Message(s) Market Data Market Market Intelligence Intelligence Buyer-NonBuyer Brand Brand Creative Creative Message Message Competitive Analysis Purchased Name Lists Demographic data Do Not Call Data Direct Direct Mail Mail Telemarketing Telemarketing Ethnic Encoding Seminar Seminar Distribution Distribution Channel Channel Mgt Mgt Media Media Sales Sales Tools Tools Customer Database Data driven profile & Predictive Modeling

13 Your Brand Experience YOUR BRAND Differentiate Value Fulfill Promise Define Customer Experience Establish Top-of -Mind Awareness Engage Prospects

14 Ask Tough Questions What are your top three market advantages? Are you reaching the right prospects? Why do you lose sales to competitors? What is your big idea your market clutter buster? Why You?

15 Focus On Your Customer CONFUSION New benefits & terminology LTCi, Asset Protection, Reverse Mortgages INTIMIDATION Consumers seeing LTC plans for the first time are resistant EXPECTATIONS Social, ethnic and geographic diversity are huge communication challenges FRUSTRATION On a good day insurance is bureaucratic and filled with red tape Focus On Your Customer

16 Create Customer Confidence CUSTOMER CONNECTION What s important to them? What concerns them? What s in it for them? CUSTOMER CONTACT Where are they? How do you get their attention? What motivates them to act? Focus On Your Customer

17 Deliver Your Message Market Data Market Market Intelligence Intelligence Buyer-NonBuyer Brand Brand Creative Creative Message Message Competitive Analysis Purchased Name Lists Demographic data Do Not Call Data Direct Direct Mail Mail Telemarketing Telemarketing Ethnic Encoding Seminar Seminar Distribution Distribution Channel Channel Mgt Mgt Media Media Sales Sales Tools Tools Customer Database Data driven profile & Predictive Modeling

18 Many Tools to Choose From BRAND RESPONSE Encourage interaction Establish relationships Generate responses Integrate brand Drive measurable results

19

20 Test, Refine, Test Again Test messages What s working - who, what & where Re-segment & refine Track & Measure Goal = CPL & CPS

21 Accountable Marketing Comparative market research Unaided awareness Preference Message testing Key indicators Competitor tactics/messaging Sales inquiries/response rates Sales appointments/close-no close Paid media measurement: CPL, CPS Earned media tracking Flexibility to change: spending, messaging Marketing ROI

22 Separating Winners & Losers

23 Manage the Loop Market Data Market Market Intelligence Intelligence Buyer-NonBuyer Brand Brand Creative Creative Message Message Competitive Analysis Purchased Name Lists Demographic data Do Not Call Data Direct Direct Mail Mail Telemarketing Telemarketing Ethnic Encoding Seminar Seminar Distribution Distribution Channel Channel Mgt Mgt Media Media Sales Sales Tools Tools Customer Database Data driven profile & Predictive Modeling

24 Make Your Marketing Work OBJECTIVE Create awareness Demonstrate value Build demand Generate new business WORK IT Speak to your customer Stress what s unique Reward prospects for their time Be fresh, be believable Focus Your Customer

25 Manage The Sales Cycle

26 Winning Formula Simplify Make your value message simple Simplify it some more Boil it down again Segment What do current customers look like? Where are prospects in the sales cycle? Are you delivering the right message? Connect How are you reaching your prospects? Are these the optimum channels? What else can you do? Retain Dialogue does not stop with acquisition Loyalty = customer brand experience Remember the after-sale sale

27 Contact Thank You WEB BLOG TEL MAIL 150 North Michigan Avenue, Chicago, Illinois finelight

28 Direct Mail and Advertising To Generate Local LTCi Leads Presenter Louis H. Brownstone Chairman California Long Term Care Insurance Services, Inc. Defining Directions: The 7th Annual Intercompany LTCi Conference

29 Direct Mail to Generate Local LTCI Leads By Louis H. Brownstone Chairman, California Long Term Insurance Services, Inc., and Northstar Network Insurance Agency, Inc.

30 Response rates are falling WHY? We re being bombarded with advertising, up to 3,000 pitches a day. Direct mail Radio Television Internet Newspapers Magazines Billboards Telemarketing

31 Some Prime Examples: Direct mail credit card and mortgage solicitations Television an NFL game takes 3 hours plus for less than 1 ½ hours action. Magazines huge expansion. Telemarketing intrusive and aggravating.

32 Prospects are now more selective If no interest, a fast decision is made. Our busy lifestyle means little time to read and respond. More highly educated prospects dislike being sold something. Those who feel bombarded with pitches wish to be left alone.

33 Symptoms of the Selectivity Do not call lists. Privacy laws and compliance legislation. Message machines. Sophisticated call screening and blocking.

34 The old rule has been changed. The old rule was that 50% of advertising dollars spent are worth the cost. The new rule should be that 20% of advertising dollars spent are worth the cost. The question is, which 20%? Direct mail is an art, not a science. Need to constantly test to see what works. In my view, direct mail is still the most viable form of mass local LTCi prospecting.

35 Direct mail must contain at least five key elements: Targeted the demographics and the list are critical. Attractive professional image and appealing layout are essential. Lucid must reflect knowledge of LTCi and lead into an easy way to respond. Create Interest by using headings, a strong lead-in, and a brief, clear message. An appealing offer free advice and an education on long term care work best.

36 The best types of direct mail: Referral leads. Endorsed leads. Positive leads. Save money leads. Reduce taxes leads. Partnership leads. Carrier endorsed leads. New legislation leads. Fear leads.

37 Some important points: Be humble a lead that you think is terrific could be a dud. Always be testing. The conversion rate can be as important as the response rate. You want the highest possible quality while at the same time obtaining sufficient quantity of responses. If you repeat mail the same prospects, your response rate will fall maybe by 40%. Using different lead pieces can slow the falloff.

38 More important points Plan your budgeting based on a campaign of direct mail, not just one attempt. Know what needs filing with the carriers and/or your department of insurance. Watch your timing. Mail in quantity and bulk if you can. Constantly analyze your results.

39 Direct Mail and Advertising To Generate Local LTCi Leads Presenter Mark Goldberg National Sales Manager ACSIA Long-Term Care Inc. Defining Directions: The 7th Annual Intercompany LTCi Conference

40 Successful Direct Mail for Today s LTCI Marketplace Mark Goldberg National Sales Manager ACSIA Long Term Care, Inc.

41 First Question: What s s A Lead Program? Differences between buying some leads and a full scale plan as part of building your practice Consistent, Current, Cost-Effective Conversion

42 Marketing Program Goals Qualified Leads = Appointments = Sales Sales Sales Referrals

43 Guidelines Part Science/Part Art Always a work in progress Testing, Testing, Testing One size does not fit all Must be Managed, Analyzed, Adjusted Must be flexible and adaptive to the changing market

44 Three choices Do it yourself Contract with a vendor to do if for you at your expense Affiliate with a MGA/Career program who will do it for you at their expense

45 3 Drivers of Direct Mail Response The List Who to Mail The Creative What to Mail The Offer Why Respond? What s s the value in responding?

46 Who to Mail Age Marital Status Wealth Income Home Ownership Net Worth The List Phone Number Listed/Unlisted Have they been mailed before? How many times?

47 Format Creative Letter - One page or two? Postcard - Color or B/W? Response Vehicle Reply Card Phone Number Address Messaging Objective vs. Subjective Need Based Logical Rationale vs. Fear

48 Offer What works What doesn t Why it s s important Fulfillment

49 Creative Test Packages Different Letters Different Envelopes Different Reply Cards What Might Work? Test Test Test State Specific Messaging Work Phone Slot on Reply Card Deficit Reduction Act Pitch Affordability Pitch Cash Benefit Pitch LTC Awareness Campaign Pitch Target Females Return Address vs. No Return Address

50 What to Expect 95% of tests FAIL to improve response rate

51 Creative What Works Letters Outperform Postcards Messaging List Relevance Objective Logical Ages Married Higher Wealth Offer LTC Specific

52 A Glimpse into the Possible Future: PURLS

53 Conclusions Direct Mail Marketing Works! Requires Commitment for the Long Haul Complex, Expensive Need Nerves of Steel Focus on Your Core Competencies Decide What You Want to Be! Direct Mail Professional or Financial Planning Professional Two Best Bets Contract with a Professional Lead Company Affiliate with an Agency that Provides DM Leads

54 Direct Mail and Advertising To Generate Local LTCi Leads Questions? Thank You For Attending Today s Session Defining Directions: The 7th Annual Intercompany LTCi Conference

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