According to reports, healthcare spending has increased by over 5,000% since the 70s.
In today’s world, health care is so costly that going without health coverage is a risky move. This has driven increasing amounts of consumers to take out Medicare supplement insurance.
Predictions state that the Medicare market is going to grow considerably in the next five years. This is good news for independent agents, as it means more business.
However, this doesn’t mean that your insurance business will automatically grow. To maximize growth, it’s essential you invest in business coaching.
Medicare business coaching has invaluable benefits. Whether you are a new agent or a seasoned one, business coaching can be the key you need to fast-track your success.
The right Medicare coaching can help you increase revenue, speed up business growth, develop leadership skills, and more.
Ready to find out whether Medicare business coaching is right for you? Carry on reading to get wise on all of the benefits coaching can bring.
1. Medicare Business Coaching Will Help You Create a Cohesive Brand
One of the pivotal benefits of Medicare business coaching is that it will help you create a cohesive brand.
Now you might be thinking, but I’m just a small agent; I don’t need a bunch of fancy branding.
Good, cohesive branding is essential for any business. Whether you are a one-agent operation or you employ other agents and employees, you need to get your branding right.
Good branding includes dialing in your:
- Logo, fonts, and color palette
- Brand story
- Mission statement
- Value proposition
- Brand voice
These are important components to get right because they are what your potential clients engage with. If your branding isn’t consistent, this will confuse leads and reduce brand recall.
Besides consistent branding, you also need to make sure that your value proposition, mission statement, and brand voice speak to your target audience.
For example, let’s say you have a value proposition that goes something like “We’ve been selling insurance since 2010 and aim to be the top insurance agency in Minnesota.”
Yes, this lets leads know you have some experience. But it doesn’t convey any other value. It doesn’t give leads a compelling reason to choose your services over that of another agent.
On the other hand, a value proposition like “We help you pick the right Medicare coverage, at the right price, that will best protect your family.” tells leads how you can help them. It addresses a pain point (lack of coverage) and a need (to stay within a certain budget).
Figuring out branding on your own can be challenging. Business coaching is a great way to gain valuable branding advice and feedback.
2. You’ll Learn Advanced Medicare Insurance Sales and Prospecting Techniques
Another benefit of Medicare business coaching is that it can teach you advanced Medicare sales, prospecting, and lead-generation techniques.
If you are an established, experienced agent, these techniques can help you boost business growth significantly. You might find that the advanced strategies you learn are the missing key to unlocking the next growth phase for your agency.
On the other hand, if you’re still finding out how to become a medicare agent, learning these Medicare-specific sales and prospecting techniques will help you launch your business on the right foot and find success right off the bat.
A lot of people get into insurance sales because they have a natural talent for selling. However, no matter how great you are at closing a sale, you still need to know how to drum up leads to work on. Otherwise, you won’t have anyone to sell to.
Others get into insurance because they want to help people or because they are attracted to the flexible lifestyle and earning potential. In this case, it’s vital that you hone your selling skills and learn the techniques that work. Once you have, and you combine these with effective lead generation and prospecting, you’ll be set up for success.
3. You Can Learn About Medicare Products Before Contracting
Besides teaching you vital sales, prospecting, and lead generation techniques, Medicare business coaching can also allow you to learn about Medicare products before getting contracted.
Agents who want to sell Medicare products and plans have to take and pass annual AHIP training. Some carriers also require agents to carry out product-specific courses. This is advantageous, as it educates you on the products you’re selling and ensures you know them in and out.
However, if you’re a new agent, it can be advantageous to learn about Medicare products before you even get licensed. This will prepare you and help you to choose which types of products you want to sell before you even become a producing agent.
4. Medicare Business Coaching Will Help You Be a Better Entrepreneur
Although Medicare insurance sales are relatively straightforward, it still requires entrepreneurial know-how. You might not be inventing the next Uber or a wifi-enabled toothbrush—but you still need to exercise entrepreneurial thinking to grow your business.
While some grow up with strong entrepreneurial tendencies, many of us have to learn them. Even if you are naturally entrepreneurially minded, business coaching can help you channel your energies and make you into an even more effective leader and innovator.
Besides this, coaching can also help you get into a strong business mindset. If you are suffering from a lack of drive, motivation, or feelings of self-doubt and fear, business coaching can help you work through and overcome these blocks.
5. You’ll Learn How to Scale and Manage Business Growth
If you want to take your Medicare insurance business to the next level, you need to find ways to scale it. One person can only do so much in a day, which is why it’s important to find the right scaling systems and strategies.
Medicare business coaching can help you figure out the best way to scale your business. Whether that is hiring people to help you, engaging other agents, or making use of tools and services, business coaching can provide clarity on the best way forward.
Once scaling starts to happen, you also need to have systems in place for handling business growth. Managing growth when it happens is essential, otherwise, you might compromise everything you’ve built up. If you can’t properly service clients because you’re overwhelmed, this is not going to help your reputation or boost your book of business.
Instead, by investing in business coaching you can ensure that when growth starts to snowball, you’re prepared to handle the influx.
6. Business Coaching Will Help You Hone Your Leadership Skills
Another important thing that business coaching can teach you is leadership skills. If your agency grows to the point where you’re hiring people to help, you need to know how to manage them effectively.
Research shows that the reason for 90% of business failures is due to poor management. To be a good leader you need to know how to make good decisions. You also need to know how to motivate people and inspire teamwork.
Whether you’re just managing an assistant or a whole team of agents, you need to know how to bring out the best in those under you. No matter how good you might already be at this, business coaching can almost always teach you something new about effective management.
On the other hand, if managing is not your strong point, then business coaching is vital for developing your leadership skills.
7. Medicare Business Coaching Can Increase Revenue
Last but not least, the overarching benefit of Medicare business coaching is it can increase your revenue.
By giving you access to advanced sales, prospecting, and lead generation techniques, you can increase sales numbers, which will ramp up revenue. Instead of wasting time and money on strategies and lead-generation methods that don’t work, you can start implementing proven techniques that do work.
Business coaching can also help you achieve increased revenue through savvy scaling. Enhancing your leadership skills will allow you to manage your team better and encourage higher productivity, which can have a positive impact on revenue.
Are You Looking for Convenient, Flexible, Industry-Leading Medicare Business Coaching?
If you’re feeling stuck, Medicare business coaching might be the solution you need. Whether you’ve been selling insurance for years or haven’t got your license yet and don’t know where to start—Medicare business coaching can help you unlock the success you’re looking for.
We believe that every agent should have access to impactful training that will give them the tools they need to succeed. We also believe that training should be convenient, flexible, and include one-on-one coaching.
Here at InsuranceSales101, we offer some of the most comprehensive Medicare training in the industry. We share with you top-performing sales, lead generation, and prospecting techniques, as well as everything else you need to know to enjoy a successful career selling Medicare.
Our training is on-demand, meaning you can access it anywhere, anytime. When you enroll with us you will also receive rapid support from a real person, phone coaching sessions, agent discounts on tools, and more.
Check out our Medicare training program to learn more today.