What are Co-Op Funds & How do They Benefit Channel Partner Programs?
What are Co-Op Funds: Co-Op funds, also known as Marketing Development Funds (MDF), are financial resources that distributed marketers may offer to...
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Annual Election Period, also known as Annual Enrollment Period, or AEP, doesn’t begin until the fall and only lasts a few short months, but—if you’re a professional in the healthcare industry—you know that the planning for this much-anticipated season never really ends. Whether you’re a marketing manager or a sales agent, there is much to do before the gates open, and then back-to-back meetings flood in. As soon as Annual Enrollment Period is over, the groundwork for the next AEP season begins immediately. In this post we’ll explain why planning for AEP is so important, how to prepare for this hurricane of a sales season, and a few extra tips for planning to sell in a post-COVID AEP season.
Annual Enrollment Period is a crucial season for both consumers and healthcare organizations. The season is brief, and the decisions are final.
For many of your consumers, AEP is the only time that they have the opportunity to adjust their health insurance plans—enrolling, changing, or (for those with employer provided insurance) disenrolling. Apart from this period, adjusting a healthcare plan can be very difficult or even impossible with very strict requirements to qualify for a Special Enrollment Period. With this knowledge, it’s easy to see how AEP can make or break your organization’s bottom line. If sales representatives aren’t meeting quotas during AEP it’s likely they won’t be making them at all. For reps to make quotas, they need to spend their time presenting their tailored pitches.
This is what makes the months and months of preparation before AEP so important. Complete any and all work that can be, ahead of time, so that this period is dedicated to powering through from one great pitch to the next.
Get Organized. Making the most out of your time will require attention to the details. Have your priorities on paper (or in a Microsoft document) to keep them top of mind and on schedule the beginning of Annual Enrollment Period.
Renew Certifications, Contracts, and trainings—You can’t sell if you don’t have the proper permissions. Review required accreditation at the beginning of planning to spread out the renewal process. Complete them in a timely manner, rather than rushing to get them at the last minute.
Client Retention—Collecting a list of prospects during preparation for Annual Enrollment Period is essential for success, but according to Senior Market Advisors, “It’s almost MORE about retention because AEP is the 54-day period where your clients can FINALLY make changes to the plan they’ve been annoyed with all year.” This is where having a detailed and up-to-date list of your clients will be very helpful.
Study Up on benefits and competitors—being a smart salesperson means reading up on all the plans that you’re contracted to sell. It also means knowing the plans that you’ll most likely be competing with. Showing your prospects that you’re truly there to help them, means knowing why another plan wouldn’t fit as well as the one you’re pitching.
Confer with Marketing—If you are a part of a distributed sales team, you may have limited contact with marketing. Take time to connect with marketing. Realign yourself to brand messaging and gather materials you need for the upcoming selling season.
Reorganize—Once you’ve done all the legwork, things may seem a little chaotic. Take some time leading up to opening day to regroup. Organize your materials and practice your pitches. You should be set to weather the storm once AEP begins.
Preparing for this year’s Annual Enrollment Period might look a little different than it has in the past. COVID-19 has made changes to the landscape of selling. Here are a few extra steps to consider during preparations to ensure that, even in a virtual space, your sales pitch goes off without a hitch.
Everyone has, or should have, a preparation plan that works best for them. If you already have one, use this to check if there is more you could do to make your processes even more productive. If you are new to AEP and not sure how-to begin preparations, use this as a foundation to build your plan. Always make changes to best fit your personal preferences. Being a powerhouse seller during AEP means preparing like a powerhouse before AEP.
Looking for more ways to grow your list of prospects this season? Check out our eBook for Hosting Compliant Sales Events!
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