Many people take dental insurance for granted. To make these types of plans stand out, you must know your competitors and understand how to sell them. One way to accomplish this is by using the feature-benefit selling technique. This involves identifying your target audience and highlighting the features of your product that will appeal to them.
Know Your Competitors
Dental care is expensive, so many people seek insurance options that will cover the costs of treatments. This makes a great opportunity to sell small business dental insurance to customers because it helps them save money and maintain healthy teeth. To help your business thrive, you must be aware of the competition in your area. You can do this by conducting a competitive analysis. This process will evaluate every facet of your local competitors’ marketing strategies. It will also help you identify opportunities to improve your clinic’s market positioning. Use online tools to analyze your local competition. For example, many practice management software systems include data analytics for dentists. These digital tools will provide detailed information about your competitor’s patient numbers, service trends, and other vital statistics. Once you have this information, you can compare it to your KPIs to see where you stand in the marketplace. Once you know what your local competitors are doing, you can create a strategy to beat them at their own game. For example, if your local competitors are offering more services than you are, you can offer more competitive rates to lure your clients away from them. You can also provide unique ancillary benefits to make your product more appealing. This will allow you to earn a higher return on your investment and build long-term relationships with your clients.
Create a Unique Offer
Dental insurance is one of the most profitable insurance products you can sell. It offers a high profit margin and allows you to build long-term client relationships. Creating a unique offer that sets you apart from your competition is important when selling dental insurance. This could include offering a discount on dental services, a free exam or cleaning, or creating a loyalty program. Another way to set yourself apart is by providing ancillary insurance. These types of insurance help to give your clients a more holistic approach to their coverage. This can also increase client retention, as clients will likely stick with you for all their insurance needs. For example, you can offer dental insurance as part of a Medicare Advantage plan. This can be especially appealing to older clients who may still need to afford dental coverage. Another advantage of adding a dental component to your Medicare Advantage plans is that you can offer a lower monthly cost for your clients.
Build a Strong Online Presence
Developing a strong online presence is one of the best ways to generate leads and build client relationships. Dental insurance brokers can use social media and targeted ad campaigns to reach potential clients and generate referrals. The internet has changed the way that people research products and services. A well-designed website can help a business stand out and attract more customers. Online marketing tools like SEO can also increase a company’s visibility on search engine results pages. As the population ages, the demand for dental coverage is growing. Baby boomers are retiring and need supplemental coverage for dentures and implants. Many of these consumers are looking for plans that offer affordable premiums and ample coverage. Insurance brokers need to understand the different needs of this market segment and tailor their sales presentations accordingly. Technology can help streamline the process of selling dental insurance. For example, insurance brokers can use customer relationship management (CRM) software to organize client information and make it easy for clients to request quotes. They can also use virtual meeting tools to hold meetings with clients conveniently. This can save a lot of time and effort for both the broker and the client. Mobile payment solutions then allow dentists to text patients after appointments with a link to a secure online payment portal.
Offer Good Customer Service
With a commission typically three times higher than medical, selling dental insurance can add significant revenue to your brokerage. In addition, it offers an opportunity to build a strong client base that will renew annually. As such, it’s important to focus on providing good customer service to your clients to ensure their satisfaction with the products they purchase. One of the best ways to do this is by using client relationship management software to schedule online meetings and provide clients with personalized quotes. This will save time and allow clients to discuss their options in a way that works for them. It’s also a good idea to offer ancillary products. This will help your clients find the right solution for their needs and create a sense of loyalty that will keep them coming back to you for all their insurance needs. To better serve your clients, it’s crucial to have an in-depth understanding of the dental industry. This includes studying market trends and analyzing client feedback to identify pain points and needs. You can also grow your knowledge of the dental insurance industry by attending professional development events and seminars. Finally, having a good network of contacts in the local community is also important. This will make it easier to curate leads and find new clients. For example, you could work with local dentists to place branded materials in their offices that direct patients who need dental coverage to you.