All in all, the best FMO will give you the competitive edge you need to start in this business. You are the expert in the field, and the right partnership should be the foundation on which you can depend on and grow with.

Knowledge

You have to know your products and services inside and out. An uneducated Medicare broker is useless to the Medicare consumer and frustrating for customers. A primary advantage of partnering with an FMO is the education support. The better the FMO, the greater variety in training and higher quality support and tools you’ll get.

In the ever-changing world that is Medicare, make sure you stay up to date with Medicare rules and regulations, as well as the annual health plan benefit changes. If you don’t know something, at least know how to find it. Medicare.gov is a very useful tool. You should also be able to get answers from your FMO sales support team (assuming you chose a good one).

To maintain a competitive advantage in the Medicare market place, always look for ways to expand your knowledge and choose an agency that will give you the best tools to do so. The more you know, the more value you can provide–and providing value to your customers will guarantee success.

Positioning vs. Prospecting

Now that you have the right partnership and the necessary industry knowledge, you can focus on positioning yourself in the Medicare marketplace. Prospecting clients and customers is a never-ending cycle. Plus, with the Medicare space being extremely regulated, compliance is a must (so make sure the organization you choose has an outstanding compliance department that has your back).

Because of these prospecting challenges, the best approach is to position yourself as the leading authority, specialist or trusted advisor in the Medicare world. When you’re perceived as the expert, clients will approach you as opposed to you having to chase them down.

Look for opportunities to showcase your knowledge and value as the local Medicare expert. Put yourself where the Medicare consumer is already at instead of trying to make them come to you. Whether it’s a doctor’s office, hospital, medical clinic, community event booth, or senior center, make yourself available to be the educational resource that the Medicare community needs. This proper positioning of your business will give you the advantage over the broker that’s chasing down prospects and leads.

Consistency

Consistency is the key to success. Be consistent in every way and in everything you do. This includes the look of your marketing materials, message you deliver, level of customer service, and quality of service you provide to each and every customer. Your marketing organization can deliver consistency with uniform marketing materials, but it’s up to you to be consistent with the rest.

From direct mail campaigns to visiting your doctor office partners, it’s your ongoing efforts that will set you apart from the competition. A single community event or one visit to a physician’s office might produce some business for you, but it’s your continued participation and effort that will build credibility. And establishing yourself as a credible resource in the Medicare market place will absolutely give you an advantage over the competition.

Create Advocates

Best business practices revolve around what you promise to your customer, and how often you actually follow through on that promise. By being consistent on the value promise you provide to your customers, you won’t just satisfy your customer’s wants and needs—you’ll exceed them. And when you exceed customer expectations, you create advocates for your brand.

The desire of all businesses is to create a pool of fans and advocates who will go out of their way to promote what you do. A satisfied client will get you referral business by endorsing you, not because you asked them, but because they want to. Whether it’s your Medicare clients promoting you and referring friends and family, or physicians referring other physicians to utilize your services, this business is all about creating fans.

Summing it Up

By partnering with the right FMO, contributing valuable knowledge to the Medicare population, positioning yourself as the expert in opportune situations, and consistently providing unparalleled service, you’ll have precisely what it takes to gain a competitive advantage as an independent agent, and thrive as a Medicare sales broker.