7
100-250 MID-MARKET
100-250MID-MARKET
EB Sales/Renewal Playbook: Buy Personas Target Segment 100-250
MID-MARKET GROUP
100-250EMPLOYEES
GROUP SIZE
EMPLOYER PURCHASER
Motivators:Expanded choiceCompliance and Affordable Care Act (ACA) supportChoice of Standard or CustomClient service Regional and national programsCarePlus MobileBasic or enhanced benchmarking COBRA/FSA/HSA administrationCompliance servicesWellness and health communicationsCommunication templates
Engagement Strategy:Qualify prospectScore: MQL or SQLDiscovery: Call or email; review fact finder; gather infoQualificationPrepare agendaHold meeting, learn pain points, and identify solutionsPrepare engagement letterClose sale
Decision Maker/Buyer’s Persona: Distributor:
PRODUCTMid-MarketBUYER HORIZONShort to Mid-TermREVENUE TARGET/COST PER EMPLOYEE PER YEAR (PEPY)$3,600/PEPYANNUAL SPEND$630,000
Approach:Buyer Motivations
Short-term 1-year focusPrice-drivenPlan choice, plan costsReduced administration effortsBenefits and cost reduction comp.
EB Sales/Renewal Playbook: Buy Personas Target Segment 100-250
CFOFRANK
I am all about controlling costs; it’s what I do; it’s the focus of my job every day from 9:00 to 5:00 and weekends, holidays, and even during vacations. I read enough about this business to know that I don’t know enough and can’t trust anything or anyone who doesn’t provide solid facts and references. I know how important benefits are to employees and to employee retention, so I am happy to take the time necessary to meet with our executive team and our broker/benefits consultant to fully evaluate our options before making a decision that we’re locked into for a year or more. If we make the wrong choice, our employees will be unhappy and that could increase our turnover – which further drives up our costs and reduces productivity in many areas.
PURCHASER PERSONA
45-year-old maleCurrently resides in an upscale, upper middle-class neighborhoodMarried, one adult child, one teenHolds a Master’s degree and a CPA certification8 to 10-hour work day
Pain Points as It Relates to BenefitsAffordable Care ActLack of utilization information on current programRising annual costs, without seeing added value
Goals in Doing Business with YouControlling company expenses while adding more employee choicesGetting benefits expertise we don’t have in-houseMaintaining or increasing quality without increasing expenses
Current Source of InformationBroker/Benefits Consultant
Experience SoughtReliable advice from an employee benefits professional
Most Common ObjectionsLack of choice – inability to provide employees with more than one plan optionConcerns about employee reaction to changes in benefits, increased turnoverCosts
What does their desk look like?
PRODUCTMid-MarketDISTRIBUTORAgent/BrokerBUYER HORIZONShort-Term and Long-Term
EB Sales/Renewal Playbook: Buy Personas Target Segment 100-250
CEOC.J.
I am a hands-on executive who tries to keep up on what’s going on across the organization. I’ve been with our company for years, and I know many of our long-term employees and their family members. Because my Persona has heavy demands on my time, I’ve surrounded myself with some great managers whom I rely for many routine operational activities, including benefits management. I rely on their expertise in helping us achieve the right balance between doing what’s right for our associates and keeping expenses in check. The costs involved in healthcare drive me crazy. It seems we spend a lot of money, our employees don’t really appreciate it, and the costs keep going up. I’ve looked at peers programs in other industries and have heard a lot about ways to control costs, but haven’t heard how to reduce costs. The costs have to make sense or we keep reducing our benefits – it’s a reality in the competitive business environment we’re in. I can’t raise prices on our services and products enough to keep up with what insurance companies want from me.
PURCHASER PERSONA
PRODUCTMid-MarketDISTRIBUTORAgent/BrokerBUYER HORIZONShort-Term and Long-Term
65-year-old maleCurrently resides in affluent gated community Married, two adult childrenHolds a Bachelor’s degree10-12 hour work day
Pain Points as It Relates to BenefitsAffordable Care ActNumber of hours researching and comparing benefits optionsAnnually increasing benefits costs without any perceived value
Goals in Doing Business with YouCutting through the hype – strategically narrowing our benefits optionsControlling costs but offer more choice to employeesFinding the right benefits package to help firm attract new talent, retain existing staff
Current Source of InformationBenefits Advisor (Have used same Advisor for years)
Experience SoughtNew perspective; reliable advice from an employee benefits professional
Most Common ObjectionsBelief that employees don’t appreciate or use existing benefitsConcern about impact on employees if program changes are madeEscalating costs with no perceived increased value in program
What does their desk look like?
EB Sales/Renewal Playbook: Buy Personas Target Segment 100-250
HR VICE PRESIDENTHARRY
I am a business partner to organization leaders, managers, and supervisors, helping them craft job descriptions and recruit smart new employees. I collaborate with others at all levels to develop the right combination of salary, benefits, and rewards to keep employees motivated and customers satisfied and coming back. In evaluating any changes to our benefits program, my challenge is finding the right balance between what employees want (and will appreciate) and controlling expenses. I expect my staff to work through the weeds and then make recommendations to me. Before I take any steps, I make sure it’s all correct. We’ve been screwed in the past by bad decisions – I inherited that and won’t make the same mistakes. So, I’ll push myself into meetings that I hear about to shake up discussions and ask the tough questions. I realize that it puts my staff on edge, but it shows the vendors who is in charge and they need to be good to my people. I don’t want the same deal our competitor got. I want the best deal.
PURCHASER PERSONA
PRODUCTMid-MarketDISTRIBUTORAgent/BrokerBUYER HORIZONShort Term
57-year-old maleCurrently resides in an upscale, upper middle class neighborhoodDivorced, three adult childrenNo degree; responsibilities grew as tenure increased (with firm 25+ years)10-12 hour work day
Pain Points as It Relates to BenefitsAffordable Care ActIncreasing complexity of benefits, lack of familiarity with exchange marketplaceConcerns about annually-increasing benefits costs without seeing the value
Goals in Doing Business with YouControlling costs while still offering employee choiceExploring all of the options availableFinding the right plan at the right price
Current Source of InformationInsurance committee, broker
Experience SoughtReliable advice from an employee benefits professional
Most Common ObjectionsLack of employee choice – inability to affordably offer more than one plan Uncertainty about what’s best for employees and company Annually increasing costs – and expected future increases in benefits expense
What does their desk look like?
EB Sales/Renewal Playbook: Buy Personas Target Segment 100-250
PRESIDENTPAYTON
I wear a lot hats. Even at our size, I know how important having the right benefits can be when it comes to attracting and retaining employees. We’re competing not just with other companies that do what we do, but with those of similar size across the region. We need to offer a comprehensive benefits program and other perks that keep employees coming back day after day. The employees get a lot of information about wages and perks out there; I need help making sure we keep the best and let the rest go to my competitors. Most of what we offer isn’t used anyhow, so it’s more of something I have to do, not as much what I want to do.
PURCHASER PERSONA
PRODUCTMid-MarketDISTRIBUTORBroker ConsultantBUYER HORIZONMid-Term
55-year-old maleCurrently resides in an upscale subdivisionDivorced, one adult childHolds a Master’s degree10-hour work day; works at home most weekends
What does their desk look like?
EB Sales/Renewal Playbook: Buy Personas Target Segment 100-250
Groups 100-250 are usually price driven when it comes to employee benefits. They want to offer a variety of coverage options to employees, while also controlling total costs. They want minimal administrative responsibility for their groups. They also want to raise employee awareness of the Persona employee behavior plays in the cost of health care and benefits for employees.
A lead of this type would go to a Broker representing BB&T because he or she would have the background and experience of working with business owners, officers, and executives in researching coverage options and explaining the Small Group Exchange and Mid-Market Product options available and other programs available in the market.
The Broker would be expected to handle:
• Presentation to the employer regarding the Affordable Care Act (ACA), Health Care Reform, and available plans
• Preparation of a quote • Holding multiple group meetings for employees, educating them
on the ACA and the employer-sponsored plans available through the Small Group Exchange and/or the Mid-Market Product carrier(s)
• Supervising the electronic/online application submission and /or paper application and waiver form submission to BB&T
• Post-enrollment service and support• Renewal
DISTRIBUTOR PROFILE
PRODUCTMid-MarketOther CarePlus OfferingsBrokerageLittle Consulting
OPPORTUNITYBroker of RecordCommissionSome fees
Motivators:
GROUP SIZE(S)100-250251-500501-1,000
BROKER
