The formula for success involves some unique math: 1 + 1 = 3. No, this is not an addition mistake. Rather, it is a multiplication strategy. At BVK, we call it brand + demand. It is our strategy for telling a compelling and defensible story of business growth for health plans. Coupling values-based brand building with lead generation and customer experience best practices produces the potential for short-term sales and long-term growth and differentiation.
But Does it Really Work?
Let’s dive into a real-world example of the brand+demand formula applied for Priority Health. Priority Health is an $8B Michigan health plan sponsored by Spectrum Health.
PROBLEM: With a number two position in the state, Priority Health competes directly against Blue Cross Blue Shield and other national plans with broad awareness steeped in well-cultivated brand equity and even deeper pockets to drive membership.
CHALLENGE: Health insurance marketing has focused efforts almost exclusively on promotional lead generation by touting cost, network, and products. Expanding the C-suite and marketing mindset to look beyond features and benefits to a stickier brand message has proven difficult.
SOLUTION: Employ a brand+demand strategy that integrates a well-developed brand value that elicits an emotional connection coupled with best-in-class lead generation strategy and tactics to drive quotes and enrollments. For Priority Health, the brand value was savvy –helping health insurance consumers feel smart about their decisions in a category fraught with complexity and intentional ambiguity.
RESULTS: In year one of the Priority Health brand+demand strategy, both brand and business increases exceeded every single stretch goal for Open Enrollment and Annual Enrollment Periods.
- Individual/Family: 35% increase in completed quotes and 23% increase in member enrollment over a year ago.
- Medicare Advantage: 269% increase in quote completes and an impressive 1000% increase in member enrollments year-over-year.
Then COVID came along and turned the world upside down, affecting every decision we made going forward, including health insurance.
CHALLENGE: Meet the needs of a volatile world and a disruption that has huge implications to health and the security of health insurance.
SOLUTION: For Priority Health, we built upon the brand+demand strategy while adjusting the focus of the brand to consumers’ shifting priorities. Being savvy while being nimble. RESULTS: In year two of the Priority Health brand+demand strategy, brand and business increases exceeded the stellar year prior for Open Enrollment and Annual Enrollment Periods.
- Individual/Family: 50% increase in completed quotes and 56% increase in new member enrollment over year ago.
- Medicare Advantage: 9% increase in quote completes and an incredible 28% increase in member enrollments year-over-year.