Go-to-market strategy is truly fantastic as it is literally aligning the entire organization to drive profitable growth supported by a governance structure that helps more effectively manage.
Today’s Medicare market is driven by shifting demographics, financial considerations, and fierce competition for members. The market demands organizations carefully choose and strategically diversify their product portfolios as well as develop strategies for selling these products. Achieving revenue goals requires a bit of sophistication in the way a Medicare Advantage Organization stratifies plan benefit packages (PBPs), which means sales and marketing strategies will need to be multi-faceted. This is exemplified in the growing trend seen with service area segmentation.
Equally important to the strategies that define Go-to-market is execution. Gorman Health Group recognizes an organizational need for a structured program to guide the development and execution of an integrated Go-to-market strategy. When we step back and try to quantify the organization-wide “jobs” tied to executing a Go-to-market strategy, this can range from hundreds to thousands. The larger the span of your footprint, diversity of product portfolio, and segmented your service areas, the more “jobs” you can expect to execute and the more complex each job may be. This is where establishing an internal program team becomes essential to an organization’s success.
A well-defined Go-to-market governance structure should include individuals responsible for strategy development and individuals responsible for operationalizing company strategies. A disconnect between strategy and strategy implementation is a major culprit of failed Go-to-market execution and excessive spend. Product strategy is a great example of a portion of a Go-to-market strategy that can impact every facet of a Go-to-market program. Inadequate understanding of product portfolio changes and plan benefit changes can create a negative chain reaction throughout an organization such as:
- Improper planning for marketing material cost efficiencies
- Ineffective marketing strategies, messaging, and wasted marketing spend
- Sales goals that cannot be support by the value of each PBP
- Inaccurate systems configuration such as claims and billing systems
- Decrease in member satisfaction and Star Ratings
And the list goes on.
There are roughly 3½ months until the 2018 marketing season commences—chances are your Go-to-market program activity is in full motion. Ask yourself:
- Does my product strategy account for market opportunity (e.g., eligibles, penetration, competition, market needs) and financial opportunity (e.g., quartile percent factor, benchmark capitation)?
- Will my marketing dollar garner the projected return on investment under our current strategy, or should I shift my marketing spend?
- Should my messaging change based on competitive product and benefit differentials?
- Should my sales distribution strategy change in order to meet close ratios?
- Is my strategy for creating marketing materials compliant and cost effective?
- Will my agents and customer service staff be able to accurately speak to beneficiaries and our members about access to care and benefit offerings?
- Are my systems prepared to support our coverage options?
Launching new products and preparing for a new plan year is no easy task. Our Sales, Marketing & Strategy team can support your organization throughout the entire plan year. We assist Medicare Advantage plans yearly with Go-to-market assistance—everything from sales and marketing strategy development to program management to marketing material creation and review, and much more. For more information on Gorman Health Group’s Go-to-market consultative services, contact me at email@example.com or at firstname.lastname@example.org.
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