BenefitPersonas - 3x3x3 Challenge with Mark Head
BenefitPersonas uses psychographic profiling to increase benefit enrollment and engagement, helping vendors convert more eligible employees and putting up to 50% of fees at risk.
In this 3x3x3 Challenge, Mark Head with BenefitPersonas answers 3 questions, using 3 slides, in under 3 minutes.
Email Mark:
https://links.benefitsally.com/_6bC
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FULL TRANSCRIPT:
What is BenefitPersonas?
Well, BenefitPersonas uses psychographic profiling to increase benefit program enrollment and engagement. So what is psychographics? Well, that's what answers the question of what motivates someone to say yes. Before an employee even gets into a message, they're already wondering, is this worth my attention? What's in it for me, why should I care? And that's where most benefit programs hit the same wall. Not enough people engage because one size fits all messaging never really gives them a reason why they should. Well, we do. In one campaign, we increased email response rates from 27% to 39%, which is 12 points of absolute lift.
How is BenefitPersonas different?
Well, most vendors respond to flat engagement by pushing harder on the same generic message. Another email, another reminder, but it's the same words for everyone. What's better though is to transmit on the frequency people are already listening for. If you know someone likes rock music, don't send them a jazz message. And so with just a name and address, we can tag the employee records with one of these six motivational styles. No survey, nothing the employee has to do. And that means our model works at an individual level. To do that, we take your existing emails and texts and build six different versions. And each version is designed to answer why that particular type would want what's being offered, like setting an appointment with a benefit counselor. On one project, our client thought they'd get 2,400 appointments. We got 3,200.
Who is a good fit for BenefitPersonas?
Well, it's the employers who are always looking for more engagement, but they look to their vendors to deliver that. So we focus on two different vendor types. First, case rate, health management, and point solution vendors like diabetes, MSK, anyone who bills per enrolled member. And there's two ways for them to grow top line revenue, sell more cases or increase the conversion rate within the book they already have. The second way is considerably faster. Then we also work with voluntary benefit enrollment firms, especially where we can steer more employees into lower cost health plans like HDHPs. That saves the employer money and it both creates a need for voluntary benefits and frees up payroll deduction dollars to pay for them. We don't charge setup or implementation fees and we build from your existing materials. Everybody wants more benefit program and engagement, but they really don't know how to move the needle. We do, and we'll put up to 50% of our fees at risk if we don't. That's real skin in the game, not just more hopium. You know what your current state is. Let's model what improving it is worth. The number's usually bigger than people expect.
In this 3x3x3 Challenge, Mark Head with BenefitPersonas answers 3 questions, using 3 slides, in under 3 minutes.
Email Mark:
https://links.benefitsally.com/_6bC
Latest 3x3x3 Challenges:
https://links.benefitsally.com/yTBD
Most Watched 3x3x3 Challenges:
https://links.benefitsally.com/yTBH
Subscribe to BenefitsAlly Weekly:
https://links.benefitsally.com/yTBL
Record your own 3x3x3 Challenge:
https://links.benefitsally.com/yT9U
BenefitsAlly does not endorse or independently verify all claims.
FULL TRANSCRIPT:
What is BenefitPersonas?
Well, BenefitPersonas uses psychographic profiling to increase benefit program enrollment and engagement. So what is psychographics? Well, that's what answers the question of what motivates someone to say yes. Before an employee even gets into a message, they're already wondering, is this worth my attention? What's in it for me, why should I care? And that's where most benefit programs hit the same wall. Not enough people engage because one size fits all messaging never really gives them a reason why they should. Well, we do. In one campaign, we increased email response rates from 27% to 39%, which is 12 points of absolute lift.
How is BenefitPersonas different?
Well, most vendors respond to flat engagement by pushing harder on the same generic message. Another email, another reminder, but it's the same words for everyone. What's better though is to transmit on the frequency people are already listening for. If you know someone likes rock music, don't send them a jazz message. And so with just a name and address, we can tag the employee records with one of these six motivational styles. No survey, nothing the employee has to do. And that means our model works at an individual level. To do that, we take your existing emails and texts and build six different versions. And each version is designed to answer why that particular type would want what's being offered, like setting an appointment with a benefit counselor. On one project, our client thought they'd get 2,400 appointments. We got 3,200.
Who is a good fit for BenefitPersonas?
Well, it's the employers who are always looking for more engagement, but they look to their vendors to deliver that. So we focus on two different vendor types. First, case rate, health management, and point solution vendors like diabetes, MSK, anyone who bills per enrolled member. And there's two ways for them to grow top line revenue, sell more cases or increase the conversion rate within the book they already have. The second way is considerably faster. Then we also work with voluntary benefit enrollment firms, especially where we can steer more employees into lower cost health plans like HDHPs. That saves the employer money and it both creates a need for voluntary benefits and frees up payroll deduction dollars to pay for them. We don't charge setup or implementation fees and we build from your existing materials. Everybody wants more benefit program and engagement, but they really don't know how to move the needle. We do, and we'll put up to 50% of our fees at risk if we don't. That's real skin in the game, not just more hopium. You know what your current state is. Let's model what improving it is worth. The number's usually bigger than people expect.