August Benefits News and Posts

What 2021 Could Mean For Healthcare And Small Business

FROM FORBES. COM / BY JAY FULCHER

The New Year is here, and with it, a new administration. Atop the agenda, among dozens of challenges outlined in President Joe Biden’s inauguration speech, is tackling the Covid-19 pandemic. In fact, Biden revealed a $1.9 trillion emergency relief plan, dubbed the American Rescue Plan, right before he took office. At the time of this writing, more than 500,000 American lives have been lost, which is a tragedy of epic proportion, and it’s time to put the people first.

But I believe an important question to ask is: What exactly will the Biden administration mean for healthcare? And how will that affect small businesses and their employees?

More Emphasis On The Affordable Care Act

Long before the pandemic, then-president-elect Biden was vocal about his plans to salvage and strengthen the Affordable Care Act. "Come January, we're going to work quickly with Congress to dramatically ramp up healthcare protections, get Americans universal coverage and lower healthcare costs, as soon as humanly possible," he said on November 10 in a campaign address.

While the private industry will continue to drive enrollment and there will be an expansion of newer players broadening access to healthcare, overall, I predict that small businesses won’t see much change as far as the ACA is concerned in the near term.

In 2021, we might see additional adoption of Individual Coverage Health Reimbursement Arrangements, which became an offering in 2020. The more modern model of employer-sponsored health insurance is based on reimbursing employees for insurance rather than buying it for them. For small businesses, ICHRA represents a simpler way to provide health insurance to employees. ICHRA also directly addresses ACA compliance for small businesses with 50 or more employees.

All in all, the pandemic has highlighted gaps in care. For example, there’s a stark similarity between issues in providing access to Covid-19 vaccines and access to healthcare in general. Pharmacy deserts are not a new phenomenon in the U.S., but they’re showcasing the difficulty of getting vaccines into the arms of people living in rural areas. Likewise, those health deserts represent a broader issue of healthcare access, and affordable health options to solve the problem must step in.

Continued Investment In Healthcare

As expected, Covid-19 put healthcare into the spotlight in 2020. The health and well-being of all Americans became a priority across the public and private sectors. As a result, investment activity also spiked. In fact, 2020 saw global healthcare funding hit a new record, with more than $80 billion in equity funding raised across nearly 6,000 deals, according to CB Insights.

Not surprisingly, it also sparked an enormous investment in direct-to-consumer companies that offer telemedicine and virtual care.

Covid-19 also contributed to growing year-over-year investment in virtual care, such as video visits and telemedicine, remote monitoring, virtual consults and virtual second opinions. "Three out of four executives predicted that industrywide investments in virtual health would be significantly higher (more than 25 percent) over the next decade than today," according to a Deloitte Center for Health Solutions and American Telemedicine Association survey. Just as physical workspaces will likely never be the same after the pandemic, so too has medicine changed forever.

While healthcare investment is promising, it’s not enough. Truly new offerings are still in shorter supply than necessary. There is more work to be done.

Keeping An Open Mind For Your Small Business

As more options become available and healthcare becomes more democratized, small-business owners should take stock. They should question whether they’re getting the best deal and ask their broker for some outside-the-box options. I believe those who ask will be surprised by the results.

Too often, brokers follow tradition and offer healthcare plans with the same old carriers. Brokers have — and will continue to — serve a vital purpose in the health ecosystem. They are invaluable, especially for companies that have more complex benefits needs. Brokers shouldn’t be pushed out of the way; rather, they should be enabled to better serve their clients. The next generation of brokers will need to adopt a creative, tech-forward mindset to find the best, modern options. In turn, they will be able to capitalize on the opportunity that our post-pandemic world has created.

And too often, small businesses simply auto-renew insurance plans (approximately 80% in my experience) without exploring what else is out there. Yet, many new options exist for those who ask the question. Small-business owners must be proactive in asking the questions of those who understand the landscape. This year, I predict that we’ll see small businesses shift from complacency to smarter solutions. Leaders will need to push past conventional options and see more affordable quality care choices for their people.

Whatever 2021 brings, small businesses will surely be at the edge of their seat. As a community, we need to band together to weather the Covid-19 storm and ensure the playing field becomes more leveled for America’s underserved small businesses — one healthcare plan at a time.

Todd BellistriJuly 12, 2021August Benefits

Why not start off this selling season leading into the holidays on the right foot? One way to do that is to finally give some thinking to smart marketing. We don’t need to be the ones to tell you it’s very competitive out there (but we will), what with tons of start ups and side hustles all over the landscape. By developing a legit marketing program you are giving yourself a true foot up on the competition. So read on, you’ll see that its not as daunting as you think and the upside is well worth it.

FROM FORBES / BY DOMINIQUE HARROCH

In today's digital landscape the right approach to small business marketing combines advanced technology, data-driven insights, and effective digital platforms. Here’s a comprehensive guide to small business marketing to companies navigate the current marketing trends and tools that can drive business success.

Key marketing tools for small businesses

Following is a summary of 11 key marketing tools that small and growing businesses should consider when leveraging owned, earned and paid media:

1. An optimized small business website

A high-performing website is crucial for marketing today. An optimized site increases your page rank on Google and other search engines, and in today's world, fewer than 1% of searches go to the second page of a search. Key elements of an effective small business site include:

Memorable domain name: Choose a name that reflects your business and is easy to recall.
User-friendly design: Ensure your site is visually appealing and intuitive. Sites should have a clear structure, intuitive navigation and information that is easy to access.
Search engine optimization (SEO): Implement SEO best practices to rank higher in search engine results.
Mobile optimization: Since over 55% of global web traffic comes from mobile devices, you’ll want to ensure your site is mobile-friendly.
Valuable content: Regularly update your site with engaging content like blogs and articles that address your audience's interests and needs.
Fast loading times: Optimize page speeds to improve user experience and SEO rankings.
Secure hosting: Use reputable hosting services to protect your site’s data and performance.

Additionally, integrating tools like Google Analytics (now called GA4) and Google Search Console (GSC) can provide valuable insights into your site's performance and user behavior.

2. Paid search engine marketing (SEM)

Paid search engine marketing, in which you pay if a keyword is clicked on that drives traffic to your website, remains a powerful tool for driving targeted traffic. Platforms like Google Ads and Bing Ads allow you to:

Bid on keywords: Use tools like Google keyword planner to select high-value keywords relevant to your business.
Control costs: Set daily and monthly budgets, and adjust bids based on performance.
Analyze performance: Track key metrics to assess and refine your campaigns.

3. Paid listings and display ads

Paid listings on platforms like Yelp, Facebook, and Pinterest can boost visibility. Use Google’s Display Network to target ads based on user interests and behavior. This approach allows you to:

Choose ad formats: Use banners, text ads, or video ads to capture attention.
Track return on investment (ROI): Monitor clicks and conversions to measure effectiveness. Track your costs, record and monitor revenue, and record all expenses. Make sure to measure lead generation numbers, customer acquisition, and sales metrics as valuable insights into your marketing effectiveness.
Testing: By experimenting with different ad copy, targeting options, and formats, businesses can identify what resonates most with their audience, refine their strategies, and ultimately improve click-through rates and conversions. This can include A/B testing, target audience variations, ad copy variations, call-to-action (CTA) testing or visual elements where you test different images or videos to determine which visual elements attract more attention and engagement.

4. Content marketing

Content marketing remains a cornerstone of effective digital strategies. Key tactics include:

Blogging: Regularly post optimized content to drive organic traffic. Nine out of ten marketers use blogs as part of their content strategy.
Guest posting: Publish articles on popular platforms such as Medium and AllBusiness.com to enhance your reach and SEO. Strive to create “evergreen” articles, which are designed to remain relevant and valuable over a long period of time, regardless of current events or trends. Unlike timely articles that focus on current news or trends, evergreen content addresses topics that have enduring interest and utility.
Video content: In 2023, individuals spent an average of 17 hours a week watching videos online. Utilize platforms like YouTube and TikTok to engage your audience.
Content platforms: Leverage content recommendation platforms like Outbrain to expand your content’s reach.

5. Social media marketing

Social media is a powerful tool for engaging with your audience. Focus on platforms such as:

Facebook: Effective for broad audience reach and targeted ads.
Instagram: Ideal for visual content and influencer partnerships.
LinkedIn: Best for B2B marketing and professional networking.
TikTok: Useful for viral video content and younger demographics.

With over 5 billion global social media users and growing, effective social media marketing can significantly enhance your brand’s visibility and engagement. To be effective, you must regularly post interesting content to obtain and keep followers.

6. Influencer marketing

Influencer marketing involves collaborating with individuals who have a significant and engaged following on social media platforms like Facebook, TikTok and Instagram to promote products or services. These influencers, who can range from celebrities to niche content creators, leverage their credibility and relationship with their audience to drive brand awareness and influence purchasing decisions.

The impact of influencer marketing on broader marketing efforts can be profound, as it allows brands to tap into authentic, targeted communities that are often more receptive to recommendations from trusted (or at least known) voices.

This form of marketing can enhance brand credibility, expand reach, and generate higher engagement rates compared to traditional advertising. As consumers increasingly seek personalized and relatable content, influencer marketing has become a powerful tool for connecting with audiences in a meaningful way.

7. Online business directories

It’s important for business owners to list their companies in prominent and reputable business directories. Often these listings are free, but even if you must pay a small fee, it can be worth it.

The benefits include

Exposure to potential clients and customers.
Boosted SEO through backlinks.
Improved online presence and brand awareness.
Increased credibility for your business.
Low-cost or free marketing.

The following is a list of top business directories to consider listing your business:

AllBusiness.com
Better Business Bureau
Facebook Page
Google Business Profile
LinkedIn
Superpages
Bing Places for Business

8. Radio marketing

While less prominent today, radio can still be effective. Many people are in their cars during peak commute hours. To maximize radio advertising:

Targeted placement: Choose stations and time slots that align with your target audience.
Engaging content: Create memorable and concise ads.
Consider your market: Are you a B2C company (business to consumer) or B2B company (business to business)? Is your market local (like a neighborhood restaurant), national (such as selling payroll services), or international (such as selling unique clothing to multiple markets)?

The cost-effectiveness of radio compared to TV makes it a viable option for more localized campaigns.

9. Press releases

Press releases are valuable for announcing significant business updates. Ensure your release is:

Newsworthy: Focus on unique and timely information.
Well-structured: Include a strong headline, key details, and contact information.
Multimedia: Incorporate multimedia elements like images and videos to increase engagement.

10. Email marketing

Email marketing remains effective when executed correctly. Best practices include:

Segmenting: Personalize content based on customer preferences and behavior. Use data to segment your lists and target markets.
Offering engaging content: Provide valuable information, special offers, and updates.
Optimization: Use A/B testing to refine subject lines and content.
Using AI-driven tools: These can help automate and personalize email campaigns, improving engagement rates.

11. Direct mail marketing

Despite the digital age, direct mail still works for certain audiences. To optimize direct mail:

Use targeted lists: Use well-researched mailing lists to improve ROI.
Implement creative designs: Ensure your mail piece stands out and is easy to read.
Track mailings: Monitor responses and effectiveness.

More tips to enhance your marketing campaigns

Here are some additional tips to optimize your marketing campaigns:

Segment: Segment your target market to a specific audience. Segmentation can be done with respect to age, gender, income level, education, geography, purchase stage or brand loyalty, and more.
Business lists: Consider using high quality business lists such as Dun and Bradstreet, Experian Business, ZoomInfo or InfoUSA. These lists can be used in multiple channels as well, maximizing the value of the lists.
Track real time: Track your marketing campaigns in real-time to get immediate insights, make quick adjustments, and understand what is working or not.
Key metrics: Track the key metrics in your campaigns, such as click-through rate, engagement rate, conversion rate, sales, revenue, customer acquisition cost, market share, and churn rate.
Software and AI: Use software and artificial intelligence (AI) tools for social media management, content creation and testing of alternative ads.
Budget: Allocate your budget wisely. Assess the performance of different marketing channels and allocate your budget to the ones that deliver the highest ROI. Continuously review and adjust your spending to focus on the most effective strategies.
Keep current: Stay updated with trends. Keep up with the latest marketing trends and technologies. Experiment with new platforms, tools, or strategies to stay ahead of the competition and reach your audience in innovative ways. Keep up to date with experts by seeking articles from reputable business sources such as AllBusiness.com.
Promote across channels: Share earned media coverage on your website, social media platforms, and email newsletters. For instance, if a major publication writes about your product, feature this article prominently on your homepage or social media profiles.
Showcase social proof: Use earned media as a form of social proof by highlighting positive reviews, testimonials, or features from reputable sources. This can build credibility and trust with potential customers.
Strengthen relationships with media: Build and maintain good relationships with journalists and influencers. This can lead to more favorable coverage in the future and expand your media network.
Repurpose content: Convert mentions and reviews into additional content, such as blog posts, case studies, and infographics. For example, if your company was featured in a popular tech blog, you could create a detailed blog post about the experience and its impact.

Ready to enhance your small business marketing strategy?

Developing a comprehensive and modern small business marketing strategy requires leveraging a mix of traditional and digital techniques. By integrating artificial intelligence tools, optimizing SEO, utilizing effective SEM strategies, and harnessing the power of social media, you can create a dynamic and effective marketing approach. Start by experimenting with different strategies, tracking your results, and refining your approach based on performance data.