Treat lead generation as an investment

The key to good lead generation is combining in-house and outsourced strategies, says Zeeshan Hayat, CEO of Prizm Media, who will speak at Medtrade Spring. Here's what Hayat had to say about why lead generation may be common practice, but it's not always successful.

HME News: Is lead generation a common practice in other industries?

Zeeshan Hayat: It is common practice in all industries, from brick-and-mortar businesses to e-commerce. But not everyone is successful at it, mainly because not all the pieces of the puzzle may be in place. What may work for company A may not work for company B, simply because not everyone in the same industry operates in the same manner.

HME: How does it work in other industries?

Hayat: Lead generation is treated as an investment and growth strategy. Generally, companies have an in-house and an outsourced strategy. In-house, they focus on branding, lead nurturing, customer service, mail drops, websites and other initiatives that drive their day-to-day business. Once they have a proven process and sustainable metrics, companies looking to expand realize very quickly the amount of overhead required to scale and translate into profit. This is when most companies bring in a team of capable marketers whose No. 1 goal is to generate enough inquiries to keep the entire sales team busy.

HME: What are the opportunities for lead generation for Medicare beneficiaries?

Hayat: With more than 10,000 baby boomers becoming seniors and eligible for Medicare, it is not a market segment anyone should ignore. It's important to remember seniors have seen a lifetime of advertisements and heard every pitch in the book. If you don't have an online and offline presence focused on capturing inquiries, you are missing considerable opportunities.

HME: Lead generation can be tricky for Medicare beneficiaries—how do providers make sure they're doing it within the law?

Hayat: It is always best practice to apply a long-term marketing strategy. It's important for both parties to be clear of the responsibilities each of them will have in the marketing process and ensure clarity in each party's responsibilities, both from a contractual perspective and compliance. Involving a lawyer on both sides is recommended.