This month, Ryan Eaton welcomes Spencer Smith to discuss self-funded, stop-loss insurance and podcasting. Spencer Smith, dubbed the Stop Loss Guru, is the SVP of Consultant Development of Pareto Health and formerly the SVP of Sales for Plansight.
After years of figuring out his place in the insurance industry, Smith has found himself doing RFP (Request for Proposal) software for insurance brokers and creating a single-record system for brokers.
Today, Smith brings about some practical business advice: self-funded plans, the value of podcasting, and how you may want to build your brand. Tune in for this incredibly helpful, easy-to-digest conversation with Spencer Smith on the Insurance Leadership Podcast.
Differences in the Market
RFP software can be particularly beneficial for organizations that are looking to secure insurance risk management and other services. The software allows for an efficient and transparent renewal process, fostering collaboration between brokers and carriers.
With RFP software, employee benefits packages can be easily created, bid on, and executed, streamlining the process and potentially saving organizations time and money. This can be especially important in the highly competitive self-funded and stop-loss insurance market, where organizations may be looking for ways to optimize their insurance offerings and secure the best possible rates and coverage.
As Smith explains, by utilizing RFP software, organizations can increase their efficiency and potentially gain a competitive edge in the market.
"We follow a very methodical growth process in order to ensure that the RFP software itself is bulletproof.”
Creating a Podcast
Creating a podcast can be a great way to establish oneself as a knowledgeable leader in a particular industry. To create a successful podcast, it is important to choose a topic that is relevant and interesting to the target audience. Not only is an applicable topic important, but also cultivating quality content presented in an engaging and informative manner is vital.
In July 2020, Spencer found himself unable to meet with clients due to the COVID-19 shutdown. Looking for a way to create awareness about himself and his company, he turned to creating whiteboard videos on the topic of stop-loss insurance. Inspired by Dr. Bricker's videos, Spencer found success with his own videos which he uploaded to LinkedIn. This accidental success led him to transition into podcasting and ultimately helped him draw attention to Plansight during a difficult time.
He discovered the importance of promoting the podcast through social media and other channels to reach a wider audience. Spencer’s podcast brought great value to his company. He shared that content creation on social media, such as LinkedIn, can help a company increase its visibility and establish relationships with clients and industry professionals.
While some may feel hesitant or fearful about creating content or venturing into podcasting, Spencer believes that the benefits outweigh any potential fears or excuses. Overall, utilizing social media and other channels can have a positive impact on a business's growth and success.
“The only downside of podcasting would be if a person can’t control what they say and occasionally stray into controversial territory.”
Building a Personal Brand
Building a personal brand involves establishing oneself as an expert in a particular field and creating a strong reputation and following. This can be achieved through a variety of strategies, such as writing a blog, speaking at conferences, and engaging with the target audience through social media. It is important to be authentic and consistent in one's messaging and to provide value to the target audience through high-quality content and engagement.
An important aspect of the growth of Spencer's podcast and brand is the consistent effort he puts into marketing and social media. By consistently posting episodes on a regular schedule, releasing newsletters on LinkedIn, and posting clips to market each episode, Spencer has been able to reach a larger target audience.
Additionally, by maintaining a visible online presence through frequent posts and announcements in his niche, Spencer has been able to create an "ever-presence" that makes it seem like he is everywhere, despite only spending a few minutes a day on actual posts. This level of consistency and effort in social media marketing has helped Spencer build his brand and grow his podcast, demonstrating the importance of a strong online presence in today's digital age.
“In today’s interconnected world, building relationships is a key component of building a successful personal brand.”
In conclusion, self-funded insurance plans and stop-loss insurance are two options that organizations can consider in managing healthcare costs. When considering these options, it is important to carefully evaluate the costs and benefits of each plan, as well as the reputation and financial stability of the provider.
Creating a podcast and building a personal brand can also be effective ways to establish oneself as a thought leader in a particular industry. By providing valuable content and engaging with the target audience, individuals can build a strong reputation and following thus establishing themselves as experts in their field.
Be sure to tune into next month’s episode as we continue our discussion with Sam Dogen, Financial Samurai. To learn more about our next guest, The Financial Samurai, click one of the links below:
- Buy This, Not That landing page - https://www.financialsamurai.com/btnt/
- Buy This, Not That Amazon store - https://www.financialsamurai.com/buythisnotthat/
- About the Author - https://www.financialsamurai.com/about/
- Financial Samurai free weekly newsletter - https://www.financialsamurai.com/news/
Building a strong brand is a key to success in today's world of marketing and advertising. Building a brand involves creating a powerful, positive, and lasting image of your business that creates an emotional connection with your customers. Your brand could mean the difference between struggling for recognition and sales or thriving as a dynamic, best-in-class organization.
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