A Wise Approach to Entering New Markets

3/2/2018 6:48:31 PM -

Wow, it is March 2018 already, almost ¼ of the way into the new year! How are you feeling about your 2018 Goals? If you're planning to enter a new market, here are some things to consider.

Each market will have some unique requirements that may be different from your current customer base. These can be system requirements, process requirements or both. Consider the case study of a Supplier who initiated a new market entry in MA and was unaware of the customer name validation requirement resulting in a large number of their initial enrollments failing. This required them to revisit all of those new customers, ask for additional information from their bills, and then resubmit of all of those enrollments.

The result was late enrollments, loss of savings to customers, a poor first impression on the supplier’s operational excellence and delayed cash flow for the Supplier. The team worked very hard to achieve the market entry, but a single missed detail overshadowed an otherwise great effort.

Each market has its own set of unique requirements and potential pitfalls to new participants. So, what is the Solution?  We want you to ensure all unique rules are researched and decisions clearly made in advance.  Then we advise you pull together your full cross functional team for a market overview training, to bring these issues to the surface and solve them BEFORE you go live.  Be proactive with your risk management.

If you've been tasked with entering new markets this year...Where do you start? Contact us to find out!