Has your healthcare technology business been stuck in the same place for a long time? If so, maybe it is time to start working on finding a new way to scale it to the next level. Follow these hacks to growing revenue in IT healthcare to stay ahead.
If you haven’t heard the term ‘growth hacking’ yet, it’s a new series of tactics that can help companies grow and get a competitive edge. While things like viral videos of cats is one growth hack, we’re going to present ones that are more applicable to your B2B healthcare technology company. One powerful series of growth hacks include the identification of an ideal prospect and creation of content to guide them through a journey to being a happy customer. Sound like a dream? It isn’t. The methodology is called Inbound Marketing and Sales.
Inbound marketing and sales tactics have proven to be very effective in scaling businesses. According to recent research by Hubspot, 59% of marketers reported that Inbound marketing generated higher quality leads than traditional marketing, and at 61% cheaper than outbound channels! This means that traditional marketing and sales methods such as paid advertising, cold calling, website promotion, trade shows and conferences, and purchased email lists are becoming less and less effective for scaling sales.
Here are some great growth hacks for growing revenue in IT healthcare using the Inbound Methodology:
Identify your ideal customers
The most important step towards scaling your business and growing revenue in IT healthcare is to identify the ideal customer that you want to reach. Figuring out who exactly you are targeting will help tailor content specifically for them. When outlining the characteristics of this ideal customer, commonly referred to as ‘buyer persona’, consider their job responsibilities, their goals, their challenges and their decision making process. You can get these details by visiting relevant forums or carrying out a survey among your target audience, or even getting on a call with existing customers who fit that profile. Once you have gathered all of this information, you could even assign a fictional name such as ‘Medical Director Doris‘ or ‘Clinician Clement‘ to your persona.
Create targeted content
Take time to regularly publish content that addresses the common concerns and questions raised by your buyer personas. Text-based content such as blog posts, case studies, white papers and eBooks can be very effective for providing information. Compelling titles with the right keywords that optimize your content for the search engines will grab the attention of your audience. Make sure your content creation team avoids using too much healthtech jargon which could only end up confusing your readers. According to Hubspot, ‘Visual content is 40X more likely to get shared on social media than other types of content’. Therefore, your content strategy should also include visual content, such as infographics and videos, in addition to text-based content.
Nurture your leads
Generating leads is not enough to effectively scale your healthtech business. You need to nurture your prospects according to the four stages of the buyer’s journey: Attract, Convert, Close and Delight. Once a prospect submits their personal information in exchange for one of your premium offers, they become a lead. Plan a lead nurturing campaign with your marketing and sales teams that will provide helpful information on a regular basis via email. Once a lead makes a buying decision and the deal is closed, continue delighting your new customer with more great content. Building strong relationships with your customers is likely to convert them into evangelists of your brand. They will share your content with their followers, thus attracting even more prospects to your site.
Automate your processes
As your business grows, it will be increasingly difficult to engage each of your customers on a personal basis. To save time, it would therefore be advisable to switch from manual to automatic systems. You can use marketing automation software to collect contacts and send personalized emails to your leads. Such emails will be triggered from the moment someone submits their contact details on your website. This email series will nurture prospects until they convert to customers.
Leverage online reviews
According to a study by Search Engine Land, 72% of consumers trust online reviews just as much as recommendations from personal acquaintances. Flooding the internet with positive reviews can therefore be a very effective strategy for growing revenue in IT healthcare business. Such reviews could be in the form of case studies showing how your healthTech company helped your customers solve problems and overcome their obstacles. Mention specific figures that will show what exactly was achieved. For example, you could mention that your customer cut their customer acquisition cost by 50% in three months. You could also create a dedicated testimonial page on your site with brief reviews from different customers. Be sure to include the name of the person and the company as well as a photo to assure your audience that the review comes from a trustable source.
According to a recent report by Social Media Examiner, 89% of B2B marketers use LinkedIn. You can use LinkedIn to create brand awareness, generate leads and even establish strategic partnerships. The first step is to create a professional company page that contains detail about your company and products. Optimize your page using keywords to make it easy for customers to find you online. Don’t forget to include a link to your company website. Take time to publish great content on your timeline to keep your followers engaged. Your content should demonstrate product thought leadership, organizational thought leadership and industry thought leadership. This will build trust with your followers and boost chances of converting them to your leads and buyers. You could even consider using paid advertising to ensure that your content appears specifically on the news feeds of the prospects you are targeting. LinkedIn Company Page Analytics will help you keep track of the performance of your content.
The Bottom Line
Scaling your healthcare technology company most likely won’t happen overnight, but with the right strategies your business will gradually increase in ROI and customer base. The Inbound Methodology is a great set of long-term strategies that will help you achieve your business goals of scaling and growing revenue in IT healthcare.
It can be very challenging for even the best marketing and sales teams to do all of this alone. We’ve worked with countless Management Directors and CEOs to grow their businesses using the Inbound Methodology. Feel free to reserve a free strategy session now to help you review your resources, gain valuable insights and suggestions, so you can scale your B2B healthcare business. We’re here to help!