Globally, the digital health market is estimated to bring in $536.6 billion by the end of 2025, up from $196.3 billion in 2017, according to Transparency Market Research.
With that anticipated growth in mind, increased market shares in Health Insurance and Payment companies is an obstacle that many online marketers are dealing with. With more competitors joining the industry, many companies see their market share shrinking and revenues plateauing or diminishing.
But there are strategies, that if effectively applied, could help you stand out to consumers, healthcare systems, and providers, and raise your market share.
Here are some secrets to growing your Health Insurance and Payment market share:
1. Get laser-focused on your ideal buyers
If you want to raise your market share, you need to have a clear idea of who you are selling to. A Buyer Persona is an imaginary personality that represents your target customer. You can develop Buyer Personas based on details like objectives, difficulties, obligations, demographics, inspirations, responsibilities, and behaviors. For example, you might have ‘Private Practitioner Peter ‘, ‘Hospital Administrator Adam’ or ‘Clinician Chris.’ By understanding their unique difficulties and resolving them, you are better-equipped to develop the best marketing content to engage them and enhance your market share.
2. Outline the buying process of optimal buyers
In addition to creating Buyer Personas, it is crucial to understand where they are in their Buyer’s Journey. You can do this by drawing up usual tracks your existing clients took when investigating an issue they were having, to finding a fitting option, to deciding which option to buy. There are three phases of the Buyer’s Journey:
Awareness Phase: This is when the buyer knows they have an issue they want to solve. Offer them information that will help them better understand the situation.
Consideration Phase: In this phase, buyers have a clear understanding of their issue and are trying to find methods to solve it. Recommend various approaches or strategies that are readily available for addressing the issue.
Decision Phase: Here, buyers have selected the method they want to use. They are examining the pros and cons of specific solutions. This is when you can advertise your service or product and demonstrate how it is better than your competition’s.
Targeting your customers and your leads with ideal content at each phase will create more engagement and will lead to better sales.
3. Leverage blogs and premium content
Blog writing is one of the best ways to engage clients. Research by Hubspot found that B2B businesses that blog regularly bring in more leads than those that do not. Once you have created clear Buyer Personas and their Buyer’s Journey, make sure your content addresses their particular obstacles and questions. This will help you build trust and boost your opportunities of turning site visitors into leads. Make sure to constantly release new content, ideally two or more times a week. Remember to include a call-to-action (CTA) in your blogs, urging site visitors to join your email list or download more content. Building a strong relationship with people via blogs could help produce more sales, therefore raising your market share.
4. Keep up-to-date on industry news to have an edge
There are always new advancements, updates, and innovations in any market. To stay ahead of the pack, you should always stay in-the-loop on what is happening. What is the market share data for your niche? Who are the leading competitors? Who are the current players? What are the latest technologies? Where will the market be in five years? Having this information will help you build a more effective Content and Inbound Marketing Plan.
5. Use SEO strategies
According to Hubspot, more than 60% of online marketers understand the importance of SEO for bringing in organic web traffic. SEO includes tweaking various parts of your website to boosts its search engine position. One of the more important things to do with SEO is using relevant keywords. Take some time to research market keyword phrases that will help you place higher in online search. Be sure to include these phrases in your blog headlines and content. Your photo captions and alt-tags should also include these words. Remember to put these phrases in your meta summaries and the page URL. Optimizing your site will bring in even more web traffic and improve the chances of making even more sales.
6. Nurture your leads
Lead nurturing will help convert qualified leads, and then hopefully turn them into buyers. The best method of doing this is through email automation. It is a good idea to segment your email list according to the buyer’s journey and produce content that matches each segment. Share your current blogs, update them on new industry advancements, or provide information on new deals and discounts. Be sure to not send too many emails, though. They might get overwhelmed and unsubscribe.
The Final Word
Just as good parenting leads to good kids, good strategies and applications leads to good market share. When you bring in a lot of qualified leads using effective marketing techniques, your salespeople will have the chance to close even more sales and boost the market share of your Health Insurance and Payment firm.
The key strategies detailed above belong to the Inbound Marketing Methodology. Your Health Insurance and Payment firm could use Inbound to bring in brand-new visitors to your website, convert them right into leads, and then nurture those leads into happy customers.
We’ve helped countless marketing pros identify and carry out the effective Inbound Marketing Methodology for their customer base. If you want to find brand-new methods to help your Health Insurance and Payment firm raise its market share, do not hesitate to ask for a complimentary strategy session. We’d be happy to help to see how you can take your firm to the next level.