Lead Generation

5 Steps to Lower Medical Billing SaaS Customer Acquisition Costs

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When it comes to customer acquisition for Health Insurance and Payment businesses, the expression “it takes money to make money” is all too true. You will need to make some sort of financial investment in areas like branding, promotions, and marketing before you start seeing returns. This investment is high when using traditional methods like print, trade shows, and print ads. But, you can decrease your costs for your Health Insurance and Payment business by using Inbound Marketing strategies. Research by Weidert found that Inbound sets you back 61% less than conventional marketing.

Here are a few steps to include Inbound in your business to decrease your customer acquisition prices:

Identify your target market

The first step to reducing customer acquisition rates is to recognize who you need to sell to. Doing so will help you target your ideal customers and keep you from spending money on those who are not interested. Buyer Personas are imaginary personalities that stand in for suitable clients that you want to target. For instance, you might have ‘Clinician Calvin’ or ‘Director Daniel’. What are their roles in their company? What are their objectives? What are their obstacles? A better understanding of your excellent buyers will help you produce a better strategy for reaching them.

Develop your marketing goals

From the beginning, you need to choose what you wish to accomplish with your marketing initiatives. For example, if you want to bring in more qualified leads, all your strategies should be geared toward marketing to a certain target market, also known as your buyer personas. Make sure the objectives are SMART (specific, measurable, attainable, realistic, and time-bound). For instance, producing 500 leads every quarter is a better objective than just creating more leads. It’s good to start small and increase your goals as you go.

Plan content development

Creating instructional content that your ideal buyers want is the core of Inbound marketing. As soon as you’ve developed certain marketing objectives, you can start laying out an effective content strategy. The content you produce should be filled with important info to draw in new site visitors and engage your existing leads. This will boost your brand name recognition among both your new and old leads. Beware not to go on and on about your business, though. As great as your Health Insurance and Payment services are, you want to build trust with your target market by offering helpful information on the issues they’re experiencing as opposed to marketing your firm.

Content can be anything like blogs, social media posts, case studies, ebooks, webinars, videos, and whitepapers. Guesting on other prominent Health Insurance and Payment blog sites can also be a good way to get to a bigger target market.

To make it easier for potential customers to find your content in online search, be sure to use Search Engine Optimization (SEO). Do some research to find which prominent, long-tail keywords are used when your ideal buyers are doing online research. Use these keywords in your URLs, headlines, content body, meta summaries, and alt photo messages. This will give your site a better ranking in online search and will enhance your presence.

Nurture your leads using marketing automation

Your potential customers are likely not ready to make a buying choice the first time they contact you. They will need time to speak with others, ask questions, and look over all their choices. Effective Email Lead Nurturing will help keep your potential customers engaged until they are ready to buy. A great way to do this is with marketing automation. You can use a CRM software program like Marketo or Hubspot to automate your email and social media posts to best target your market at the right times. Marketing automation allows you to collect emails of your target market and send them valuable information, like your blogs, on a regular basis. This will help potential customers trust your brand name and keep it on their mind, boosting your chances of making a sale.

Measure your outcomes

From time to time you should check out exactly how your Inbound marketing is working for your Health Insurance and Payment company. A great evaluation will show you which strategies are working and which ones aren’t. For example, BuzzSumo will show you how much your content was shared on social media networks. Google Analytics will help track metrics like number of site visitors and bounce rates. Tools like Moz and Hubspot will help you track SEO development. Your findings will help you tweak your Inbound marketing strategies to fit your Health Insurance and Payment company.

The final thought

As the director of all your operations, you may have overlooked the impact that traditional marketing has on your customer acquisition rates. These marketing strategies not only drain your budget but also take the power away from your marketing team. With Inbound Methodology, though, you can bring in the right people to your company and nurture them until they convert to a customer.

We’ve worked with Presidents, CEOs, and Directors to help carry out Inbound strategies with their marketing and sales groups. You could ask for a free strategy session to help you examine your current methods and see how to save more money!