Even with football season upon us, there's more talk around the coffee machine on how to open new markets than there is about Monday-morning quarterbacking. While I'd rather criticize the blundering of NFL officials and the inept NFL coaches who never seem to call the right play, I know my own limitations. And we're all in the game.
Healthcare market changes can happen overnight. And the winners will be those of us who can tap vital needs of the moment, move quickly and smartly to capitalize on them, then look ahead to see the future. No short order!
So grab your helmet and take a quick run through four key thoughts on market expansion. Like any game, this venture can be exhilarating, rewarding, exasperating, fun, and hugely challenging. Don't suit up unless you're prepared to go the distance, you can't afford a broken play when you only have one shot.
1. Sack the illusions. The marketplace is not waiting for you. If you have even the slightest notion that the market is sitting around waiting for you to decide what to provide for them then I suggest going back to the pee-wee league and starting over.
In this age of overchoice and complexity, the marketplace would like nothing better than to ignore you. So no matter how strongly you believe you've got just the product or service, it won't succeed unless you know why anyone would want it.
Remember, this is the WIIFM Principle_What's In It For Me. If your team can't recite the customer's WIIFM, don't even think about calling your first play.
2. Reality check. The market is much smarter and more segmented than you can ever imagine. Concepts like value, quality, competitive pricing, and service are standard fare in today's game. The market expects these.
Focus on your targets. What need will you solve for your customer? What will you save them? What kinds of outcomes can they expect? Finally, don't be surprised if your target knows more about your business than you ever imagined. Market intelligence is everywhere today. As I like to explain to sales and marketing personnel, "Know more about your market and your competition than your competition knows about themselves."
3. Be a standout. Differentiate yourself from imitators. Your goal: To resemble nothing else and yet be easy to recognize. Two key thoughts are 1) keep it simple and 2) always, always be consistent. Start with your message. Keep it to five words_if you don't edit it, your prospective customer will. At all times, keep you eye on the prize. You must be alert.
4. The winning strategy. If you know what you have to sell, who will buy it and why, and who your competition is you've at least made it to half-time. What's left is the tactical part. Not trivial, but not hard. This is where your creative genius, gut instincts and persistence will pay off. Dig into your war chest and grab the software that best helps you pinpoint your customers. Deploy these missiles to seek out your targets. Not much different from the quarterback looking for the open receiver.
I'd be remiss if I didn't mention this one last word of caution. Prioritize your launch. Recognize your limitations (fulfillment capabilities, staff, time) and be prepared to address them, be realistic about the investment to be made opening new markets and be sure your projected return makes sense. Read and study your game plays and know what to expect before you run onto the field. For example, since direct mail pulls only 1-2% at best, will the 20 customers you get with 1,000 pieces of bulk mail justify your investment?
Making a touchdown means maintaining flexibility, focus, and follow-through. Pick your targets, meet their needs, exceed their expectations, promote your progress, and price by the value that you deliver.
Someone once asked Emmit Smith of the Dallas Cowboys why he is so successful as a running back. Emmit's reply went something like this, "When you stand less than six feet tall and your offensive line is as big as the elephants that play for us, I just look for the daylight and run like hell." The openings in healthcare are as big as an elephant's tush. So look for the daylight and run like hell.