Some health technology entrepreneurs are absolutely convinced their company has a unique, revolutionary solution that will transform healthcare. And they will not hesitate to tell you!
Most, however, are more grounded. They only have to look around to see that the problems their solution is designed to solve – whether it’s clinical data quality, patient identity, billing accuracy, etc. – have attracted the interest of other clever and well-intentioned people. They have competition! Worse, some of these sector rivals are well-funded.
Which doesn’t mean your solution is any less genuinely transformative to healthcare consumers, providers, payers, or researchers. What it does mean is you likely face a formidable challenge in rising above the noise in your sector to attract and capture the attention of potential customers and investors. After all, there are a lot of stories being told out there.
So how can healthcare PR and marketing pros make their company’s story compelling enough to break through and stand out in a crowded market? For starters, health tech companies can gain a market advantage by clearly articulating (and repeating) across multiple channels what problems their solutions solve and how these solutions benefit patients. Why should customers choose your solution and not a competitor’s? You need a great answer to that question.
Hone your marketing language to highlight your company’s competitive differentiators. Once you’ve locked in on a framework for your messaging, you can deploy several specific techniques to help your health tech company rise above the clamoring masses. These include:
Practice precision marketing
The marketing messages that resonate with potential customers such as provider organizations or payers may not resonate with investors. While a hospital or health plan will want to know what your technology costs and how it would help them improve care quality or operational efficiency, they’re not interested in a graphic showing the projected growth of your startup’s market sector. Investors, on the other hand, care deeply about a sector’s growth potential as well as a prospective portfolio company’s strengths and weaknesses (particularly its technology and leadership team) relative to the competition.
It is essential that you learn the needs and pain points of each target audience and then tailor a message that specifically addresses them. Try to get feedback from members of your target audience (or people who understand their concerns and priorities) and then modify as necessary.
Go multimedia
We may be in the technology business, but humanity sells. The human connection is a powerful thing; people like to hear and see other people talk. That’s one of the reasons why podcasts have become so popular. If there is someone in your company who could shine on a podcast, do not hesitate to get that person some training and some bookings.
No matter how nervous your subject matter expert may be, once they see the positive response internally and externally, they’ll be pestering you for more podcast opportunities. Then they’ll ask for help getting an agent.
You also can use multimedia in social media and in press releases. Spice up your messaging with pictures, graphics, and even short videos. You won’t need to hire a crew for a three-camera shoot, either; videos can easily be recorded on a smartphone.
Get customers to tell their story
I know, it’s one of the hardest things in marketing. A health tech company’s customers – whether they’re a hospital, health system, payer, or academic center – may not want to get involved in your marketing efforts because 1) they’re pretty busy doing their own jobs, and 2) they worry about being perceived as shills for a vendor. From their perspective, those aren’t unreasonable concerns.
But you won’t know what your customers say until you ask. Suggest doing a white paper on their experiences with your solution or ask for one of their spokespeople to join you on stage at an industry conference or for a podcast. People like to talk about their successes and impart advice to colleagues. It’s all upside to them.
One great selling point for healthcare marketing and PR pros who are trying to get a customer to share their experiences is to emphasize that the customer’s story (and yours) centers around how they were able to better serve patients using your technology, not the merits of the technology itself (which should be apparent in the telling of the story). Again, it’s an opportunity for the customer to talk about what they’re doing to help patients, research, or efforts to control healthcare costs.
Conclusion
To succeed in highly competitive markets, health tech vendors need a coherent message centered around how their solution benefits both patients and potential customers. By tailoring these messages to targeted audiences, leveraging the power of multimedia to build human connections, and working with customers to communicate powerful success stories, health tech vendors truly can stand out in a crowded market.