5 Proven Hacks for Growing Profitable Market Share
How to think like a hacker to outsmart your competition
// By Jessica Walker //
Faced with competitors who may have bigger marketing budgets and more resources, many health care marketers feel powerless in the battle for market growth. Thinking like a hacker may help you outsmart the competition. Five proven hacks for market share growth require little to no money — but may give you a competitive advantage and tip the scales in your favor in strategic service lines.
Good hacks start with good planning and well-defined goals. The first hack comes from narrowing your focus. Health care marketers are frequently asked to support volume growth in all strategic service lines, but some may offer better opportunities to establish a competitive advantage.
Hack #1: Use Micro Focus for Macro Growth
By narrowing your attention to one specific service, you can maximize your competitive advantage and revenue actualization of the patient relationship. Revenue actualization happens when you have captured all the potential revenue opportunities directly related to and associated with the targeted health service.
Micro focusing on a single area allows for macro growth from related services. By managing the micro actions that impact the patient’s conversion experience, you can address the issues with speed and nimbleness — the biggest hacker advantage. And as a byproduct of micro focusing, you often discover systems or processes that may be improved across the organization.
The natural question is this: With all of the demands for growth, how do you know which service would benefit the health system most? A good attack plan comes from studying your competitors and finding their Achilles heel.