How Will Your Healthcare Company Weather Economic Changes?

The economic downturn saw a definite dip in profit margins for healthcare companies. Although it’s easy to get overwhelmed by this new financial reality, as the economy is recovering, visionary leaders will keep their company on a clear course for success.

Sometimes it takes baby steps to get through tough times. It’s tempting to panic and charge forward, but careful planning and well-considered actions usually yield better results. Take the time to develop a smart strategy.

Your first baby step is to define your value proposition. If you’ve done this in the past, take a moment to evaluate whether your previous assessment still holds or if your company or your market demographic has changed enough that you need a new value proposition. For inspiration on this topic, take a tour through our blog archive and read our recent posts on market segmentation, differentiators, and knowing your audience.

Once you feel confident about your healthcare company’s value proposition, it’s time to communicate it slowly but steadily. Change rarely happens over night, your message will take time to set in, but if you’ve done your market research right, the right people will be learning about your values and what your company has to offer them.

Take every opportunity to reinforce these points. They shouldn’t just be expressed in your marketing campaigns, but in your casual social media interactions, in your newsletters, in interviews or magazine profiles. Make it clear that your business lives up to the reputation you’re building. This should be a top-down effort; leadership should model behavior that they want to trickle down to the customer service level.

The healthcare industry may be suffering some setbacks in the face of a recovering economy and ACA regulations, but it still remains a vital part of your customers’ lives. Baby steps now may lead to great leaps ahead in the future.

-AJ

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