Blog

INTRODUCTION

Regardless if you have one investor or 12, or you’re in your angel round or Series B, you need to keep your investors updated regularly. But how do you write an investor letter? Should it be short or long? Do you keep it high level or go into details?

The key is to cover the five points listed below to the extent that your investors will feel apprised and can read through the update in less than 5 min. (approximately 1,000 words). Use an email marketing program like MailChimp to save some formatting effort, and send your updates monthly to quarterly, depending on the preferences of your investors.

1. Progress and milestones

Describe your progress toward short-term and long-term goals. For example, how close are you to acquiring five new IDNs and $20,000 monthly recurring revenue? What milestones have you reached or exceeded en route to achieving your vision of becoming the leader in your healthcare sector? You also should list what milestones you missed and what course corrections you plan to make.

2. Financial health

Start this section with your top-line revenue information. From there, include your cash position, burn rate and runway. Depending on your financial health, you may be hinting or asking investors for follow-on funding.

3. Pivots or change of plans

If you’re still following your trajectory, just say so and be done with this section. Otherwise, you’ll need to let investors know of course changes. Don’t worry, they know that businesses evolve. In the world of health tech, new federal laws and guidelines continue to force providers, payers and vendors to pivot. Describe what new opportunities you’ve discovered, why you’re targeting different customers or how you’re tweaking your product or service.

4. Potential opportunities

Here’s where you’ll talk about your pipeline and leads, no matter where they are in the sales funnel. You want to show what potential revenue may be coming in, while also showing that you’re focused enough not to be chasing bad leads. As a value-add, your investors may know decision-makers at your target hospitals or clinics and can help you close some deals.

5. Need for advice

You already know that investors often serve on your board of directors or advisors. They are there to provide you guidance, so tap into them. For example, ask for advice on your staffing issues, ask for introductions, ask for help on your operational challenges, etc.

FOR MORE INFORMATION

Revelation PR, Advertising & Social Media offers healthcare IT companies and startups services related to media relations, email marketing, investor relations, tradeshow marketing, content marketing and social media management. Please contact Brian Lee, brian [at] experiencerevelation.com or 608-622-7767.

INTRODUCTION

Healthcare tradeshows provide a one-stop shop to keep up with industry trends, develop new contacts and drive new leads. According to CEIR, 81 percent of tradeshow display attendees have buying authority. With the right marketing strategy, tradeshows can provide your health tech company with increased brand awareness and direct sales opportunities.

Here are seven healthcare tradeshow tips to improve your marketing.

1. Have a plan
Planning for a tradeshow begins months prior to event. Set up a meeting with current staff, including marketing, sales and management, to ensure everyone agrees on the goals for attending the event. Make sure you address why your healthcare IT company or startup should attend, whom you need to meet, how will you gather leads and what specifically do you plan on doing at the show.

2. Be a part of the conversation
To expand your brand and message exposure, include the conference’s official hashtag (e.g. #health2con) with your social media posts. This is your chance to share your content, such as white papers and infographics, that are relevant to attendees. Also, check with the show organizers to see if there are opportunities to advertise your booth activities in an e-newsletter.

3. Execute media relations tactics
If the tradeshow doesn’t automatically send out an attendees list, research media outlets (e.g. HealthcareITNews) that will be attending and secure interviews for your subject matter experts and/or CEO. Have your PR team conduct media training so that the SMEs and CEO are prepared for interviews. Also, reporters don’t want to carry stacks of marketing collateral around the floor, so put your assets (including logo) on a USB stick or email them a link to your website’s media center.

4. Remember that the people in your booth matter
First impressions are lasting impressions. Create the right mix of staff who can answer every type of question. For instance, if you’re launching a new product at Health Informatics, include both sales and technical staff at your booth. Make sure staff members stay on message by using the pre-approved talking points with potential customers. Finally, don’t allow booth staff to sit idly–they need to appear welcoming and eager to engage with passers-by.

5. Select an ideal booth space
The better the booth location, the more traffic it will attract. Although companies don’t often have control over location, some tradeshows assign booth spaces based on exhibitor’s past participation and the booth size. If possible, distance yourself from your competitor’s exhibit and try to be near the action, such as a corner or intersection near the entrance.

6. Be unique
Not only is the location of your booth important, but what you display is, too. Simple pop-up banners don’t cut it anymore–you have to make your exhibit stand out among the sea of exhibits. For example, at HIMSS 2017, Bluetree Network’s space included a tall, blue tree, which was noticeable from all points in the tradeshow floor.

7. Follow-ups are key
Just because the tradeshow is over doesn’t mean the work stops. Do NOT add every business card you collected to an email marketing list, especially since opt-in is permission-based. Instead, send personal emails to everyone who stopped by, and set up follow-up meetings, webinars, calls, etc. to move prospects further along your sales funnel.

FOR MORE INFORMATION

Revelation PR, Advertising & Social Media offers healthcare IT companies and startups services related to media relations, email marketing, investor relations, tradeshow marketing, content marketing and social media management. Please contact Brian Lee, brian [at] experiencerevelation.com or 608-622-7767.