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How to Market a New Solution to an Old Problem

Posted on June 28, 2017 by Brian Lee

INTRODUCTION

mouse trap Disruption, according to Wikipedia, is innovation that creates a new market and value network that eventually disrupts an existing market and displaces established market-leading firms and products. It seems these days that tech startups, especially in healthcare IT, have to be the next Uber or AirBNB of their world to experience success, when in fact, they don’t.

In the slow-moving industry of healthcare, often times building a builder mousetrap–in other words, developing a new solution to an old problem–is the key to seeing your product or service get adopted. Let’s take a look at how you can market them.

HOW TO POSITION YOUR SOLUTION

One of your primary objectives should be to identify healthcare systems that have purchased a product or service to satisfy their problem, but that product or service has been insufficient. These prospective customers are likely to re-enter the marketplace for a new product or service since their problem remains unsolved.

When contacting these healthcare systems, use a “beacon” approach to describe your product or service. This means you compare your product or service to a competitor’s, but then explain why yours is better. For example, “We’re like (a competing product) but easier to integrate into your EHR and maintain.” This approach gives your prospective customers a frame of reference (beacon) along with the value proposition.

Also, don’t feel like you have to undercut your competitors. A Forbes magazine article cited a study that consumers will spend more when switching to a new solution that solves their (healthcare) problems.

REACH THE DECISION-MAKERS

It comes down to two general marketing principles: you need to build brand awareness, and you need to stay top of mind. To accomplish these tasks, you will need a sustained effort of PR, marketing and/or advertising. This means don’t just pitch one publication or run online ads for two weeks.

Why? In marketing, there’s the “Rule of Seven,” which says that someone needs to see your marketing message at least seven times before they take action. Even then, the hospital CIO, for example, may not be in the buying mode or cycle. So you have to maintain your brand’s presence in front of them so when they are ready to buy, you’re the first company they think of.

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.

Using Twitter to Promote Healthcare IT Expertise

Posted on June 6, 2017June 8, 2018 by Jaimie Onasch

INTRODUCTION

Twitter can be a useful tool for promoting knowledge and expertise in a particular field, including healthcare IT. An infographic from CDW shows that the role of social media in healthcare is on the rise, with 45 percent of U.S. adults searching health-related topics on those platforms.

Instead of creating a Twitter account for your healthcare IT company, consider using your subject matter experts (SMEs) or leaders to represent your voice. Social media is best used for human-to-human interactions, not corporation-to-corporation.

Here are some tips to brand your team as experts in their respective fields of health tech.

CONNECT WITH OTHERS VIA TWEET CHATS

Twitter chats, or tweet chats, are live, moderated discussions that occur at a set time on a weekly, monthly, bimonthly or one-time basis. Each chat focuses on a specific topic and is associated with a designated hashtag. Have your SMEs or leaders use tweet chats to network and connect with others in healthcare. Many industry experts host tweet chats, and many participants are industry professionals.

For instance, #HITsm brings leaders in health IT together each week to discuss industry trends and how social media influences the outcomes of those initiatives. To participate, users include the #HITsm hashtag in all tweets, comments and replies during the chat.

#HCSM is another popular chat that centers on communication and the use of social media in healthcare. A complete list of healthcare-related tweet chats can be found on Symplur, along with schedules, chat descriptions, topics and transcripts and analytics from previous chats.

Beyond networking, tweet chats can be a powerful way to establish your SMEs as thought leaders, plus they gain exposure to different perspectives and receive advice or guidance from others in the healthcare industry. Regularly engaging in tweet chats can help you convey your points in a concise way, which can also make your day-to-day tweets more impactful.

PITCH REPORTERS ON TWITTER

Twitter is more news centric than other forms of social media and can be an effective means to pitch reporters. Journalists are one of the largest and most active groups on the social media platform today, and many consider their Twitter account to be at least partially professional. A well-styled, 140-character or less pitch is a must, but before pitching a reporter you need to do your research.

Your PR staff should investigate the reporter’s interests/beat, media outlet, past tweets and past articles to make sure they align with your message and field of healthcare. Have your SMEs/leaders follow the appropriate reporters and begin a relationship by commenting on, retweeting and/or favoriting their tweets. The PR team should then help the SMEs/leaders personalize each pitch, especially since tweets are public (the last thing a reporter wants to see is a slew of mass tweets sent to their counterparts). Engaging with journalists and building a standing relationship will go a long way in improving your health tech company’s visibility.

FOR MORE INFORMATION

Three Things to Include in Your Funding Round Press Release

Posted on March 23, 2017 by Brian Lee

INTRODUCTION

Congratulations, your healthcare IT startup has raised a round of funding. Now, how do you get media coverage? One tip for announcing a round of funding includes writing and distributing a press release. This is important because it’s a cost-effective communication method, and it creates brand awareness among your target audience and next round of potential investors.

Don’t let writing a press release be a daunting task. Include the following three things in your next funding round release.

1. Include all relevant details in first paragraph

An informative title isn’t enough. Journalists expect the most important information be included in the first paragraph, so include the who (your company), what (e.g. raised $1 million in its Series A financing round), when (e.g. that closed on Monday), why (e.g. to grow staff and expand marketing efforts) and how (e.g. HealthX Ventures led the round). Give the media basic information of the investment, supplemented with the investors who participated in the round. Use words like “largest funding” or “record setting” to keep readers’ interests.

2. Supply a useful quotation

Keep in mind that quotations that list simple facts are worthless. Your health tech startup’s CEO or founder should use pre-determined talking points in a quotation, and those talking points should stress value. Bad: “We had three investors in a round that lasted five months.” Good: “This money will further our mission of helping providers reduce costs.”

3. Include additional background info

Don’t assume every reporter knows the entire history of your company. After the quotation, consider including a paragraph to recite major points (e.g. “since completing the Pulse@MassChallenge accelerator program in 2016, [your company] has raised $2.3 million, grown to 12 full-time employees and increased annual revenue to $4 million”). From there, add information that would support a story (e.g. statistics, immediate next steps, new hospital clients, etc.).