How Digital Health Brands Can Succeed in Today’s Challenging Market (Part 2 of 2)

By Dan Martin

So, switching gears now and putting on my communications cap, what can digital health marketers do to help their brands be successful in this ‘new world’ where, as noted in my previous post, IPO expectations are higher, new funding is harder to secure, previously secured funding is running out, M&A may become the only viable exit for many, and the need for growth and profitability are more paramount than ever? Here are a few ideas that will help brands not only stand out but tie marketing communications efforts to the bottom line:

• Add credibility to your story with customer voices: Partner with customers to help tell your story. Identify customers that are using your offerings in unique ways and finding success doing so. You don’t have to boil the ocean; start with a small circle of brand advocates (think 1-3) and expand that group over time. Engage with them to discuss options that would be amendable (and impactful)—it could be a piece of content (blog post or bylined article), a joint speaking engagement, a webinar, an industry award, a quote or case study on the website, a social post, earned media opportunity, or other activities. Explain that their involvement doesn’t just help your brand, but has value for them—positioning them as a company or organization doing things differently, setting them apart from competitors, helping them better reach and connect with/care for patients, employees or members, making them a more desirable company or organization to work for, partner with, etc. Bringing your customers’ voices to your story adds credibility and trust while also helping to showcase the impact and differentiation of your offering (and company) from a third-party perspective, not just your own.   

  
  

• Build trust through POVs/thought leadership: I always tell the companies I work with to associate a name/face with their brand. Purchasing decision-makers want to know who is behind the company they are buying from. And, as part of that, trust is of the utmost importance. In fact, a CEO’s social presence and interactions can positively affect the bottom line and consumer sentiment. According to Deloitte, trusted companies outperform their peers by 400% and customers who trust a brand are 88% more likely to buy again. CEOs and other organizational leaders need to have a voice. What are the pressing topics and issues driving the broader industry conversations? Where do those intersect with a leader/CEO’s vision, mission and business? Clearly articulate their unique POVs to demonstrate relevance and expertise. Champion r their cause and that of the brand and own the dialogue shaping the work being done. Don’t be afraid of having them share their personal stories (theirs or a loved one’s experience with the healthcare industry, and reason for founding or leading the company). The bottom line is participation is key—don’t just let them watch from the sidelines. What are a few things communicators can do to get them started?

  • Share their opinions, ideas, personal stories on their social channels. Comment on timely, relevant industry news and trends. Noone wants an infomercial so make sure they don’t promote your company’s offering, focus on the industry.

  • Convene industry experts (media, analysts, other executives, investors) and facilitate meaningful conversations about topics and trends. Doing so positions them (and the company) as a leader.  

  • Publish an industry index/report using the company’s own (anonymized) data or commissioned data focused on trends shaping the market. Revisit QoQ or YoY—make it compelling and something the industry looks to your company for.   

  • Leverage executive/CEO travel schedules (tradeshows, customer visits) to meet with key media/publications and other market influencers to seed and tell your brand’s story, update on major milestones, share their POVs on topics driving the macro conversations.   

    
    

• Focus on your impact: In the race to gain awareness and visibility, many digital health brands automatically focus on their technology and what makes it different and better than others. In doing so they very often overlook the most critical element—healthcare is personal, it’s human, and, ultimately, there is a patient benefit. Use a B2B2C mindset and be sure to weave in the impact your product or technology is having on your target B2B buyer but, just as importantly, their end user, the patient—be it a better care experience with a provider, more meaningful engagement with their insurer, faster time to get access to a drug or treatment, a more streamlined process for paying their bills, a better understanding of their benefits and what’s covered/what isn’t. Lean in to the human element and the true impact your brand has on improving the lives of patients.   

  
  

Yes, the market is demanding more from digital health companies today. But, marketers can use that to their advantage to tell better stories, ensure their efforts are laddering up to the business goals, and show ROI that is helping move the sales needle. 

Want to talk more about what Wireside can do to help your brand stand out and achieve success? Leave a comment below or contact us.