The Five Keys to Profitable Growth

In the current healthcare environment, there are plenty of opportunities available. Companies just need to know how to take advantage of them. As shown in the visual below, any profitable growth strategy should encompass five components.

Keys to Profitable Growth

Generate great opportunities

Contrary to popular belief, relationships with customers are now more important than ever in the healthcare industry. Companies must understand what their customers need and build stronger partnerships with them.

Determine the best opportunities

Not all customers are good customers. Organizations must implement a process for evaluating the best and most profitable opportunities based on a set of criteria such as growth potential, strength of relationship, appropriate fit with offered solutions, and so on.

Provide the right solutions

Many organizations offer one-size-fits-all solutions and methodologies to their customers. Successful organizations develop custom solutions based on market needs and their organizational strengths.

Maximize usage

When your organization is not the incumbent supplier, you have to make your products and services as attractive as possible to potential customers. Help customers make the switch by providing support in the areas where it is most needed.

Maximize retention

When you create a customer experience that cannot be matched you make it difficult for customers to leave. Ask your current customers why they stay with you and build on those strengths.

As you can see from the diagram above, this profitable growth strategy is a cycle. It should never stop. As you acquire new customers, you should follow the same strategy you do with existing customers.

If you implement a growth strategy with these five components, you will see profits grow and relationships flourish.

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