What are the top 3 things you need to differentiate yourself with referrals sources and prospects?
1. Reputation Quotient: a reputation for taking on difficult clients and difficult cases, especially if you are in a saturated market
2. Being Problem Solver: For example, having a covid positive patient plan, reducing a client’s costs, or improving quality.
3. FLEXIBLE CREATIVE COURAGE: A creative marketing plan and business development techniques that work together on a reduced budget that test your flexibility, comfort level, and stretch your creativity.
Reputation Quotient: What are you known for? By design or by accident, every service provider, be it hospice, home care, home health, assisted living facility, etc. in your market has a target niche. Chances are, you have a mix of clients. Your clients have nuanced categories. Specialization in one key area with some generalization, while not trying to be all things to all people, will create key growth opportunities. In Michael Port’s book the Contrarian Effect he writes about the “know, like trust” factor that is common in networking groups like ProVisors and a common approach in sales. That people need to know you, like you and trust you in order to buy from you. Google reviews are more important than ever and customer referrals from word of mouth and referrals from a trusted network overall, can consist of up to 85% or more of your business.
The Problem Solver: How are you differentiated in the minds of those who interact with your brand? Are you known as the company that is well prepared and taking on Covid positive patients, fast response, quality, or low pricing? Do your referral sources know what to specifically call you for, before another option is sought?
With Covid – there are higher risks as the care team is at greater risk of Covid exposure working with Covid positive clients, and greater potential rewards such as fulfilling a specific area of greatest need coupled with the differentiation with referral sources such as hospitals and short term rehabs for the organizations that can maneuver to support clients that need the care. But agencies are providing this service and in some markets charging over $50 per hour per aide.
Why avoid a difficult approach? In the book Wealth of Nations Adam Smith writes about the importance of self-interest, that it is our self-interest that drives the flow of goods and services. With Covid the self-interest effect can be a real desire to shy away from increased liability if their business is providing care, and at what cost for you in the long term when your competitors have met a significant market need?
In his book the Contrarian Effect Michael Port points out that self interest is more than just an economic force – that providing for one another and serving even at the self-interest level is essential to human survival. Self-interest is the “catalyst that prompts a customer to buy from you…” And rarely are the interests of your company have motivations aligned perfectly with the interests of your customer, and the problem begins when self interest morphs into selfishness and a lack of focus on the buying process.
For example, the buying process with home care: A family typically engages three different companies and generally, the company that resonates with the family the most and pressures the decision makers involved the least, ends up winning their business. Above price.
Every business and individual have a carrying capacity and risk tolerance. It is important to understand what these natural constraints are, and when we run up against them, to modify, adjust, and adapt proactively.
FLEXIBLE CREATIVE COURAGE: There are 1,001 ways to get creative with referral source relationship development. Are you still following a model from years ago? Most likely you are trying to adapt and figuring out what works. One key: Outsourcing. In Tim Ferris’s book the 4-Hour Work Week, outsourcing was a key concept to growth and increasing income for an individual business owner. Outsource things that are not your core key function or that can supplement your core key functions. For example, we work with a small group out of Wichita Kansas that runs our letter mail campaigns for cheaper than we or our clients can do them for themselves after you factor in the cost of ordering the paper, letter head, printing, folding, stamping, etc.
Outsourcing can be key in delegating at lower costs but also enhance your key offering. For example, we have a client that is a home health agency that specializes in dementia. The company was at a loss with lack of progress and caregiver attrition with one particular patient. The leadership was not afraid to look outside their company to consult top specialists in the field to move past a particular problem. Does your team have a consistent effective case management review that not only helps with retention but hone your specialization niche? Are your clients on autopilot, or are you re-assessing, re-contracting, and making recommendations on a specific schedule?
Why does Carvana let you drive a car a full week before you have to buy it? Because it works. There are 1,001 different and unique ways you can reduce costs and increase both efficiencies and effectiveness to get a customer in front of you, understand buyer behavior and engage customers to buy. Focusing on providing valuable information for family decision makers, referral sources and key networking partners in the community requires consistency and creativity.
For example, we have an assisted living client where we created a program for and by vets that attracts this specific group to the community and with another assisted living client have a program that matches deposits rather than rate reductions.
Another take-away from Michael Port’s book The Contrarian Effect is the “Always Have Something to Invite People To” offer. Offer a free call to strategic partners and businesses with the same target market so that those companies also have something of value to offer prospects. This is something that Alaya Care, a Home Health software company does very well. Not only do they have an excellent product and service that improves the value of a home health offering, but they engage the community that provides this service in a way that provides value whether or not consumers buy from them.
Working with a business consultant is a great is a great way to help improve outcomes and maximize your investment with your healthcare business.
Are you exploring ways to maximize your results? Whether it is recruitment and retention, sales, customer service, marketing; maximize your return on investment with your home care, hospice, home health or assisted living business. Schedule a discovery meeting with Sixth Sense Solutions today. Visit our appointment calendar at https://SixthSenseDiscoveryMeeting.as.me/,
Call us at 949-241-6690, or you can reach our team via email at info@SixSenseSolutions.com