Discover Your Unique Market Position: Utilizing Data to Identify Differentiators
Written by: Daniel Stephens
The competition in the community-based healthcare sector is fierce, and standing out from the crowd is essential for success. With countless providers offering exceptional care, getting lost in a sea of sameness is easy. So, how can you rise above the rest and effectively communicate your unique qualities? The answer lies in data-driven differentiators; that’s where CHAP Growth Solutions comes in as your trusted partner.
The Need for Market Differentiation
I’ve seen providers that deliver exceptional care (with results that outperform their competitors) who still rely on cookies and donuts to show their value, never adapting their tactics to match the needs of their customers.
To capture the attention of referral sources, providers must strategically highlight their distinctive qualities and back them up with quantifiable evidence. By doing so, they establish a strong market presence, setting themselves apart from competitors. This differentiation can be achieved by offering specialized services like disease programs, adhering to best practices, or delivering superior care.
The Impact of Data-Driven Differentiation
Establishing Credibility through Data
“Well done is better than well said” – Benjamin Franklin
Data-driven market differentiators help providers establish credibility by providing evidence-based support for their claims. This strategy is particularly effective in healthcare, where evidence-based practices hold significant value.
Narrowing the Competitive Field
Data-driven differentiators narrow competition and foster genuine conversations with potential referral sources and even patients, reducing the need for assertive tactics and cultivating an environment where providers can concentrate on delivering high-impact messaging.
Data Analysis and Value Proposition Communication
Harnessing Internal Data
Providers gain insights by analyzing internal data, such as diagnosis and case mixes, to identify strengths. Furthermore, incorporating qualitative staff feedback allows them to gain a deeper understanding of referral sources’ preferences and needs, further differentiating their agency and employees.
Understanding the unique strengths of a provider’s team can be a pivotal factor in setting them apart in the market. For instance, having a nurse with two decades of experience in cardiac care can serve as a valuable differentiator for a cardiologist referral source. Similarly, having a wound, ostomy, and continence (WOC) nurse on the team can offer distinctive value to a wound center, creating a differentiating edge.
Leveraging External Data Sources
External data sources, such as Medicare’s ‘care-compare’ site, provide information on quality scores, patient outcomes, and provider performance. This data enables providers to evaluate their performance relative to their competitors and allows community-based providers to identify what needs they can discover within certain referral sources.
Partnering with external organizations specializing in gathering and compiling Medicare claims data and relevant datasets is vital. They possess the expertise to extract, compile, and transform raw data into actionable insights and value propositions. By collaborating with them, providers can tap into the full potential of the data, effectively differentiating themselves in the market.
Communicating Your Unique Value Proposition
Once providers identify their differentiators, it’s crucial to tailor their messaging to address the specific needs of referral sources. Engaging in a consultative sales approach helps establish credibility and build relationships.
Playing to your strength is central to differentiating yourself from your competitors, as Marcus Buckingham wisely quotes in his book, Go Put Your Strengths to Work. However, finding your strength in itself can be a challenge. That’s where CHAP steps in, empowering you to evaluate and identify what sets you apart, how it translates into making an impact for others, and how you can effectively communicate it to those who matter.
Partner with CHAP Growth Solutions for Effective Differentiation
- Strength-Based Approach: CHAP focuses on identifying and leveraging providers’ unique capabilities and strengths. This differentiation paves the way for success in areas where providers excel.
- Conducting Analysis: CHAP facilitates comprehensive analysis, enabling providers to assess their current state, identify improvement areas, and bridge gaps. With valuable insights from CHAP, providers can enhance their performance and deliver exceptional care.
- Leveraging Skill Sets: Working with CHAP equips providers with skills to utilize data effectively. This enhanced capability enables providers to leverage information during sales calls and interactions.
- Data-Driven Discovery: Through data analysis and gathering qualitative insights, CHAP assists providers in uncovering market differentiators. This helps providers understand customer needs and preferences, allowing them to tailor their services accordingly.
- Formalizing Messaging and Approach: CHAP provides valuable support in formalizing providers’ messaging and approach, helping them establish credibility and build trust with referral sources.
- Translating Differentiators into Action: CHAP guides providers in translating their identified market differentiators into strategic initiatives and actionable plans. This enables providers to align their strengths with targeted initiatives, positioning themselves effectively in the market.
- Increasing Sales Success and ROI: Through data-driven sales enablement, CHAP enhances providers’ skills in utilizing data during sales calls and interactions. This helps providers maximize their return on investment and boost sales success.
- Comprehensive Support: In addition to these captivating points, CHAP offers comprehensive support across various areas, including messaging, marketing plans, consultative sales training, territory mapping, and quarterly business planning.
Identifying what makes you different from your competitors can go a long way in helping you make a more significant difference in people’s lives.
So, identify, enhance, and communicate your market differentiators effectively and thrive in a crowded healthcare marketplace by partnering with CHAP.
If Home Health, Hospice, or Home Care are your service lines, connect with CHAP Growth Solutions today to identify your data-driven differentiators and amplify your growth.