How a Small Business Can Escalate Their Products and Services to Hospitals

How a Small Business Can Escalate Their Products and Services to Hospitals

With a small business competing for a portion of the health care market space, focus needs to be placed on areas that will give them an edge and a chance to win. One main area is the advantage of escalation of products or services, which done effectively, will contain three levels of pricing and yields outstanding results.

In developing this approach, attention must be paid to the overall economics of the three steps together in the context of the lifetime value of a client. If the mathematics of looking at in its entirety is not profitable or if there cannot be a realistic link between the three where the client reasonably will follow the path to purchase all of them in sequence, then a small business should stop and redesign it to the point where a hospital will buy into all three before initiating the campaign.

A good marketing and sales program will not fix a fundamentally unprofitable business scenario and will most likely just speed up the death of the entity.

The first level is a low priced front end product utilized to penetrate into a hospital account and secure the first order. The benefits of this are two fold. The first is that it is easier and faster to sell a lower priced product since there is not a large amount of risk on the hospital client. Second is that lower amounts can be paid for out of a hospitals operating budget, avoiding the lengthy budget process and fiscal year approvals.

If the approach is solid, this first level can actually be performed at a break even price point as long as the hospital client normally proceeds to the companies back end products or services.

Once in, the small business now has a golden opportunity to show the facility its worth as a valuable vendor that provides outstanding products or services. This is exactly what a small business must deliver if they are looking to establish strong long term relationships in health care.

The next level is a back end product and is where the majority of profit is made. During the initial job, rapport and trust should be nurtured making this back end sale more of an extension of the first job rather than a brand new sale. An example of this could be a low end initial survey or inspection and the back end product being the repair job of what was found wrong during the inspection.

Again, for this to work the small business must deliver a first class experience for the hospital.

Finally the third level is to provide some type of continuity service to the hospital. This can be in the form of service agreements, preventative maintenance schedules, automatic refills or remote monitoring services. All companies can come up with a residual product, but it may take brainstorming and creative thinking. This third level is absolutely critical in establishing a small businesses long term viability in the health care market.

When a small business develops a plan to escalate its products or services to hospitals, it has taken the next large leap in being a profitable enterprise for years to come.

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