The post Accelerating Profitable Growth in Medical Practices appeared first on Princeton Partners.
]]>For solo and small primary practices, dental offices, or specialized practices like orthopedics – dedicating time to a strategic plan for accelerating growth and business development is pivotal for securing long-term success.
In this blog, I’ll dive into three ways medical practices can drive growth, with a specific focus on primary care and dental practices, along with strategies for increasing referrals to specialists like orthopedics or ophthalmology through primary care networks.
Reducing patient attrition or patient turnover is one of the most important steps for any practice to grow profitably. Adopting a patient-centric approach enhances the overall experience, making your practice more convenient, accessible, and engaging for both current and potential patients.
For primary care and dental practices, this means having a robust digital presence, featuring a user-friendly website, a patient portal, automated appointment reminders, and online scheduling with flexible options, like same-day or telehealth visits.
Also, a patient-centric approach to growth requires utilizing online patient survey tools to collect feedback and develop a deeper understanding of how better to serve patients. This includes insights into your strengths and weaknesses, wait times, staff interaction and overall satisfaction. Analyzing your data will identify trends for improvement, opportunities to implement staff training, new communication protocols, or operational modifications which will allow you to establish realistic growth strategies.
For specialty groups like orthopedic, ophthalmology, and retina care practices an innovative way to accelerate patient volume is to connect with existing and new physician referral sources through a targeted physician outreach program designed to not only grow organic referrals from an existing base of physicians, but also to increase new patient acquisitions through a broader network of referral sources.
The cornerstone of a physician outreach program lies in aligning with the practice’s current growth strategies and marketing efforts to increase new patient volume. This involves focusing on two key steps in program development:
Today, many practices still rely on patient referrals and word of mouth as their primary source of new patients. While this method is still important for growth, expanding and investing in proven medical practice marketing strategies will reach new patients that are critical to the success of your growth plan.
Developing a marketing plan often requires an up-front investment, which might be unavailable. However, there are alternative low cost options to drive growth with a high return on investment including, maximizing the value of your social media channels, consistent email marketing, regularly publishing informative content on your website, optimizing your online listings and directories, encouraging and increasing online patient reviews, hosting webinars, educational programs or other pop-up events in your local community and working with your local news sources.
So, what’s difference between a booming practice with accelerated growth and one stuck in neutral? Most thriving practices attribute their success to seeing more patients, retaining by establishing strong relationships with existing patients, and developing a collaborative network of referrals.
The nature of your growth strategy will depend on your specialty, but in today’s rapidly evolving healthcare market, medical practices must seek ways to accelerate profitable growth.
Whether it’s primary care, dental, or specialized practices like orthopedics, or ophthalmology -implementing effective patient-centric strategies, referral networks and leveraging effective low-cost marketing tools are paramount for success.
Learn how we can elevate your medical practice with our Free Action Plan.
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]]>The post Building A Go-To-Market Strategy to Fuel Growth: Three Banks That Are Growing Through Focus appeared first on Princeton Partners.
]]>I laid out the five basic questions that banks must answer in developing a GTM strategy and then shared three examples of community banks who were executing well on their GTM strategy:
Each of these banks aligned their messaging, products, and services to their target market segments, proactively answering the question of: “Why should I do business with this bank versus another one?” Each of these banks have been growing faster than their peers.
We have studied scores of banks, and unfortunately, very few have developed a focused GTM strategy. For years, banks got stuck in a brick-and-mortar business model where growth was achieved by adding/acquiring branches to bring their brand to new markets.
But this legacy model has been challenged by digital banking, neo-banks, and non-banks where growth is all about bringing improved technology and solutions to narrowly-focused target markets.
Fortunately, with the help of my data analyst, I did find a group of community banks that are growing much faster than their peers.
Ranked by CAGR in Revenue, 2015-2023
Using the BankRegData platform that pulls from FDIC Call Reports, we ranked 708 banks with assets between $1 – 5 billion as of year-end 2023. The average growth rate of these 708 banks was 55% and the median was 34%. Only 234 of the 708 were above average. But these three banks below grew 897%, 440% and 321% respectively. Here are some observations to help explain that growth:
# 1 – Park State Bank, Duluth, MN. https://www.parkstatebank.com/
Park State Bank has been a # 1 top performer in Minnesota many times since 2018 and it ranked first in our analysis here. Upon hitting their website, I immediately liked this bank for its storytelling which makes its brand relevant, real and accessible. It displays its business banking solutions first and makes it locally-focused business bankers visible and easy to contact by phone or email.
On the personal banking side, they make it easy for a consumer to select a product solution based on their needs. And they make it easy for community organizations to apply for a grant, and easy for customers to nominate an employee who has “wowed” them. They are succeeding by staying focused on people-first, local expertise and pursuing digital convenience.
# 6 – One Florida Bank, Orlando, FL. https://www.onefloridabank.com/
One Florida Bank shows a clear and focused GTM strategy by featuring its Treasury Management Services. They clearly want to help middle market businesses to efficiently manage their diverse payment needs and to provide business insight to enable better decisions, risk reduction and peace of mind.
They also offer a full range of personal banking solutions. They have the online/mobile banking and payment solutions that consumers expect, but they have not yet launched online account opening. I am sure that is coming soon. This bank demonstrates sophistication, energy, and focus.
# 10 Coastal Community Bank, Everett, WA. https://www.coastalbank.com/
This bank wears it values and commitment to being trusted advisors and knowledge-builders front and center. It’s prominent home page message touts specific small business industries and a small business newsletter. It features a robust business resource center that aggregates relevant information and organizations to help small and mid-sized businesses succeed.
All three of these banks have significant branch networks and are built on the traditional strengths of community banking: People, Expertise, Local Knowledge and Commitment to investing in their communities. As a result, I expect they will continue to grow faster than their peers.
If you would like a free assessment of your bank’s growth versus your state and national peers, let us know via this link: Free Assessment
Princeton Partners is dedicated to Community Bank Success. Learn more at our Financial Services page.
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]]>The post Accelerating Growth in Consumer Home Services (Part 1) appeared first on Princeton Partners.
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In this first blog in a three-part series, we will outline strategies companies should employ to accelerate growth. The first critical strategy in this process is new customer acquisition … at scale.
Your best new customer prospects are likely to look a lot like your current customers. To find these new customers takes more than looking at zip codes, income levels and other basic demographic factors. Modern data tools allow us to map your best current customers across 10-12 key factors, and different public and private databases, to understand who they are at a much deeper level.
We identify high potential “look-a-like” audiences, creating a ranked list of top prospects. Within this, we target specific, identifiable households or a “known audience.” This helps ensure that every marketing and sales dollar is attributable and works three to four times more effectively than traditional methods.
Creating compelling offers for new customers. The right offer not only spurs customer interest, but also distinguishes you from the competition and helps overcome inertia. This could be a low-interest loan or an energy-savings rebate in HVAC, or a free home inspection in Pest Control. There are a range of offer strategies we’ve successfully used over the years, and we consistently test which offers perform best.
Efficiently reach and activate new customer prospects. Modern digital and other marketing tools now enable companies to reach high potential customers with little to no waste. We employ a multichannel combination of offline and online tools, including digital display and online video, postcards, personalized emails and more, as this multichannel approach provides a proven, stronger return on investment. By focusing on a known audience, we are able to cost-effectively deliver 7-10 consumer touches to build awareness of your company and its services to drive customer conversion. Additionally, in the early stages of a campaign, we create small test cells, helping us understand which creative options and marketing vehicles are working best, which focuses media investments.
Throughout a campaign, we conduct monthly match-back analysis on new customers to directly attribute return on investment from the campaign. And at the end of the campaign, we develop and share a detailed analysis, showing how much future sales (and profits) you should expect.
In our next two blogs, we will focus on two additional growth strategies – how you can reduce customer churn and build loyalty, as well as how you can accelerate growth by increasing the average annual spend of existing customers.
Interested to learn more in the interim, visit: https://princetonpartners.com/consumer-home-services
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]]>The post Unlocking Leadership Impact: Three Principles to Transform Your Organization appeared first on Princeton Partners.
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Some economists have said that the pandemic sped up digital transformation and organizational change by a decade or more. Now, with a transformative technology in AI, the pressure to adapt and move faster can feel overwhelming. Yet, as counterintuitive as it may seem, slowing down can be the key to unlocking greater productivity and strategic impact. Research has shown that taking time to pause, reflect, and engage in quality think time leads to a more focused mindset and smarter decision making.
By intentionally slowing down, leaders can create space for innovation and strategic thinking, enabling them to better influence their teams and drive smart organizational change. Periodic strategic offsite meetings can be great, but building this deliberate approach into your way of working fosters a culture of mindfulness and intentionality, and can empower teams to innovate and adapt better to evolving market needs.
In a world of endless challenges and opportunities, leaders can fall into the trap of trying to do it all. However, the key to true effectiveness lies in doing less, but doing it better. Utilizing tools like a Personal Work Quadrant Analysis can help leaders align their own strengths and responsibilities, enabling them to prioritize tasks and focus on activities that align with their strengths and passions.
Quadrant 1 – encompasses tasks that leaders excel at and enjoy, representing their sweet spot for productivity and fulfillment. I call this the “sweet spot.”
Quadrant 2 – includes tasks that leaders are good at and like to do while offering opportunities for growth and development. I call this “room for improvement.”
Quadrant 3 – involves tasks that leaders are good at but don’t enjoy, requiring strategic delegation or collaboration. I call this “personal hell” but recognize they must be done by me or others I work closely with.
Quadrant 4 – comprises tasks that leaders neither excel at nor enjoy. You might call this “insane asylum.”
By focusing yourself and your colleagues on Quadrants 1 and 2, leaders can optimize their time and energy leading to greater joy and better results over time. Modeling this principle of focusing on your strengths also fosters a culture of empowerment and collaboration within your organization.
Amidst the many demands of the workplace, it’s easy to lose site of the human element. However, leaders who prioritize genuine connection and empathy with their team members unlock a powerful force for collaboration and success.
Taking time to connect with and know your team members, beyond their professional roles, cultivates a culture of trust, respect, and camaraderie. By acknowledging the holistic needs of individuals, and fostering a supportive work environment, leaders create a sense of belonging and purpose that drives organizational performance and employee engagement.
I recommend you take time to do your own personal quadrant analysis. I also encourage you to embrace these three principles – slowing down to speed up, doing less to do more, and taking time to be human. Ultimately, by exemplifying these principles, leaders can help to transform their organizations into vibrant and productive communities where individuals thrive and collective goals are achieved.
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]]>The post Crafting a Charismatic Brand for Your Medical Practice: Blending Strategy and Creativity appeared first on Princeton Partners.
]]>Applying his theory to medical practices, creating a charismatic brand requires a delicate blend of strategic thinking and creative skills, that differentiates a medical practice, builds credibility, and fosters trust.
In this article, I’ll explore the key elements involved in crafting a charismatic brand for your medical practice, offering examples and insights to guide you through the process.
Competitive Edge in the Market: Having a powerful charismatic brand allows your practice to gain a competitive advantage. It allows you to focus on what sets your practice apart from other practices, making you the healthcare provider of choice to both current and potential patients.
Increased Referrals and Word-of-mouth Testimonials: A charismatic brand has the potential to generate positive word-of-mouth. Satisfied patients are more likely to refer friends and family to your practice if they connect with your brand. Word-of-mouth is a powerful growth accelerator, and a charismatic brand can amplify its impact, resulting in a steady stream of referrals and new business.
Better Recruitment and Staff Morale: Beyond patient-facing benefits, a charismatic brand can positively impact your internal team. A strong brand fosters a sense of pride, ownership, and purpose among your staff, contributing to a positive work culture. This, in turn, makes your practice more attractive to top-tier talent, facilitating recruitment and retention of skilled professionals.
1. Differentiation Through Identity
One of the first steps in creating a charismatic brand is identifying how you are different. Your practice must have a distinct identity that sets you apart from others in the market. This involves identifying the unique qualities, values, milestones, technology, or specialties that define your practice. For example, if your practice emphasizes patient-centered care, you can incorporate this into your brand identity, making it a focal point in your messaging, service delivery, and staff recognition.
2. Craft the Right Message
The message you convey is the heart of your brand and it should articulate your values, mission, achievements, and the unique benefits your practice offers. Everything you do and say reflects and amplifies those distinct competitive advantages. Effective communication is a cornerstone of a charismatic brand. For example, if your practice focuses on preventive care, your messaging could highlight the long-term health benefits and peace of mind that come with proactive healthcare.
3. Communicate the Right Tone
The tone of your communication should represent your brand’s personality and resonate with your target audience while maintaining professionalism. Consider the demographics and preferences of your patients when determining the appropriate tone. For example, if your practice caters to families, a warm and friendly tone may be more effective, whereas a specialized surgical practice might choose a formal tone.
4. Choose the Right Channels
Selecting the right channels to communicate your brand is crucial for reaching your audience efficiently. In today’s digital age, an online presence is essential. Utilize social media platforms, create a user-friendly website, and explore online advertising to extend your reach. In addition, traditional channels such as local publications, community events, and partnerships with other healthcare providers or community groups can enhance your offline presence. Striking a balance between online and offline channels ensures you reach the right people with the right message.
5. Blending Strategic and Creative Skills
Successfully creating a charismatic brand requires blending strategic and creative skills. On the strategy side, logic, planning, research, and data analysis lead to your practice’s goals. This strategy then guides the creative elements, like logo design, color schemes, website architecture, and visual materials. Collaborate with professionals who understand the healthcare industry and can bring a creative flair to your brand while staying true to strategic objectives.
Crafting a charismatic brand for your medical practice is a multifaceted process that demands bridging the “brand gap” between strategic thinking and creative expertise. By differentiating your practice, communicating the right tone, choosing the right channels, and crafting a compelling message, you can establish a brand that resonates with patients and sets your practice apart. Remember, the essence of a charismatic brand lies in its ability to connect with people on a deeper level, fostering lasting relationships and trust within the community.
Learn how we can elevate your medical practice with our Free Action Plan.
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]]>The post Is Your Bank Aligned to Grow Better, Faster? How a Go-To-Market Strategy Supports Growth appeared first on Princeton Partners.
]]>Which market is our bank organized to serve better than our competition?
Having asked this question of many bankers over the years, the answers mostly sound generic. For decades, the vast majority of banks have generally been organized to serve the wide range of deposit and lending needs of the people and communities in their branch footprint. Their mission statements and community commitments sound very similar. A comparative line-up of their products reveals the commoditized nature of the banking industry. While it’s true that banks have evolved over time as their communities and customers have changed, they remain largely undifferentiated from their competitors. I will share here how the process of differentiation begins and will also provide three examples of community banks, small and large, that are growing because they have answered the key question.
I believe that community banks can grow faster, and more efficiently, by developing and executing a Go-To-Market (GTM) strategy that elevates their differentiation and value propositions. It starts by asking: “which market or priority markets will the bank commit to serving better than the competition?” Momentum and success are then gained by aligning and investing in people, products, resources, processes, and marketing to fully support that strategy over time. As the bank executes on these components to bring superior value and service to a more defined market and target audience, it can increase its differentiation, customer satisfaction, loyalty, referrals, and ultimately, profitability.
Developing a GTM strategy sounds more daunting than it really is. It is not as comprehensive as a strategic business plan – but it can accelerate the focus, development and achievement of a larger strategic business plan. I recommend starting your GTM journey by asking and answering five basic questions.
1. Which Market(s) Should We Serve?
I fear that most bankers resist this question because banks, by charter, and by design, want to meet the wide-ranging needs of a larger, heterogenous population of business and retail customers. But you must research and answer this question before you can begin to achieve competitive differentiation and superior value in your chosen market. This research should be done with a longer-term, data-informed view of the size, growth and desirability of your defined markets. Narrowing these broader markets into sub-segments will enable you to mine, serve, defend, and expand this market.
2. What Products and Services Can We Customize to Meeting Our Market’s Needs?
Banks with a focused GTM strategy will package more value into their products and services. By designing and refining a more holistic suite of tailored products and services, differentiation and value perception will be solidified in the minds of customers and prospects.
3. How Will We Deliver Our Products and Services to Our Markets?
Today, even small community banks have more choices about product delivery – via both expert bank representatives in-person or by Zoom or phone, and via online channels that manage the customer experience. To deliver more sophisticated solutions such as industry-relevant lending and financing options, banks must invest in the right people with target market expertise to design, underwrite, and deliver the best solutions. Going direct via sales can be done both inside and outside the branch footprint; but it is important to select new footprints based on a number of factors including market opportunity, market knowledge, and the availability of market experts to serve these new footprints.
4. How Will We Price Our Products and Services?
Differentiated brands have more pricing power than undifferentiated brands. Bundling pricing and serving market segments with multiple product/service solutions provides opportunities to increase customer win rates and long-term profitability over time.
5. How Will We Promote Our Positioning and Differentiated Value Propositions?
Less is more when it comes to presenting differentiated value propositions to defined markets. Be bold and direct about who you serve and why. Structure your website, digital, advertising, email, and sales communications to meet the very specific needs of your priority markets. Support your value propositions with proof of client success in the markets you serve.
The following community banks are growing nicely and performing well in asset growth, total income growth, and efficiency ratios. I believe that the efficiency ratios (total non-interest expense as a percentage of adjusted operating income) of differentiated, market-focused banks, will generally be lower than their peers because they will create more customer value and revenue with lower expenses over time.
1. First National Bank of Hereford, Texas – https://www.fnbhereford.com/
With scenes of cattle ranches, windmill pumps, and crop production on its website, this small institution proudly displays its focus on serving the farming and agricultural communities in its region. Its product portfolio is designed to meet all the major needs of this community. This focus is working. FNB Hereford has grown its assets by 28% from $206 million to $271 million in the eleven quarters between Q4-2020 and Q3-2023. Total income in the period increased 57% from $2.1 to $3.3 million. Their efficiency ratio is 59.5 versus their peers at 69.6. Not bad for a small bank in a big state.
2. Associated Bank, Green Bay, WI – https://www.associatedbank.com/
Associated Bank, with $41 billion in assets, positions itself as a business and commercial bank serving the unique needs of industries in the Midwest. It highlights its deep knowledge of key industries like insurance, healthcare, construction, manufacturing, and distribution. It clearly signals its substantial lending capacity for larger hospitals and commercial clients while also promoting loan and banking solutions for small business. I like that it promotes the ability to obtain business loan funding of up to $1 million in as little as a day – by applying online or with expert help. Associated adds proof to its commitment to small business by offering HR and payroll services through its partner, Paycor. Associated grew is assets by 23% from $33.4 billion to $41.2 billion in the 11 quarters ending Q32023. In that period, total income grew 18% from $272.7 million to $322.4 million. It’s efficiency ratio at 59.6 demonstrates it can make money at scale. Associated Bank has a good story to tell, and I think it should double down on its communications messaging to tell its story with even greater focus and better industry-specific imagery.
3. Live Oak Bank, Wilmington, NC – https://www.liveoakbank.com/
Live Oak was founded in 2008 with leadership focused on investing in technology so that it could serve the needs of small businesses anywhere. The website boldly proclaims its focus by saying “We’re on a mission to be America’s small business bank.” Live Oak is a digital bank with one branch but operates in all 50 states using industry-focused originators to advise small business and build loan volume. Live Oak grew its assets by 40% from $7.8 to $10.9 billion in the eleven quarters ending Q3-2023. In that period, it grew total income 117% from $70.9 million to $123.9 million. Its positioning, product focus, expertise in 35 specialized industries, sales delivery, and customer experience are aligned and working well. In 2023, Live Oak attained a milestone as the #1 SBA lender.
In my next blog, I will build on the value of a GTM strategy by focusing on banks that are succeeding with specific retail segments. And, in case you missed it, check out my last blog which got almost 5,000 views on LinkedIn: “Will You Be an Ostrich or an Eagle in 2024: 7 Resolutions for Community Bankers.”
Princeton Partners is dedicated to Community Bank Success. Learn more at our Financial Services page.
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]]>The post The Power of Optimizing Your Medical Practice’s Online Presence appeared first on Princeton Partners.
]]>Optimizing your practices’ website and online experience not only opens doors to new patients but also plays a pivotal role in fostering meaningful conversations with existing patients.
In this article, I dive into the benefits and explore some actionable strategies that can help build a strong and reputable online presence in the competitive healthcare field.
1. Expanded Search Ranking and New Patient Acquisition
Patients look for healthcare services online. If your practice is easily found in online searches, you increase the chances of more patients discovering and choosing your practice.
A well-optimized website, with supporting SEO strategies is a powerful tool to capture new patients and to drive organic search engine results on platforms like Google. Enhanced visibility in search engine results combined with a user-friendly website ensures your medical practice will outpace your competition in attracting new patients.
2. Improved Patient Engagement and Retention
A seamless online experience fosters stronger connections with current patients. From your website, patients should be able to schedule appointments, access records for timely updates, and get appointment reminders. Engaged patients in turn will more likely stay loyal, follow treatment plans, and advocate for your practice within their communities.
3. Build Credibility and Trust
A well-organized and informative website and online presence builds trust. Providing accurate, up-to-date information, showcasing your expertise and highlighting your medical team gives patients confidence in your practice.
1. Prioritize Mobile
Make sure your website is mobile-friendly. A responsive mobile-first design not only improves the user experience but also boosts your search engine rankings.
2. Get Noticed with Search Engine Optimization (SEO)
Implement a robust SEO strategy to improve your practice’s visibility in search engine results. Identify relevant keywords, create quality content, use video and optimize meta tags to increase your website’s chances of appearing at the top when potential patients search for healthcare services in your specialty.
3. Localize Your Content
Local content and optimizing your Google Business Profile (GBP) to rank better in local searches is central to local SEO as mobile devices dominate healthcare information searches. Google’s prioritization of search content emphasizes location-based information making up-to-date, interactive and engaging content a must have on your GBP.
4. Manage Your Online Reputation
Your online reputation is crucial, with almost 99% of consumers reading reviews before making a decision. Google considers user-generated content, including reviews when determining search rankings. As part of your SEO strategy, maintaining a positive online reputation, hardwiring a system to capture patient reviews and managing user-generated content has become one of the cornerstones in digital marketing plans for well-positioned medical practices.
5. Easy Appointment Scheduling
Surprisingly, many practices still lack a real-time online appointment system. A user-friendly program that allows patients to easily book appointments, receive confirmation emails, and set reminders is a must for practice growth. We’ve managed many practice implementations using cost-effective, compatible, and easy to ramp up programs. While this may have been challenging in the past, today it’s easy for any size practice. For more insights on enhancing the patient experience, check out our blog article on “The Art of Patient Engagement”.
Optimizing your practice’s online presence is not just a technological upgrade—it’s a strategic investment in gaining, engaging, and ensuring lasting success with patients. By implementing these key strategies, you’re not only meeting the expectations of today’s tech-savvy patients, but also ensuring that your practice remains at the forefront of healthcare in the digital age.
Learn how we can elevate your medical practice with our Free Action Plan.
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]]>The post Will You Be an Ostrich or an Eagle in 2024? appeared first on Princeton Partners.
]]>In South Africa, I discovered that ostriches are herding creatures; grass and bug grazers who hide or run from danger. During a face-to-face encounter, I observed their disorderly pecking movements, noting the substantial energy they expend through the dynamic movements of their heads and necks while remaining stationary.
In Alaska, I observed eagles that showcased strategic territory selection based on food availability and nesting opportunities. When hunting, the Eagle’s flight is direct, swift, quiet, and seemingly effortless. Eagles thrive close to home in often frigid temperatures. They also migrate hundreds of miles from their home nests to take advantage of salmon runs. Eagles go where the opportunities lie, while ostriches must suffice from bugs stirred up by zebras and other large herding animals.
Over my 40-year career working with community banks, I’ve observed the contrasting approaches of those soaring and thriving like eagles, and those defending and retreating like ostriches. In 1985, there were 14,434 community banks, but by Q323, this number dwindled to 4,614 – a 68% decline (per FDIC Call Reports). I anticipate that accelerated marketplace and technology changes will drive faster consolidation, resulting in about 2,500 community banks by 2030.
Now, consolidation does not alarm most bankers and there are upsides of course. But the trends in market share should raise a red flag for all community bankers. Beyond the massive growth of fintech and digital-only banks, market share has been shifting to the biggest banks for decades. The data indicates that over the past 20 years, community banks (<$10 B in assets) and regional banks ($10-100 B in assets) have been losing share to large financial institutions ($100B +). There are 30 banks with more than $100 billion in assets, so less than 1% of the banks are growing market share.
Market share is crucial because it drives efficiency, growth, and profitability, serving as a key indicator of an organization’s relevance and competitiveness. It is harder for community banks to gain market share due to competitive disadvantages including a higher, relative cost burden for security, compliance, and regulatory requirements. They also have fewer product and fee-based revenue streams, lower brand awareness, and a slower pace of technology/innovation adoption that’s restricted by lower operating margins.
Despite these hurdles, I believe community banks can thrive. Throughout 2024, I will make that argument by sharing information, strategies, and insights, organized around seven key resolutions I recommend for community bank growth and success:
1. Resolve to be Visionary and Bold
Leaders can either succumb to the pace of change or leverage it strategically for growth. Think longer term and commit to a big vision. Develop a 10-year plan that moves the culture and organization forward through 1, 3, and 5-year plans that reward the right behaviors and allocate resources to the most important strategic initiatives. Be determined to focus and win market share in your most important geographic, commercial, and consumer markets by leveraging the competitive strengths of being a community bank (i.e., relationships, local knowledge and decision-making, commitment to investing in the community).
2. Resolve to be Relevant
Once you’ve decided who your priority customers are, tailor your products, delivery, and services to meet their needs. In the current macro environment, targeting Gen Y and Gen Z is crucial. Align your brand, messaging, access, and service delivery to establish meaningful, long-term relationships built on trust, ease of use, and value. Be relevant and shift from transactional thinking to relationship-focused strategies.
3. Resolve to Leverage Data
First, use data analysis about your current and most profitable customers, and your ideal market segments, to inform the vision and strategic plan. Then, commit to leveraging data daily as your way of doing business. Build KPIs at the organizational, department, and employee level and constantly evolve those KPIs as you invest strategically in technology. Create the right reporting and feedback loops and provide customer knowledge and visibility to all your employees.
4. Resolve to be Easy
To effectively compete, your training, customer support, and online experience must be elevated to deliver tech-enabled, easy access to account information and to meeting the transactional needs of every customer type. Implement virtual assistant customer service technology while also ensuring seamless access for customers to connect with human beings for quick and effective high-touch assistance whenever needed.
5. Resolve to be Personal
In a world of hyper-personalization, tailor your marketing and communications to customers based on their preferences and needs. Utilize evolving tools as you build your data infrastructure. Customize account on-boarding and messaging flows so they are relevant to your various customer types.
6. Resolve to be Worthy
You want to win a customer for life, so you need to be relevant and supportive of that customer at every stage of the personal or business lifecycle. Use competitive analysis, market research, and feedback loops to gauge your effectiveness in meeting customer needs and to identify areas for improvement. Utilize these insights to empower your team to implement new products and solutions and faster ways to resolve issues.
7. Resolve to be Impactful
Customer success and happiness is your first impact goal. Today’s customers also want to see your bank contribute more strategically to community impact. Many banks make dozens of smaller contributions to non-profits and community associations. I recommend you also think about committing to and leading a cause-based program that can impact your communities in a more scalable way. That level of leadership and commitment will increase your impact over time – and will solidify your brand value as well.
Recognize that you don’t have to navigate this journey alone. Find the right partners who align with your vision. Demand more of your core service providers. Engage and inspire both your employees and customers as you communicate and implement your vision, plans, and community impact initiatives. Doing so will enable you to capture market share and to grow profitably and more confidently into the future.
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]]>The post Thriving in Healthcare: The Art of Patient Engagement appeared first on Princeton Partners.
]]>Let’s explore the importance of patient engagement in modern healthcare and delve into strategies that go beyond the waiting room, connecting healthcare providers with their patients in a more meaningful and deeper way.
1. Implement a Robust Patient Portal
A user-friendly patient portal serves as a virtual hub for patients to access medical records, schedule appointments, request prescription refills, and obtain important health information. Emphasizing security and ease of navigation encourages active participation by patients in managing their healthcare.
2. Appointment Reminders and Scheduling Options
Implement automated appointment reminders through SMS, email, or the patient portal to reduce no-show rates and improve overall appointment adherence. Offer flexible scheduling options, including online appointment booking, to cater to the preferences of tech-savvy patients who prefer the convenience of self-service scheduling.
3. Patient Surveys and Feedback
Seek patient feedback through surveys to understand their pre-appointment expectations and experiences at check-in and during an appointment.
This allows patients to provide real-time feedback. Use this information to identify areas for improvement and demonstrate a commitment to continuously enhancing the patient’s experience. Patients will take notice and acknowledge the changes you make.
4. Social Media Engagement
Utilize social media platforms to engage with patients and potential patients more broadly. Share relevant health content, success stories, and updates about the practice. Encourage patient interaction through comments, likes, and shares. Social media provides a valuable space for community building and fosters a sense of belonging among patients.
5. Targeted Email Campaigns
Segment patient lists based on demographics, medical conditions, or specific health needs, and tailor email campaigns and personalized health education campaigns accordingly. Deliver targeted content focusing on preventive care reminders, seasonal health tips, or information about support groups relevant to specific patient groups. This will help strengthen the connection between patients and your medical practice.
Implementing these patient engagement strategies will not only contribute to a healthier, more satisfied patient community, but will also help your medical practice thrive. Practices that deliver a personalized, patient-centric experience beyond the traditional waiting room will lead the way in healthcare.
Accelerate success for your practice, read: Thriving in Healthcare: Navigating Tight Budgets, Surging Demand, and Virtual Care.
Learn how we can elevate your medical practice with our Free Action Plan.
Mike Slusarz is a seasoned healthcare marketing professional with 30+ years expertise in brand management, strategic planning, digital marketing, physician relations and corporate communications. As former VP of Marketing & Brand Strategy at Barnabas Health for 25+ years, leading the marketing operations for seven acute care hospitals, three cardiac surgery centers, four of NJ’s largest teaching hospitals and over 700 medical practices.
Mike’s leadership spans Cape Regional Health System, PRISM Vision Group, and the Marathon Group, his award-winning agency. A former President of the Health Care Planning & Marketing Society of New Jersey, he also teaches at Temple University.
The post Thriving in Healthcare: The Art of Patient Engagement appeared first on Princeton Partners.
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