Business

Recession-Proof Medical Practice Marketing

Published

11 months ago

June 22, 2023

What’s the difference between a recession and a depression? In a recession, your competitors close their doors. In a depression, you close yours. As physicians across the country increasingly worry about their economic and financial future, the specter of the largest recession in decades or possibly a depression looms large. For medical practices, the stakes are particularly high as patients delay elective procedures, and even ongoing wellness care or chronic disease treatment.

The question that looms large for many practice owners is: how do you prepare for an uncertain financial future?

When preparing for an economic downturn, it is important to understand the difference between Practice Marketing Resistance and Resilience. Marketing Resistance is the ability of a practice to withstand a disturbance in revenue flow by putting in place marketing processes that make it possible to return to normal operations with minimal disruption. Marketing Resilience, on the other hand, is the ability of a practice to recover after suffering great harm from a serious revenue disturbance and continue to operate in a devolving situation.

This article is developed using insights from Peter J. Polack, MD, a practicing ophthalmologist who specializes in laser refractive and cataract surgery. Additionally, he is the founder of Emedikon, a venture marketing firm that leverages his proprietary Practice Domination Marketing Protocol to help medical practices improve their marketing strategies. With a family background in ophthalmology, Peter has witnessed firsthand the changes affecting healthcare practices and delivery. For many years, he has been fascinated by the role of technology and marketing in the medical field.

Peter shares his insights on marketing through his blogs on Healio Ophthalmology and Eyes on Eyecare. He is also a prominent contributor to Quora.com, an expert platform where his posts have garnered over 4 million views. This gives him an unprecedented insight into what patients want, which informs how he views crafting excellent patient experiences, which we all know is the coin of the realm.

The good news, he reveals, is that in an economic downturn Marketing Resistance and Resilience programs as integral parts of your marketing efforts can be the deciding factors in whether your practice thrives, survives, or closes its doors. The key is to understand your practice’s situation and tailor your marketing accordingly. Here are three steps that can help your practice build resilience or resistance and prepare for an uncertain future.

Step 1: Marketing Triage

The first step is to perform Marketing Triage by critically evaluating every opportunity source you are currently investing in. Make sure you have a full inventory of every lead source that brings in opportunities. Are you tracking all leads that come in through the phone, email, website, or other sources? After you have built your lead sources list, assess each one’s ability to capture leads, nurture, and convert them into revenue. Are you following up with them in a timely manner and nurturing those leads through the entire patient journey? By identifying gaps in your lead capture and conversion process, you can prioritize your efforts and allocate resources to where they will have the most impact. In broad strokes, this means you will have to do a detailed performance evaluation of your traffic and funnels.

Step 2: Focus on High-Value Cash Services (for prospects who still have money)

During a recession, as we experienced in 2009, patients are more selective about the cash services they choose. This means that practices should focus on offering high-value cash services that you know will always be in demand by patients with discretionary dollars. In the marketing world, this is known as “marketing to the affluent,” a term of art first articulated by Dan Kennedy, whose book about it is on Amazon if you’re interested. By prominently marketing these services and tailoring your messaging to emphasize their value and affordability, you can maintain revenue and build a marketing list of prospects with disposable income. You can instantly promote directly and on demand to this audience (practically free) using email and SMS. The money’s in the list.

Step 3: Diversify Your Marketing Efforts

Finally, it is important to diversify your marketing efforts to reach a wider audience and maximize your exposure. This means using a mix of online and offline channels, such as social media, email marketing, search engine optimization, print advertising, and community outreach. There are only four ways to reach your audience of choice:

Online + paid traffic – advertising on social media and various ad networks
Online + free traffic – known as content marketing
Offline + paid traffic – print, TV, radio, ads, billboards, local events, and sponsorships
Offline + free traffic – referrals, word-of-mouth, waiting room signage

With a diversified marketing approach, you reach patients where they are and increase your chances of success.

In conclusion, building Marketing Resistance and Resilience requires a strategic approach that takes into account your practice’s risk tolerance levels and its unique situation and challenges. By performing marketing triage, focusing on high-value cash services, and diversifying your marketing efforts, you can prepare your practice for a recession and emerge stronger on the other side.

Business

Opportunities for Black Banx in Emerging Markets

Published

9 hours ago

May 5, 2024

Matthew Wiles

A significant digital transformation is underway in the world of finance, marked by the emergence of non-bank innovators offering a diverse array of financial technology products and services. This transformation is not confined to established markets; rather, it extends its reach into emerging economies, offering a compelling digital alternative to traditional banking institutions. These alternatives are particularly vital in addressing the issue of financial exclusion, which has left substantial populations underserved by traditional banking systems.

Among these innovative digital banking entities stands Black Banx, a fintech brand dedicated to fostering financial inclusion in emerging markets by seamlessly integrating banking services into digital ecosystems. Founded in 2014 as a visionary concept by German billionaire Michael Gastauer, Black Banx swiftly evolved into a global force in the global financial market Officially launched in 2015, the institution rapidly garnered international recognition, extending its services to 180 countries and territories from its inception. Within a mere 12 months of operation, Black Banx amassed over 1 million customers, marking its initial expansions in key regions such as the United States, United Kingdom, and Hong Kong. At present, with a customer base exceeding 40 million as of February 2024, Black Banx stands as one of the fastest-growing digital banks not only in developed countries but also in emerging markets.

What Are Emerging Markets?

An emerging market mostly describes the economic landscape of a developing nation progressively engaging with global markets during its growth trajectory. These economies possess some but not all of the defining characteristics of developed markets, which typically exhibit robust economic growth, high per capita income, well-established equity and debt markets, foreign investor accessibility, and a reliable regulatory framework, according to Investopedia.

As emerging market economies evolve, they tend to integrate more deeply into the global economy. This integration fosters increased liquidity within local debt and equity markets, heightened trade volume, and augmented foreign direct investment. Moreover, these economies witness the emergence of modern financial and regulatory institutions as they transition from low-income, less developed, often pre-industrial states to modern industrial economies with elevated standards of living.

With improving standards of living, the demand for financial security and opportunities escalates, underscoring the pivotal role of banking services. However, traditional banks face challenges stemming from bureaucratic processes and sometimes limited services. Conversely, fintech firms are gaining prominence owing to their convenience, user-friendly interfaces, and expedited signup procedures. Furthermore, their accessibility anytime and anywhere with internet connectivity enhances their appeal to the public.

Strong Demand for Financial Technology

The surge in digital banking adoption, particularly conspicuous in emerging markets, owes much to innovations originating in these regions. For instance, nearly nine out of ten consumers in the Asia-Pacific region, encompassing both emerging and developed markets, actively utilize digital banking services, with a significant portion expressing openness to expanding their usage through digital channels.

Enthusiastic adoption of fintech tools and e-wallets among consumers in emerging markets has propelled the market penetration of these innovative solutions beyond levels observed in developed markets. In the emerging Asia-Pacific region, the penetration of fintech apps and e-wallets surged to 54 percent in 2021, compared to 43 percent in the developed segment. This is indicative of the accelerating shift towards fintech transactions and services, as per McKinsey & Company.

A portmanteau of finance and technology, fintech refers to the burgeoning industry of companies utilizing computer programs and other technologies to provide support or enable banking and other financial services. In developed nations, there’s been a rapid expansion and adoption of fintech technologies ever since businesses and even governments started accepting digital financial transactions as a standard mode of payment. But even in emerging markets, the demand for fintech has also skyrocketed as more people report a diminishing reliance on cash for weekly expenditures.

Identifying Opportunities in Emerging Markets

Launching a successful digital bank entails navigating a myriad of challenges, irrespective of the market’s maturity. However, digital banking in emerging markets presents its own unique set of hurdles, particularly in securing widespread adoption among mass-market consumers. To thrive in any market landscape, a digital bank must first establish meaningful access to its target customers. While the initial interaction may appear straightforward in the digital realm, the reality proves more nuanced.

The proliferation of digital advertising notwithstanding, capturing customer attention remains a formidable task, compounded by the intricacies of onboarding procedures, even for digitally savvy clients. Moreover, the reliance on app downloads as a precursor to engagement further heightens the barriers to entry as first-time users may find them intimidating.

Building a solid trust relationship with customers is important for digital banks to maximize their opportunities in emerging markets. Trust, arguably the linchpin of sustained usage, demands meticulous investment in creating positive onboarding experiences and fostering comprehension of banking channels and products. However, achieving this trust quotient is not easy, especially in emerging markets with lower access to financial services and digital literacy.

Black Banx’s Success in Emerging Markets

Black Banx is a digital bank focused on empowering financial inclusion in emerging markets by integrating banking into digital ecosystems. It was founded by German billionaire Michael Gastauer who always believed that well-designed financial services have the potential to uplift even the most marginalized segments of society, providing them with enhanced economic opportunities.

Consequently, Black Banx is steadfast in its mission to promote financial inclusion while harnessing the advancements within the fintech landscape. Today’s digital technologies offer unprecedented tools to reconstruct banking paradigms, especially for those underserved by traditional financial institutions, with smartphones and laptops serving as gateways to financial empowerment. But while Black Banx makes use of the most advanced fintech technologies, including blockchain and artificial intelligence, it delivers an intuitive and easy-to-navigate user experience through its website and mobile app so even the inexperienced or less tech-savvy consumers won’t have a hard time using its platform to carry out financial transactions.

With his expertise and decades of experience in the financial industry, Gastauer has a keen eye for trends and what works in different markets. So instead of delivering different experiences for developed and emerging markets, the renowned fintech mogul opted to roll out the same suite of services to both because of his motivation to realize financial inclusion and offer only the best banking experience to all. As such, Black Banx facilitates seamless transitions between physical and digital currencies and even cryptocurrencies. The digital bank also tailors its channels to accommodate customers at various stages of their digital journey, ensuring that they feel guided every step of the way until they achieve their financial goals. All of these contribute to Black Banx’s success in emerging markets.