Revving Up Marketing, Retail Presence and More

When a company is small, its marketing may consist only of a logo and delivering what is asked and required on initial personal relationships. As the company grows, the more it needs focused expertise and marketing initiatives to reach customers, manage message, programs and costs and deliver performance — but that usually doesn't happen.

Some companies get so large that their marketing becomes more corporately professional, disassociated from sales and the customer, and they need those initial personal relationships to remember how it all works.

Marketing is all about finding, engaging and satisfying the customer, profitably. Over and over and over again.

So if we are going to discuss an HME makeover in marketing, let's make sure we're talking the same language. Marketing is the process and battle plan of why, how, when and what you do to interest, engage and profitably satisfy your target markets' wants and needs. The result must have value for both your targets and you.

Marketing strategies and tactics build your distinctive brand among stakeholders (consumers, referral sources, patients, payers, employees, local government, bankers, strategic alliances, etc.). The strategies and tactics are the unique combination of your offering decisions in products and services, pricing, sales, promotion, distribution and communications. They must be different and/or better than that of your competition.

Remember that there really is no “typical” HME. Every company is different. Each has different strengths, weaknesses, service and product offerings, customers, patient and referral mix, pricing strategy, human capital, ingenuity and financial strength. Each company faces different challenges in geography, competition and media.

Some companies have grown inch-by-inch over years to establish their market position. Others started with a master plan and grew their business in stages through outside funding or personal financing. Yet others acquired existing HMEs and went on to refine the company with their imprint. Many firms have two and three generations of family driving the community, region or statewide business.

But in working with all types of companies, I find there are some common issues that arise in HME marketing and execution. Frequently the issues are ignored, sometimes for years. Growth is good, profits are good. But then roadblocks start showing up, a competitor makes swift inroads, a piece of business is lost and the profit winds and momentum seem to shift overnight.

All too often, the attention to a firm's marketing strategy and brand value comes too late.