Revenue Growth Skyrockets from 10% to 86% in Just One Year
Critical Issue
Stagnant. Dormant. Sluggish. That’s how a large outsourced physician services company described its sales two years in a row.
From the beginning, the company had successfully sold its services to physicians’ offices and ambulatory surgery centers. However, the geographic market was now saturated and the sales team wasn’t generating new leads. Plus, the healthcare environment was dramatically changing, creating new challenges – and opportunities – for the outsourced physician services industry.
The company decided it now needed to focus its sales efforts on the more lucrative hospital market. So it poured significant money into marketing, using a shotgun approach. But this yielded minimal results.
Their market had changed, but the company’s marketing strategies had stayed the same. And those strategies were simply not working.
Solution
First, CCO repositioned the company to more effectively compete in the hospital marketplace.
Long considered a commodity, the new messaging platform focused on the issues keeping decision makers up at night, namely the quality and financial benefits of the company’s services.
An analysis of the company’s sales and marketing efforts revealed it was heavily weighted toward branding. Armed with this information, CCO created a new marketing mix that included lead generation and channel development tactics. The new plan’s goal was to increase the number of leads while reducing the cost per sale.
In addition, CCO worked with the company to restructure its sales department. The new structure took account management off the plate of sales, freeing them to focus on business development.
Result
In just one year the company’s revenue grew by 86 percent and their number of hospital contracts more than doubled. The second year they grew by 52 percent.
And, this growth was gained without spending ANY additional marketing dollars.
