In an emerging, oversaturated IT market, differentiation is key to survival. For instance, it is estimated there are nearly 1,000 electronic health record options available in the U.S. In order for a software company to prosper in a competitive market, it must include these areas: It should have an innovative product offering that’s affordable and easy to adopt, it must maintain a high level of customer satisfaction and it must be willing to revisit what will likely be an evolving mission statement.
Design for stability
It is not enough to tout having a great product; you must consistently deliver on it. At my company, iSALUS, instead of solving issues by cutting corners or bolting on loosely integrated third party solutions, we ask, “What’s the best solution for the long run?” The answer is almost always to develop and integrate from the ground up.
Beyond integration, a well-designed system needs to come in more than one color. The ability to easily adapt to a unique customer need is essential. Successful solutions must provide a mechanism for quick, controlled customizations. Develop a solution that forces clients to restructure the way they conduct business and you’ll continuously be fighting an uphill battle.
Your solution must be adjustable, capable of providing the right amount of rigor and flexibility based on each client’s situation. Such a strategy allows you to drive the most operation efficiencies and profitability for your clients.
Offer your product appropriately
After perfecting your solution, offering it at the right price is crucial. Know your market; start with software as a service, and understand the business needs of your clients better than they do.
Focus on getting your new clients using some part of your solution as quickly as possible. Remember, you may have a signed contract, but you don’t really have a customer until he or she start using the solution.
Transform your clients into product experts. Partner with companies who are willing to grant your clients a seamless product offering. Provide a “one-stop shop” to maintain the integrity of your brand and build client “stickiness.”
Establish customer loyalty
Customer service may be the most critical factor for differentiating in a competitive market. Remember, customers aren’t always right. Their opinion, however, is the only one that matters. Ensure they are happy with every company interaction.
Make it your mission to exceed your client’s expectations. With a 95 percent renewal rate, iSALUS is focused on providing the highest level of customer service.
Babe Ruth said, “It’s hard to beat a person who never gives up.” IT markets are advancing quickly and buyer expectations are evolving even faster. Be willing to work harder than the other guy and never give up. ●
Michael Hall, founder and CEO of iSALUS Healthcare, has navigated iSALUS from inception in 2000 to a profitable organization with a number of strategic partnerships and end-users throughout the United States and five other countries. To learn more, visit www.iSalusHealthcare.com.