Branding, Funding, and Expansion Strategy for a Local Health Tech Company
Our client is motivated to utilize AI-powered solutions to improve health outcomes and minimize healthcare costs. Their HIPAA-compliant digital platform generates useful data analytics for patients’ goal-setting and milestone-tracking process, which helps facilitate interaction among patients and their healthcare providers. With the first-mover advantage in the industry, they have a strong track record of supporting local clients and partnering with hospitals.
Situation
Our client is looking to raise more funding in their next growth phase. This would involve being able to articulate their value propositions to potential investors and partners, as well as maximizing their visibility on existing social media platforms and reaching new customer bases.
Furthermore, our client has experienced delayed turnaround time when partnering with hospitals in the past, which could be attributable to the fact that most hospitals were severely overloaded during the COVID-19 pandemic. As such, they want to pivot and cultivate partnerships with social service organizations and community health partners.
Challenge
As part of the fundraising process, being able to highlight their value propositions and strong financial record will be crucial to the client’s success. The materials that they are currently using to advertise their services do not cater for specific target customer groups and could benefit from restructuring.
Given our client’s goal of expanding the base of their business, the Rem and Company team was also tasked with identifying local healthcare organizations who share our client’s mission and have a digital system in place for milestone-tracking that may need renovations.
Approach
The Rem and Company team decided on a three-pronged approach to address our client’s challenges. Among our deliverables, there are three main areas of focus: marketing & branding strategy, funding strategy, and expansion strategy. The deliverables in each area work in tandem to help the client to succeed in their next growth phase.
Marketing & Branding strategy: We carefully reviewed several promotional materials that our client is currently using and found that the digital brochure could be more tailored to specific target groups and adhere more closely to existing branding guidelines. Based on this evaluation, the team created several customer persona profiles and mapped out service(s) each group could benefit the most from. This information was condensed into copies of two-pagers for each customer group, with sections that highlight only relevant value propositions and an overview section in order to not compromise the breadth of our client’s offerings.
To help them maximize online presence and reach new customers, we also created several sample posts and best social media practices for a SaaS company that our client could draw from.
Funding strategy: Through conversations with the client about their past fundraising efforts, we found that building a well-supported case study of how our client’s digital solution could drive down healthcare costs for patients and address social determinants of health would significantly strengthen their case. We conducted research from various credible sources and built an original case study to be incorporated into their existing pitch deck.
As part of the strategy, we also conducted financial analysis on our client’s past records and presented this information in more visually appealing graphics for potential investors.
Expansion strategy: Understanding that long turnaround time was a major bottleneck in our client’s past partnerships, our team established a new set of criteria to evaluate potential local healthcare organizations and social service groups to partner with. We created an ongoing database of those that satisfy our criteria to help with expansion efforts.
In terms of raising business capital, we conducted research and recommended several grant opportunities that are the most fit for our client’s position as a for-profit social enterprise. We also introduced other funding sources for a SaaS company to help them diversify their income sources.
Impact
With the help of Rem and Company, the client is now able to reach the target audience for each of their services and maximize online visibility. They are also able to highlight their value propositions during fundraising efforts with well-researched qualitative and quantitative evidence that has already been used during pitch sessions. Additionally, we prepare our client for their next phase of growth with promising partnership and grant opportunities.
Team Breakdown
Chapter President: Lauren Maynard
Team Lead: Audrey Chau
Strategist: Thomas Coulouras
Strategist: Kelih Henyo
Junior Strategist: Milica Maricic
Junior Strategist: Christina Wu
Junior Strategist: Kate Park
Relevant Background Information
Business Type: SaaS, for-profit social enterprise
Industry: Healthcare, Technology
Location: Princeton, NJ
At Rem and Company, we're on a mission to keep doors open and dreams alive. Rem and Company started as a social impact initiative offering free consulting services to small businesses impacted by COVID-19. Rem and Company has become an information hub and digital community platform for small businesses in need. At Rem and Company, small businesses stay up to date on trends in their industries, learn new approaches from peers, build a network, and develop the capacity to adapt as the world around them changes. Our consulting teams provide small businesses with the opportunity to identify and prioritize issues facing their business, propose innovative strategies and facilitate execution. If you are a small business owner and want to learn more about how we can help, request a free consultation.