Questions you should be asking yourself regularly
By David Waters, Managing Director CHIS , Spring 2011
Today's care industry innovation is tomorrow's minimum expectation.
Reality is that if you don't give your clients and their relatives what they want, when they want it and how they want it, it's all over. Even in the more 'steady as she goes' care industry, I'm sure you can look back just five years ago and see the significant changes.
Try this quick quiz:
1. Are you a tougher client than you were five years ago?
2. Are you a more informed and more educated buyer than you were five years ago?
3. Are you more likely to complain on the spot if you experience a problem?
4. Do you demand better service than you used to?
5. If you do not receive the service you want, are you more likely today to fire that business and never come back?
6. Are you more likely today to take action such as writing or calling a company's management with a complaint?
7. Do you tell more people today about companies that you have experienced problems with?
8. Do you take "no" for an answer, or are you more likely to go up the chain of command until you get satisfaction?
9. Do you demand more value today than ever before for every pound you spend?
10. Do you feel you have choices about the people you do business with and that you will exercise those choices in a heartbeat if you don't get the service you want?
Well, for me it was ten out of ten ... but you get my point. Your clients' expectations have changed in the same way your expectations have changed. Now the scene is set, let's ask the really hard questions. These are questions you most likely asked yourself before you started in business, and they're not simple 'yes' or 'no' questions.
To finally get to your answer, you invested all your time, effort and attention and days of pondering. If you have never answered these questions before, count yourself lucky that your company is still going.
What is your value proposition, and why?
Above all, it's not a sales pitch or proposition. It is an opportunity to start or inspire a conversation. In a nutshell, it is an accurate and attractive description of your business through which you can explain to someone the value that you bring to them. Why should they choose you? Go beyond price, product and service ... because
Does your target market (still) exist and how well do you understand them?
Without solid and continuous research into what moves and inspires your target market and where they're heading, you're going nowhere. The funding changes being brought upon all UK business sectors, especially the care sector will hinder all care businesses, as those providing State-funded care have to increasingly look to self-funders, which in turn will increase the expectation of those currently paying for their own care. Tapping into even the slightest hint of a need is a lot more effective than trying to convince people they need you. Use your target market's spark of interest to build a big bon-fire.
What makes your company and product/service different from the others out there?
And by 'out there', don't just focus on the immediate competitors in your area. With the market continually globalising you need to know what your competitors are doing overseas. Think about the added value you offer to clients that your competitors don't or can't.
What third parties and suppliers are you working with, and why?
Despite the power of a long-term relationship with partnering companies or suppliers, it's essential to ensure both parties continue to benefit from working together. If your supplier is holding you back or not meeting your needs anymore, sit down and discuss the options. Do always be careful not to burn bridges, as you never know when you may be back in touch again. By working with CHIS and one of our carefully selected insurance partners, you can demonstrate a recognition of your being a quality care business.
How are you selling your product/service?
Are the channels you selected to begin with still the best way to go? Are there any alternatives you should explore? What tools do you use at the moment and what are your competitors doing to increase sales? Whatever sales avenues you use or consider, make sure they align with your business culture and strategy, and with your client's needs.
Could you market and promote yourself differently and more effectively?
There is an ever-increasing need for customers to identify and secure the very best service for the lowest cost. Ask yourself; who can help you do this? The regulators' reports seem to be losing their impact so you need to consider other methods of demonstrating your quality and drawing more potential customers to look at your business.
CHIS are offering a £100 voucher off your next year's insurance cost - providing your insurance is placed through CHIS - for the first ten care businesses to send us their thoughts on how you can market and promote your business differently. CHIS are by nature, very consultative. Only through conversation and consultation can we discover the best ways to help your business grow and prosper through risk management.
Discount Voucher Entries:Send in your marketing and promotion ideas by e-mail to info@chis.net or fax 01273 819646. The first ten entries will receive their discount voucher by return.
David Waters is Managing Director of CHIS & PrimeCare Insurance. If you would like an insurance quotation for your care business or any other information about CHIS or PrimeCare Insurance, contact David's office on 01273 546920.
Download article (PDF).