What Makes a Market Leader?
Decades of working with companies and organizations in just about every industry can give one a rich perspective on the characteristics and qualities of true market leaders. Often, they hold the largest market share in a particular industry or industry segment. They are also recognized by the omnipresence of their brand and marketing efforts. They hold several features in common that helped them to reach and maintain their elevated position. Following, we offer examples of this from just such a market leading client and the company continues to hit a bull’s eye in the four areas that matter most.
The company is called Modern Vascular and they have made a name for themselves in the healthcare industry. They specialize in the technology and expertise to restore blood flow to lower limb extremities affected by Peripheral Artery Disease (PAD) down to the toe. They are growing at the speed of light, opening clinics across the United States. Here is why and where they excel, as do all leaders like them:
#1 Lucid Vision and Direction
Modern Vascular has a clear plan for growth so they can bring their innovative, out-patient procedures to the communities that need their help the most. Why is this important? Because this disease affects 1 in 20 adults over the age of 50 and if left untreated, PAD complications include limb ischemia, gangrene, and amputation. In fact, because of Modern Vascular’s innovation, reputation, clinical volume and expertise, they were selected to be one of the first clinics in the country to offer the newly approved BTK Tack Endovascular System from Intact Vascular. The BTK Tack is a first-of-its kind implant used to repair dissections following balloon angioplasty to treat patients with peripheral arterial disease (PAD) below-the-knee. This procedure allows Modern Vascular’s specialists the confidence to more reliably treat the tibial vessels. Persevering in a vision to save lives and limbs and following through by consistently finding better ways to fulfill this vision is just another example of what drives a market leader.
#2 Customer Care and Understanding
They express their knowledge by showing care for educating the consumer and their industry. For example, they ask potential patients to take an immediate online assessment to find out if they could be at risk for PAD. This also funnels interested and concerned consumers toward a swift consultation and solution. The first thing you feel from Modern Vascular’s doctors, personnel, website, press stories and marketing collateral is that they want to share their knowledge. They also want to know about you, so you can know more about yourself, the disease and what can be done to help. An ongoing experience survey program reinforces Modern Vascular’s dedication to understanding and serving their patients’ needs. As each clinic opens, the local community is invited to meet their doctors and staff and ask questions. Each marketing channel, every touchpoint, is personal and about the patient.
Another crowning feature of a market leader is the ability to respond to marketplace conditions by turning on a dime. For instance, as soon as the COVID-19 pandemic impacted the nation, the company immediately responded to patient needs by offering Telehealth options. These options allow Modern Vascular to assess a potential or existing patient’s condition and level of medical urgency through a remote, online consultation. It has proved to be a lifesaver for patients who needed an immediate diagnosis but had COVID-19 travel concerns. In many cases, same day appointments have been made available. Flexibility and caring service delivers a powerful “we are here for you” message to your marketplace.
#4 Valuing and Nurturing Human Capital
Beyond your customers and clients, how have you invested in your staff? Beyond investing in recruiting, have you developed a culture based on improving skills, offering more opportunity and supplying more resources to aid in employee efforts to support your vision? In addition to extensive, paid training for all new vascular interventional radiologists and managing physicians, Modern Vascular has created external tools to help their clinics’ staff and specialists more easily educate the consumer about risk factors and procedures, and have developed internal branding tools that show an employee how to consistently represent the brand.
In closing, other important characteristics include being confident enough to take risks, knowing when to pull the plug on areas that may not be performing up to expectations and staying informed on all of the latest variables that affect your marketplace.
Los Angeles based Sagon-Phior, a full service marketing and branding agency, utilizing emotional branding to build better relationships between a brand and an audience. Emotional branding enables more effective ways to increase brand awareness, loyalty and sales while revealing insights to better understand important, often unseen, patterns of consumer behavior.
Sagon-Phior has successfully applied this unique practice to many national and global brands in technology, healthcare, banking and lifestyle industries. For more information, go to Sagon-Phior.com