The health and wellbeing industry is a growth market, but arguably it could be even stronger.
The buzz of propositions being launched, repositioned and promoted is once again taking our attention as the industry gears up for a strong Q4.
But not all propositions fly; and it is not as simple as saying that the good ones will and the bad ones will not. It is a bit more complicated than that.
How many times do we hear providers say advisers should do more to promote their products?
How often do we hear intermediaries say providers should have listened to them before they developed a product, and clients say they did not know such a product existed?
However, some propositions do take-off and there are some common factors in these which we can all learn from.
What problem does it solve?
Some of the most successful products solve a problem: faster access to treatment, specialist care, financial support, and such. It is really important that this is spelt out.
Every product is a cost, an expense that does not need to be met.
Most products will solve multiple problems, it’s vital to be clear which problems and how.
During a client meeting, the client’s eyes will glaze over if all the features and benefits are simply listed.
The best pitches are the ones where the client is asked what their issues are, and the consultant tailors their response.
Tempting as it is to not miss any solutions off the list, in practice the pitch will be stronger for specificity. This is true for sales, marketing and PR campaigns too.
What need does it meet?
Not all products must solve a problem, but they do have to meet a need.
It might be a need that the client did not even know existed. Who knew we needed 24/7 global access to the internet in our pocket.
Some of the most exciting innovations take place in this space. The ones that are most successful are the ones that make the need they meet really clear.
Of course some will meet multiple needs, but a long list is a long turn-off. Choose one and make it strong.
Clients are savvy, they’ll find out more when they’re ready, but that hook needs to be strong.
What value does it add?
In a world of added-value, what value does the product really add?
We need to look at what is valuable to a client. And to keep it interesting, this might be different for different clients.
This is the argument for segmented-marketing, but it does not have to be about catch-all marketing.
There is a case for testing different messages, but it needs to be based on sound knowledge of what will make the most difference to a client.
In what way will a health and wellbeing offering add most value to a company?
It could be absence management, recruitment, engagement, retention, competitive edge; it could be to support or build their culture, employee experience, or employee value proposition (EVP).
What will an individual most value?
How often do we hear about a product giving peace of mind, but how often do we really hear about people lying awake at night wishing for a product that they did not know existed?
The value needs to be specific, real, tangible, clear, understandable, relatable and believable.
Targeted opportunities
The target market needs to be identified and defined, and the message to that market needs to be precise.
Of course there is flexibility, depending on the medium.
One-to-one pitches will be longer and very tailored. Advertising campaigns will have succinct messages, and these can be developed within PR campaigns. The important thing is that there is consistency in all.
The strongest sales teams promote the same message as their company’s marketing collateral, PR, website, social media.
Our industry is extremely innovative; amazing propositions are developed and enhanced all the time, from targeted vocational rehab to support for particular conditions and demographics.
Consumer Duty, guidelines on how to support vulnerable customers and increased knowledge of customer behaviours all lay the foundations for good proposition development.
So as we gear up for a strong end to the year, and look forward to the next time we unroll our beach towels, we can look back at the success of the propositions that had the most clarity in the problems they solved, the needs they met, and the value they added to their target market.