Top 3 Mistakes I See Healthtech Startups Make & How to Fix Them
⚠️ Warning: Unless you're a Healthtech Growth Pro or you've worked 1: 1 with me to develop your GTM plan, you're likely making at least 1 of these 3 mistakes with your healthtech business and it's costing you hundreds of thousands of dollars in funding or revenue due to sheer ignorance. To save the day, this post reveals just how simple it can be to raise more capital and earn more revenue with your healthtech business by fixing a few common mistakes. For context: My business broke the million-dollar ceiling because I've fixed the 3 mistakes I’m sharing with you here. Mistake #1: The Target Audience is Too Broad & Too Diverse Most healthtech startups’ targeting strategy is like this: Me: “Who are you selling your healthtech innovation to?” Healthtech Startup: “I’m selling my [fill in the blank solution] to self-insured employer groups and consumers that use [fill in the blank solution].” Or, even worse, “I’m selling to health systems, the equine industry, the agriculture industry, and the hospitality industry. They all struggle with the same problem that we solve.” Me: “Your pitch deck would be more powerful and compelling if it was more specific and narrow.” Healthtech Startup: “Roxie, we cannot get more specific than this.” Really? C’mon. We've got to be more specific than that! 💸 It’s very expensive to pursue multiple markets at the same time and as a startup, you have to protect your cash reserves. 🚰 The competitive landscape is different among multiple markets and blending it all together dilutes your competitive position. 🔨 It’s impossible to nail your irresistible offer when you’re trying to appeal to a lot of different people. 📉 You lose the most powerful growth strategy you have: word of mouth. Different markets don’t speak to each other. They don’t hang out at the same conferences, the same watering holes. That makes it very difficult for adoption to spread. Here’s how to fix mistake #1: Think of markets like individual bowling pins.