A definition of a successful health tech startup lies in its expansion or growth ability.
On a crucial note, the expansion of digital health tech startups is not an overnight process because it requires a complete growth strategy to avoid business failure.
In fact, many health tech startups lose their driving seat in this crucial stage because of the lack of planning to elevate their health tech business.
For that reason, we have created an entire checklist to expand a digital health tech startup hassle-free.
A checklist to consider before expanding a health tech startup
1. Comprehensive understanding of your target audience:
Keeping up the pace with the demands of your target audience is a crucial part of any health tech startup.
- Is your health tech product fulfilling the modern needs of the patients or customers?
- Are you familiar with the likes and dislikes of the target audience?
- Have you defined your target audience based on their age, interest, gender, and location?
- Are you reviewing what your target audience is saying about your health tech product or app?
- Are you creating definitive planning to decode a negative response of your target audience?
- Are you analyzing your target market data that includes interest, demographic, age, location, and gender?
- Have you described what challenges your target audience is facing?
- Have you identified your target audience’s behaviour and future expectations?
Result: It helps you understand what’s lacking in your health tech product which can impact your health tech startup expansion.
2. Do the complete market research including competitor analysis
To dominate the health tech market presence, a comprehensive market analysis is most important.
- Have you identified who your health tech competitors are?
- Have you understood their health tech product business strategy?
- Have you listed their health tech product strengths and weaknesses?
- Have you analyzed how your competitors’ product is performing in the market?
- Have you collected and analyzed the performance data of your health tech startup competitors?
- Have you identified their product marketing strategies?
- Have you asked your target audience about your competitor’s health tech product?
- Have you analyzed their health tech startup expansion strategy?
- Have you identified their future goals?
Result: The competitive market analysis enables health tech startups to strengthen their expansion strategy by improving the key areas such as – sales and marketing strategy, customer engagement approach, and strengths and weaknesses of your health tech product.
3. Keep up the pace with the new technologies
Adopting new technologies is essential for the startup, especially when they are focusing on digital health tech products.
Not focusing on both trending and futuristic technologies can impact the health tech business on a long-term basis.
- Have you identified the latest technologies?
- Have you classified the performance-driven and future-ready tech stack?
- Have you listed out the features as per your target audience?
- Does your digital health tech product have an interactive user interface?
- Is your health tech web or mobile app fully compliant with the privacy laws?
- Have you listed out the security and performance loopholes?
4. Identify your health tech product value proposition
Establishing a value proposition helps to boost your health tech startup growth.
- Have you identified your target audience’s real-life concerns?
- Have you listed out all the benefits of your digital health tech product?
- Have you classified what makes your product more valuable for your customers?
- Have you explained to your customers how your product can decode their real-life concerns?
- Have you described why you have the best health tech product on the market?
- Have you classified how your product fits with the expectation of the customers?
- Is your product relevant for the customers on a long-term basis?
Result: Specifying a value proposition enables your target audience to understand the value of your digital health tech product.
What’s more important is that a value proposition also attracts investors to your product.
5. Define long-term business goals for your digital health tech startup
A plan without a goal is nothing.
To avoid all the obstacles without losing the rapid pace of your digital health tech expansion, you must evaluate the long-term goals. It helps you execute your expansion approach in the right direction.
- Are your long-term digital health tech business goals relevant?
- Are your goals measurable to understand your progress?
- Have you listed out the expectations on a long-term basis?
- Have you analyzed the risk potential for it?
- Have you created a timeline to achieve your goals?
- Have you identified the result-driven sales and marketing strategies for it?
- Have you analyzed the investment capital required to achieve your goals?
- Have you done the session with your team regarding the long-term business goals?
Result: Having a long-term business plan helps you in several ways such as – it allows you to identify the business growth opportunities, risk possibilities, and investment requirements to achieve it.
6. Expand your team as per your health tech business goals
To expand a digital health tech startup hassle-free, hiring dedicated, talented, and suitable employees is an essential task.
So, explore the entire checklist to expand your team size.
- Have you analyzed the ideal team size to expand a digital health tech startup?
- Have you listed out the team requirement for each of your health tech business departments?
- Have you classified the responsibilities of each of the team members?
- Have you owned enough capital investment to expand a team size?
- Do you have a strategy to train your new team members?
- Are you hiring the right candidate for each of the departments?
- Are you taking referrals from the top talents?
- Do you have a streamlined onboarding process?
Result: By expanding team members, you can boost your health tech startup productivity which results in a high ROI and allows you to reach your goals without any complexity.
So, this is the entire checklist to avoid all the roadblocks while expanding your digital health tech startup.
Failure is the key to success but it’s not applicable in the world of startups
Digital health tech startups can’t afford any missteps, especially when they are expanding their reach.
Last but not least, keep up the pace with the rising demands of the target audience along with shifting market conditions and security loopholes.