World Synergy recently spoke with MSP Mentor to discuss how our services provide technological and creative solutions to clients in a wide range of industries.
The article specifically discusses how World Synergy has carved out a specific niche in healthcare by selling marketing services to healthcare benefits and broker agencies.
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How channel companies find growth by narrowing their focus and developing niches
Ever feel lost amid a sea of information and communications technology (ICT) business consultants who offer similar services, prices, and expertise? Then maybe you need a market niche, which is somewhat different than a specialization created by a vendor for a set of partners.
A niche is something that you develop and hone on your own.
Where to start? How about healthcare? It’s a growing sector that accounts for nearly one of every five dollars generated by the U.S. economy. That’s $3.35 trillion dollars annually or roughly the GDP of Germany, the world’s 4th-largest economy. It’s a big number in other words.
What is more, healthcare is undergoing a digital revolution that will create an abundance of opportunities for third-party experts like you. There are billions of medical records to digitize, hundreds of millions of medical devices to connect and trillions of data points to analyze. What is more, every one of them needs to be secured, backed up, and optimized.
A perfect business opportunity, right?
Well, maybe. The reality is that “healthcare” is a tricky market to pursue due to regulatory, technological, and even cultural challenges. Many solution providers over the years have jumped into the market only to pull back after realizing mixed results.
One company that has made headway into the market is World Synergy Enterprises of Beachwood, Ohio. Rather than take on the entire whole of the healthcare industry, the Cleveland-area company carved out a very specific niche in healthcare that is turning out to be a significant revenue generator: selling marketing services to healthcare benefits brokers and agencies.
“With two decades' worth of experience working with healthcare and benefits agencies, we understand what it takes to grow and manage consumer wellness companies, hospitals, health insurers, and pharmacies to drive long-term engagement that improves both health and business outcomes,” says Michael Mack of World Synergy.
Selling marketing services to healthcare benefits brokers is just one of the niches that World Synergy has developed. It also offers marketing, applications, and technology services (managed services, co-location, mobile device management, etc.) to manufacturing, distribution, and professional services clients throughout the industrial Midwest. While it hasn’t always been easy, the company is one of the few that offers both technological and creative services to clients. Doing so allows World Synergy to address a greater range of customers' needs but requires the company to stay disciplined when it comes to developing service offerings.
“We’ve seen many companies stumble after trying to be all things to all people. We do better with a broad portfolio and a target focus,” says Mack.
So do plenty of other digital service providers. It may sound paradoxical, but some of the most successful technology business consultants are getting bigger by going smaller. They are narrowing their target customer profiles, developing niche specialties, and otherwise honing their business strategies. Where possible World Synergy, for one, tries to develop a distinct niche that resonates with customers and can be repeated, optimized, and scaled. In late 2016, the company introduced its newest set of niche services called “Essence Marketing.”
Essence Marketing provides customers with a complete go-to-market plan right down to the thought strategy, planning, creation, execution, and testing of digital campaigns. The company will also provide customers with a technology roadmap to support any of its marketing recommendations.
In addition, Mack says World Synergy is perfecting another niche service for customers, software recommendation.
As more and more of its customers avail themselves of SaaS applications, they have questions about the sheer number of choices available to them. World Synergy is thus developing discrete services to help customers who buy SaaS apps directly from developers but who still want help with their selections.
These efforts are having a positive impact on the company, which expects to double its headcount and office space in the next year.
Here are some tips to help you develop a niche.
If you’re going to make your mark in this crowded market, you’re going to need a sharp tool and focus to achieve your aim. A distinct niche will serve you well.