With so many businesses sprouting every now and then, there are only some that thrive and stand out. Across several industries, such as healthcare, education, and technology, there are startups and aspiring entrepreneurs that continue to race to the top.
The Proverbial Race to the Top
This proverbial race to the top is actually comprised of small steps that separate mediocre businesses from businesses that truly provide value. A great example that we will be discussing in this post in SingleCare, which strives to have made its way as one of the quickest-growing healthcare discount company.
What are some lessons we can learn from SingleCare? From their business model to their ability to identify a need, we will be looking into the factors that make their company successful.
4 Business Lessons You Should Learn From SingleCare
1. SingleCare focused on an evergreen need
The single most important principle of building a business is to find an evergreen need. What is an evergreen need? These are industries in which people are increasingly investing in, which shows that it is a necessity. Industries such as health, agriculture, education and other evergreen businesses are always needed, which means the demand will not be seasonal. There are no signs of slowing down.
SingleCare was able to establish themselves in the health industry, which is a need that people can’t do without. Thus, their company continuously grew to have 50,000 members and counting.
The quickest way to grow a business is finding an industry where there is a constant demand. What are the things that people can’t do without? What are the things that people consume regularly? This can be a great starting point for an entrepreneur.
2. SingleCare understood the problem within their industry
What counts as a problem in the current industry that your business is in? The purpose of businesses is to either provide value by entertaining or solving a problem in a particular topic.
SingleCare aims to solve the problem of medical and healthcare costs that people acquire when they try to have doctor visits and buy prescription drugs. As they tried to solve this problem, they provided an opportunity for people to save money without spending the time to manually search for pharmacies that offer such discounts in their local area. For example, people can easily find an Estrace discount by simply searching for the term in the prescription drug discounts. People who are looking for this specific drug can get an Estrace discount from a pharmacy nearby. This solves a vital problem which is important to convert into a business’ value.
To be an effective business owner, you don’t blindly create a product without solving a particular problem. If you do this, there will be no demand, and there is no use for people to try out your offers. Finding a critical problem in your industry is important to keep the market demand flocking to your business.
3. SingleCare bridged the gap between businesses and consumers
SingleCare can be considered working as a B2C (business to customer) and B2B (business to business model). They have essentially bridged the gap between the consumers who are looking for cheap medical products and services, and they have consolidated a database of clinics and pharmacies who are offering these high-quality but affordable offers.
This is another important characteristic that a business is trying to solve. It should aim to bridge the gap between two parties, providing a mutual benefit for both. This is the reason why SingleCare quickly grew because not only did it target a high-demand industry, it also gave a way for consumers to easily access coupons for their needs.
As an entrepreneur, you have to think of a way to create a platform that bridges the gap between the people who can benefit from your idea. By making things easier, you will find consumers and businesses who are ready to pay for your products and services.
4. SingleCare leveraged technology to make things convenient for all stakeholders
One of the most prominent features of SingleCare is the video doctor visits. It is a great way to connect what technology has to offer to provide convenience for the people.
Through the use of video doctor visits, people can easily save as much as 60% compared to urgent care which can peak to $145 per session. Regular video doctor consultations in SingleCare only costs $45 as a member.
The business lesson in this example is understanding how you can integrate technology with your processes and making it convenient for your consumers.
As you consider these business lessons from SingleCare, you might be able to find your own entrepreneurial gold mine. By staying within an evergreen need, solving a critical problem, as well as making use of technology will help you achieve success in creating a profitable business.