FullFunnel Generates Qualified Demand For PartnerMD Despite Uncertain Market
PartnerMD, LLC (PartnerMD) is a leading services provider in the concierge medical practice industry, offering 24/7 access to physicians, early screenings, and wellness coaches to improve patients’ health and well-being. Combined, these features enable the organization to deliver a more personalized healthcare experience to patients throughout the Mid-Atlantic part of the country. In addition to concierge services, PartnerMD also offers primary care to its members.
PartnerMD’s revenues had grown consistently in recent years, thanks to strong customer retention and referral networks for its two primary revenue streams: executive physicals and memberships. Executive physicals and memberships allow companies to provide standout benefits to improve retention, as well as to ensure that corporate leadership teams are always in top form to focus on taking care of the company. Heading into 2020, PartnerMD’s stakeholders knew that they were just scratching the surface of the level of growth possible for executive physicals — which involves a very different value proposition and sale from its flagship, consumer product.
With referrals and word-of-mouth channels contributing to a vast majority of the brand’s net-new business for both small customers and household clients, PartnerMD executives realized that the organization could not aggressively scale and reach their target benchmarks of 30% YOY new client/product line growth through personal networks and proximity alone. This reality prompted PartnerMD decision makers to explore developing a systematic process to sell the company’s executive physicals, a strategy that had never been done before throughout the organization
PartnerMD’s transition to a more formal sales process on the B2B side began with the hiring of an outside sales representative to handle the business-to-business market. But the organization lacked the experience to support a robust outbound prospecting effort targeting the enterprise sector. This internal gap encouraged PartnerMD executives to seek outside help to quantify, qualify, and target the lucrative marketplace for executive health programs.
PartnerMD engaged FullFunnel, a sales and marketing outsourcing company in Boston, to analyze the organization’s sales process and develop an engagement roadmap to accelerate the brand’s revenues for executive physicals. FullFunnel worked closely with PartnerMD stakeholders to identify target personas, construct deep-dive messaging that would resonate with these decision makers, and curate lists of prospects and accounts who would benefit from PartnerMD’s value proposition.
After identifying all of these key data points and crafting the brand’s messaging, FullFunnel and PartnerMD launched a full-scale sales program in late September 2019. This proved to be a challenging time for PartnerMD, as many human resources-related prospects were dealing with open enrollment season, greatly impacting the company’s sales opportunities during Q4 2019. FullFunnel collaborated with PartnerMD on a solution to this hurdle by using this period as a way to collect responses from these prospects, synthesize those insights, and turn this data into actionable feedback for future prospecting efforts. Additionally, while prospects were not ready to engage at the time, the conversations conducted during that period planted the seeds for engagement that came into fruition in Q1.
With the data collected during the early engagement stages during Q4 of 2019, FullFunnel and PartnerMD used this information to strike a vein in the marketplace once Q1 2020 began. The two organizations quickly began moving sales qualified leads (SQLs) into sales opportunities and creating proposals for large prospects. The work done in late-September 2019 and Q4 paid off, and PartnerMD is now consistently keeping its B2B sales pipeline full and moving leads through the funnel.
Beginning in January 2020 and consistently since then, the teams have hit their quarter-over-quarter SQL goals, achieving 100% attainment on an ongoing basis and generating roughly $1.5MM in pipeline across six months of prospecting.
The partnership between FullFunnel and PartnerMD also grew stronger in the new year. During Q1 of 2020, FullFunnel’s team met with PartnerMD executives to discuss the sales program in depth at PartnerMD’s headquarters. PartnerMD hosted an event for the organization’s corporate prospects and partners, during which FullFunnel conducted an account-based demand generation seminar to those in attendance — contributing value to both PartnerMD and FullFunnel.
Although the sales program is proving effective, PartnerMD, like so many other organizations, experienced challenges when COVID-19 spread across the country. Suddenly, PartnerMD shifted from revenue-generating mode by targeting net-new clients to caring for existing patients. Although they do offer telehealth services, this is not their main revenue stream and the influx of COVID-related calls put a significant strain on their existing infrastructure. As a result, the business couldn’t accept any new patients during the pandemic.
Additionally, in the early stages of prospecting during the pandemic, both teams were met with opposition from prospects that corporate spending must remain stable or be reduced as most companies were facing economic uncertainty. Furthermore, it was no longer a job-seeker's market, so HR personnel were not incentivized to provide richer benefits packages.
FullFunnel and PartnerMD together worked quickly to reposition the product. Within a one-week turnaround, messaging was adjusted across platforms to position PartnerMD’s offering as a smart and critical investment for business owners and leaders to secure the health and business continuity of their most critical leadership and management, especially if another wave of COVID-19 were to spread.
Despite challenges during the pandemic, FullFunnel has continued to generate pipeline for PartnerMD, and, as the initial wave subsides, PartnerMD is now accepting new patients and beginning to convert that pipeline into potential customers. Both teams worked side-by-side to ensure that they could continue to build pipeline during the pandemic and support the enduring initiative.
The partnership between PartnerMD and FullFunnel continues to this day. Together, the organizations have used all of the program’s learnings to implement a highly targeted account-based sales strategy that will systematically target a curated list of named accounts. There may always be uncertainties in the market, but with the right approach and partnership, achieving predictable demand is possible.
About The Client
As the leader in concierge primary care and executive health, PartnerMD is redefining expectations for the healthcare experience. By taking time to listen, to understand, and to build trusting relationships, PartnerMD provides individuals, families, and businesses with today’s most advanced, progressive, and personal health guidance.
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