Hims.Inc. is a telemedicine company that runs two separate brands – Hims for men and Hers for women – for selling personal care products and providing virtual care.
One of the reasons why this healthcare startup is significant is because it is the fastest startup to earn a unicorn status after a mobility startup named Bird.
The startup went public and started trading publicly on the NYSE.
On its first trading day, its shares slipped a bit by 5% from where it started the day.
But in an interview with Techcrunch, the CEO said he is fine with this drop.
Despite the early bad sign while trading, the company is enjoying a premium customer base of 300,000 paying subscribers for its various services.
There must be something special about this company that makes them hit the valuation of $1 billion in 1.5 years and go public within 3 years of the inception.
Today, in this blog we will analyze the business strategies of Hims and Hers Health.
If you’re active in telemedicine or the healthcare industry, this blog will help you a lot.
Hims and Hers Business Strategies Analysis
2020 was a successful year for the company.
It experienced a 91% Y/Y increase in both Q1 and Q3 of 2020.
The average customer order value also increased by 16% to $67.
It is only because of the following business strategies – according to our business experts.
The Biggest Learning: Telemedicine App/Platform is Not Only About Code!
Hims and Hers could never have been able to succeed if they had only focused on the technicality of the telemedicine platform.
They’re successful because they carried out the business & market research part brilliantly.
They identified the real challenges people are facing that no one had ever dared to solve or even talk about.
They did not stop there.
They planned several strategies on several fronts. We discussed only a few of them.
We believe the same.
We’re an Ontario-based healthcare-focused IT development company that not only develops apps but builds healthcare business strategies too.
With our unique mindset and expertise, we deliver you business, not just an app!
Following are some of the screenshots of the telemedicine solution we have built.
Not only this, we have also built a white-label no-code patient portal which you can customize without the knowledge of code!
And as if this is not enough, you can validate our health tech expertise with our epic health tech case studies.