We connected with RMI Founder & CEO Darren Nauss to learn more about the significance of this development:
What is the history of parent company RAZR?
I formed RAZR Marketing Inc. in 2005 and acquired Larsen ten years later, in 2015, merging the two into one brand “RMI”.
The company was largely focused on marketing services under an agency model for years – before purchasing and investing in a technology platform called Fibonacci, that is branded as ReadyPath for the healthcare market.
This combines CRM, marketing automation, rewards and analytics into a configurable platform.
The tech play is industry agnostic but applicable towards various business verticals – though rooted in financial services, primarily banking and bank card loyalty, under the name RAZR Rewards.
Now, Grayduck has formed as our go-to-market for the healthcare vertical, which we have already been working in quietly for a while now.
What and why Grayduck Health?
Simply put, Grayduck Health is focused on increasing patient activation and engagement in the healthcare industry.
We have already been serving some big healthcare customers for years already and the creation of this division was to formalize our presence and focus in the healthcare market with intentions of scaling.
Rather than continue growing in that vertical under a brand that is known in the finance space (RAZR), it makes more sense to do so with a uniquely positioned one – aka Grayduck.
What is patient activation?
Helping our customers help their patients do things differently. Creating sustainable human behavior change requires four elements: awareness, education, motivation, and system.
Using our underlying Fibonacci platform, configured with ReadyPath, our customers can treat different people differently without having to write a bunch of code.
They can take the care pathway for a specific therapy and break it down into those moments of truth where people are making decisions about their care. So to engage them using the transfer of content value in a very specific, targeted manner, without a lot of guessing and time, is what patient activation means.
How much of the Grayduck division is pure off-the-shelf software vs. custom/configuration?
75% / 25% – sold under a monthly or annual subscription – on per member basis.
How many customers and who uses Grayduck?
We have a handful right now using it…not to mention anyone specific by name, but if you look at our site you will see industry specific past or current clients of RMI, some of whom may be using Grayduck now.
What kind of impact has Grayduck made?
With one of our large customers, have been able to measurably increase conversion/activation by 300% which is the best way to measure financial benefit to customers and healthcare efficacy for patients.
How have you financed RMI and now Grayduck?
Self-funded by RMI shareholders, Paul Kelzer and myself.
How many people overall work under the umbrella of RMI, and Grayduck?
Between FTE and contractors, we’re at about 80 at RMI. As far as Grayduck, about half a dozen.
Was this part of the plan all along – to apply this technology in multiple markets – or how did it evolve?
Yes, and to do so under different brand names to reduce any confusion in the market and also to differentiate.
Who or what does Grayduck compete with?
It’s kind of nebulous…traditional agencies at times, Salesforce or Eloqua at times…but I haven’t found anything that is a fully configurable platform combined with strategic services of marketing, strategy, and segmentation as we do.
What is the goal for Grayduck this year in business terms?
That’s a good question…there’s a couple different ways I can answer that, how about this: we will double the business this year.
What is your strategy to penetrate the market now that Grayduck is out?
We have an organic growth strategy spearheaded by Grayduck GM Melinda Church.
And what’s the biggest question mark or risk in going from where you are to where you want to be?
It always comes down to having the right people in your company and organized around the vision and the strategy. The markets we are in have tremendous upside and potential… healthcare is still trying to figure out what it is and there’s a huge need around that.
We must be mindful about growth as opposed to just trying to grow as fast as we can.