In recent years, there has been an increase in the spending on healthcare services and stakeholders in the healthcare industry are facing the need for improved technologies and operational efficiency to address the determinants of health. Typically, the global healthcare industry consists of segments including medical devices, pharmaceuticals, and medical imaging. Healthcare industry providers are also facing the need for deploying advanced healthcare delivery models to meet the relentless demand among end-users owing to the recent shift from a volume-based to a value-based environment.
Although the healthcare industry is witnessing promising growth due to the introduction of digital technology as a part of the healthcare system, there are a few factors that are expected to influence the growth of the industry. They are:
- Innovations: Organizations in the healthcare industry space are increasing their focus on offering advanced medical assistance while compromising on the costs. To address such concerns, leading organizations must rely on robust marketing strategies, R&D, and innovations to improve healthcare outcomes.
- Regulatory compliance: With the increasing availability of counterfeit products, it becomes essential for the government authorities and companies in the healthcare industry to go beyond the standard compliance and ensure the implementation of proper regulations before meeting the target requirements.
Such factors are forcing firms within the healthcare industry to leverage the use of marketing strategy solutions. Marketing strategy solutions help companies in efficiently addressing customer requirements and accordingly devise new strategies to market the product and service offerings. These solutions also help companies increase their focus on identifying and analyzing the primary market and secondary market and evaluating the competition.
The Business Challenge
- The Client: Healthcare industry firm
- Area of Engagement: Marketing strategy
The client, a firm in the healthcare industry with business operations spread across the globe, wanted to ensure that their offerings meet the demands of the customer and gain actionable insights into ways to achieve profitable long-term relationships with them. They also wanted to refine their marketing activities and develop a robust marketing strategy to attract new customer segments.
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To help the client improve their marketing campaigns and provide personalized brand experiences to their customers, the marketing strategy specialists at Infiniti carried out extensive interviews and discussions with leading stakeholders within the healthcare industry. Additionally, the specialists also compiled information from a wide array of secondary sources such as paid industry databases, trade shows, company presentations, and industry forums.
The Solution Benefits and the Business Impact
The client gained actionable insights into the ways to position their product in the market and generate a better return on the investment with the help of the marketing strategy solution provided by Infiniti. The healthcare industry client also developed a robust marketing campaign that resonated with the target audience. Additionally, the healthcare provider developed a marketing mix to differentiate the product and service offerings from that of the competitors within the healthcare industry.
The “Internet of Things” is expected to connect devices that can support predictive medicine and solutions that link a patient’s wellness to their lifestyle. Additionally, with data becoming more accessible, firms have started to connect the new technology to patient experience.