BUSINESS SITUATION
An emerging health-tech company based in California, US, was in the process of launching a patient experience platform. The platform aimed to streamline various workflows encompassing patient scheduling, automated reminders, reporting, marketing campaigns, and other features. In preparation for the platform's upcoming launch, the client intended to identify a sales outreach and messaging strategy that would not only augment customer value but also confer a competitive advantage.
SGA APPROACH
- SGA systematically collected information from a variety of sources. This included paid databases, public resources like company press releases, financial documents, product brochures, blogs, general internet searches, and social media channels.
- The client's competitors were determined by evaluating their market presence and customer satisfaction scores. Subsequently, a comprehensive competitive framework was developed that included an in-depth analysis of the features, advantages, and potential drawbacks of their scheduling platforms.
- SGA conducted an extensive primary market research initiative. It involved a brief qualitative study with healthcare administrators, CIOs/directors, CMOs, and compliance and regulatory teams. This was followed by a quantitative survey across a range of small, medium, and large healthcare provider organizations to identify statistically significant findings.
- These findings highlighted common pain points experienced by healthcare providers. It included the decision-making process for purchasing software, factors influencing buying behavior (e.g., cost, features, user-friendliness), key features and requirements identified by respondents, criteria used by healthcare providers to assess software vendors, and their preferred characteristics.
ENGAGEMENT
SGA’s engagement with the client was in an end-to-end capacity supporting the product launch.
BENEFITS & OUTCOME
- The client benefited from in-depth customer and competitive analysis and pricing models of the patient scheduling platforms.
- The client acquired valuable insights concerning the strategic positioning, targeting desired customer segments, and pricing of the platform.
KEY TAKEAWAYS
- The pricing of a patient scheduling product correlates with its offered features and functionality. Products with extensive features incur higher development and maintenance costs.
- Integration with other software products, such as electronic health records or billing systems, contributes to a higher price. The complexity and maintenance of integrations affect the overall cost.
- Products tailored for high-end markets like large hospitals or specialty clinics command a higher price due to their budget capacity and demand for top-notch quality.
