MOST Analysis

Mission Statement

This program is aimed at helping companies in the healthcare, medical devices, clinical diagnostics, pharmaceutical and biotechnology industries successfully crack a new market, effectively launch a new product or service, or strengthen their existing value proposition. At the end of the program, participants should be able to implement a corporate positioning initiative that culminates in credible, relevant and distinctive brand promises.

This first month will involve assessment and analysis of product capabilities and possibilities, through interdepartmental communication at the corporate level. Although Marketing will take ownership for the overall implementation and delivery of the value proposition plan, input from all areas will lead to a more cohesive approach towards execution. Suggested start would be with Development for outline of the expectations for the product/service, based on key inputs such as functionality, performance and efficiency. These should be mapped to show expectations against actual deliverables to start to identify where the deficiencies may be and how they should be addressed as part of the overall competitive market plan. Next, alignment with overall corporate strategy should be reviewed to determine if the product is consistent with existing direction of if there is deviation away from overall goals and objectives. If there are, then the task will be to determine if overall objectives were reasonable, given company resources and the competitive landscape. This type of assessment is critical to ensure strong positioning of the value proposition, when considering all aspects of the product and corporate plan. A final step in the assessment will be to determine if product value is linked to either existing products or planned products in the pipeline. If so, allowance will need to be made to articulate this clearly in the proposition plan, so as not to convey any misleading of confusing information to the buyer. Often compatibility with a company’s products is a key benefit within the value proposition and this can be critical feature when looking for that competitive edge regarding product differentiation.

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Objectives

01. Internal Analysis: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
02. Define Issues: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
03. Target Setting: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
04. Gathering Data: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
05. Analyze Data: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
06. Preliminary Plan: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
07. Review Plan: departmental SWOT analysis; strategy research & development. 1 Month
08. Test Assumptions: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
09. Issue Resolution: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
10. Implement Solutions: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
11. Monitor Activity: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
12. Continuous Improvement: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month

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Strategies

01. Internal Analysis: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
02. Define Issues: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
03. Target Setting: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
04. Gathering Data: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
05. Analyze Data: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
06. Preliminary Plan: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
07. Review Plan: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
08. Test Assumptions: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
09. Issue Resolution: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
10. Implement Solutions: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
11. Monitor Activity: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
12. Continuous Improvement: Each individual department head to undertake departmental SWOT analysis; strategy research & development.

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Tasks

01. Create a task on your calendar, to be completed within the next month, in order to analyse the Internal Analysis process.
02. Create a task on your calendar, to be completed within the next month, in order to analyse the Define Issues process.
03. Create a task on your calendar, to be completed within the next month, in order to analyse the Target Setting process.
04. Create a task on your calendar, to be completed within the next month, in order to analyse the Gathering Data process.
05. Create a task on your calendar, to be completed within the next month, in order to analyze the Analyze Data process.
06. Create a task on your calendar, to be completed within the next month, in order to analyse the Preliminary Plan process.
07. Create a task on your calendar, to be completed within the next month, in order to analyse the Review Plan process.
08. Create a task on your calendar, to be completed within the next month, in order to analyse the Test Assumptions process.
09. Create a task on your calendar, to be completed within the next month, in order to analyze the Issue Resolution process.
10. Create a task on your calendar, to be completed within the next month, in order to analyse the Implement Solutions process.
11. Create a task on your calendar, to be completed within the next month, in order to analyse the Monitor Activity process.
12. Create a task on your calendar, to be completed within the next month, in order to analyse the Continuous Improvement process.

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Introduction

This program is aimed at helping companies in the healthcare, medical devices, clinical diagnostics, pharmaceutical and biotechnology industries successfully crack a new market, effectively launch a new product or service, or strengthen their existing value proposition. At the end of the program, participants should be able to implement a corporate positioning initiative that culminates in credible, relevant and distinctive brand promises.

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Marketing strategy changes at different stages of the product lifecycle

When a product is introduced, it typically has a high cost due to a low production run and high costs of product development. The marketing team’s focus is on finding early adopters and creating a value proposition for them. With product growth and maturity, the marketing strategy changes, and it occurs again when the product is in decline or being phased out. Throughout the product lifecycle, the marketing of the product is planned to meet the goals and challenges of that stage. Developing a value proposition is of crucial importance during new product development. A value proposition is an assurance from the company that the product will deliver value. It creates a belief in customers about how that value will be experienced and the outcomes it will achieve for them. The value proposition can apply to the product/service, or the entire organization, or a part or parts of the organization.

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The product lifecycle involves various professional disciplines

At each stage in its lifecycle, the product needs different marketing, manufacturing, financing, purchasing and human resource strategies. Every stage has its own challenges, opportunities and problems, which must be figured out and adequately addressed during the limited life of the product. Healthcare companies are licensed to provide specific health care diagnosis and treatment services. Although the medical service or procedure does not have a limited life, it must be marketed, improved and perhaps even transformed, to meet the company’s revenue cycle goals, and sustain as the number of local competing hospitals or practices grows. Healthcare providers compete mainly on quality dimensions and less on price. However, research shows that price and quality competition is greater in less concentrated markets. The value proposition in healthcare should focus on quality as well as consider price and expenses, so that an economic advantage can be communicated to the target audience. Robust competition among healthcare providers, healthcare systems and payers can result in better care at lower costs, and most importantly, improve patient outcomes.

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Effective corporate positioning set to become a high-level priority

Positioning is a critical aspect of product strategy in retail. Healthcare and allied sectors have the opportunity to create differentiation and compete more vigorously by prioritizing product positioning. This claim is based upon three realities:

– Customers need clarity about value: Knowledge of how using a product or service can deliver the desired outcomes, will propel consumer decisions. The modern consumer is proactive about determining the goal/end state they want to achieve after using a product/service. This is the claim or promise that the value proposition will convey.

– Value creation is everyone’ business: Company departments are more integrated than before. Data siloes are being razed and central data repositories are enabling information-sharing and close collaboration. A holistic approach to product development, service delivery and value creation, improves and strengthens corporate positioning.

– Information channels abound: Companies cannot afford to make claims that don’t bear out for the customer. They risk reputational harm from poor reviews on online platforms. Just as social media, online forums and websites generate brand awareness, they also bring brand weaknesses to light. A strong value proposition distributed online ensures that peers and competitors don’t have leverage over potential customers and help keep customer-brand ties intact.

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The need to make adjustments to corporate positioning and value proposition

The value proposition can and should track evolving consumer expectations and the realities governing the business landscape in which the companies operate. A well-defined process that involves all relevant decision-makers in framing the value proposition and changing it efficiently and correctly, is essential.

– The value proposition is dynamic and influenced by macro and micro marketplaces. It must evolve over time to remain competitive.

– Impressions about a company or product usually change during the sales journey. A clear idea of how the product is positioned allows sales and marketing staff to anticipate buyers’ value perceptions and make suitable adjustments over the interaction period.

– Establishing a successful brand-customer relationship requires the commitment of all departments. The value proposition program brings together decision-makers not only for knowledge-sharing and risk mitigation but to also underscore responsibilities and accountability at the team level.

– Customer proximity and co-creation are necessary to long-term value creation. Companies must involve their target segments during the value proposition development process.

– Environmental dynamics are not controllable by the company. They must be predicted and assessed proactively to hedge risk.

– Managers need to properly align the company’s value proposition and its available resources. Proactively engaging customers and strengthening market knowledge is essential to deal effectively with competitive pressures.

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Shaping up a corporate positioning program

Clarifying what your company stands for is a collaborative endeavor as it touches upon numerous aspects of value, factors driving value, and the financial costs of delivering that value. It is not possible to provide the desired patient outcomes without clearly understanding how resources will be utilized, operational KPIs affected, impacts on expenditure, income and funding, and whether organizational capability and culture support the goals. A structured corporate positioning program involves many skills, processes and tools. Participants will learn how to put the program together and gain the consensus of all key decision-makers at every stage of the program.

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Executive Summary

Corporate Positioning – Internal Assessment

Positioning refers to creating an image of the company and its products or services in the target customers’ mind. Corporate positioning is synonymous with product positioning, for a company derives its image and market fit from what it sells. Positioning has been used by marketers to try and create a unique identity for the company’s products, and the need to differentiate is plainly obvious. Every industry has competitors; some face more intense rivalry than others. All industries also face disruptive forces, and companies are challenged to prove that they’re relevant and provide the value their target segments need. Information changes customer behavior. Before the advent of the internet, the consumer had to rely mainly on word-of-mouth feedback to make informed purchase decisions. Impressions about a company and its products were also formed from advertisements, billboards and pamphlets. Marketing messages were pushed to the buyer, and any research at the buyer’s end to understand the company and product was time-intensive and cumbersome.

In the information age, the consumer has several means to understand a product and its maker at a deep level. Google reviews; Facebook, Instagram and Facebook posts; instant messenger apps; and emails are consumers’ daily informants. Brand and product information flow freely on offline and online channels, satiating consumers’ need to really know what they’re spending their dollars on. On the one hand, information dissemination helps marketers by expanding the reach of their messages. On the other, the availability of information gives consumers more choice than ever before to find companies offering the same product, compare their offerings, and make a switch, seamlessly and in as early as one business day! Fickle customers, endless alternatives, better products, and the fight for survival and growth, make corporate positioning extremely important. The customer value proposition is at the heart of corporate positioning as it communicates how the company will provide value to customers. The development of the value proposition plan is an important part of product strategy. A strong value proposition provides a clear direction for business strategy. Defining a clear value proposition, along with a sustainable sales and marketing strategy, are now integrated into the corporate strategy. With technological improvements, availability of specialized talent, and increasing regulatory burden, successful positioning has become imperative for growth and success.

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Marketing challenges in healthcare

Healthcare marketers have to contend with specific challenges that they must address to convert prospects into paying customers. What makes challenges more daunting is the fact that even a few years ago, ‘competitiveness’ wasn’t a boardroom agenda. Changing consumer expectations and easy access to healthcare information online have made it imperative for marketers to double down on their outreach, engagement, and loyalty retention efforts.

Healthcare marketing faces unique limitations, posed by the Health Insurance Portability and Accountability Act (HIPAA), such as not being allowed to retarget those who have visited the provider’s corporate website in the past. Aggressive marketing is also necessitated in a crowded marketplace. A private practice that has many direct competitors in its city of business cannot afford to have a weak digital marketing strategy. Potential customers will be looking at online doctor rating sites to compare healthcare professionals. A well-crafted online presence, which includes requesting patients to submit reviews, ensuring that physicians contribute their expert opinions on popular online patient and medical forums such as Real Self, which focuses on reviews of cosmetic treatments, can sway consumers’ opinions in the company’s favor.

Marketers need to apply strategic thinking and tools to develop effective corporate positioning while adhering to compliance obligations. By establishing an efficient positioning process driven by collaboration and market data, marketing efforts can be supported and generate better outcomes.

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