Opportunities in the Healthcare Market
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Opportunities in the Healthcare Market

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For most print service providers, their biggest challenge is identifying and capturing new clients—especially in this highly competitive marketplace. One often overlooked strategy is looking to ...

For most print service providers, their biggest challenge is identifying and capturing new clients—especially in this highly competitive marketplace. One often overlooked strategy is looking to vertical markets for new revenue opportunities. To better assess your capabilities to serve vertical markets, you need to first understand their behaviors and service needs.

This presentation on the Healthcare Market is part of a series of PowerPoints created to help you better understand, and target, six of the highest value verticals according to InfoTrends.

Let’s get started. Do you have any healthcare clients in your portfolio? If not, you may be missing out. There were 779,000 healthcare establishments in the United States according to the most recent US Census.

Brought to you by Mohawk MakeReady, this presentation can be used for your internal training purposes.

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  • For most print service providers, their biggest challenge is identifying and capturing new clients—especially in this highly competitive marketplace. One often overlooked strategy is looking to vertical markets for new revenue opportunities. To better assess your capabilities to serve vertical markets, you need to first understand their behaviors and service needs. This presentation on the Healthcare Market is part of a series of PowerPoints created to help you better understand, and target, six of the highest value verticals according to InfoTrends. Let’s get started. Do you have any healthcare clients in your portfolio? If not, you may be missing out. There were 779,000 healthcare establishments in the United States according to the most recent US Census. Brought to you by Mohawk MakeReady, this presentation can be used for your internal training purposes.
  • Everyone has been exposed in some way to the healthcare market. Doctors, pharmacies, physical therapists to name just a few. The primary segments of this market are: Industry Segments (NAICS 62) Ambulatory Services Dentists Physicians Chiropractors Other Health Practitioners Home Healthcare Services Hospitals Nursing and Residential Care Social Assistance
  • When dealing with such a large potential market, prioritizing is key. Over 70% of healthcare establishments fall into the ambulatory health care services category which includes: physicians, dentists, and other outpatient practitioners . MakeReady Tip: When approaching a new market, approaching the largest segment provides more opportunities for success.
  • Understanding current and upcoming trends for a particular market can help give you insight on activities that may influence their decision to bring on a new vendor. According to a recent study by InfoTrends, the four bullets shown on this slide represent the top trends for the healthcare market—any one of these could impact a client’s buying process. For instance, let’s look at healthcare reform and cost containment. These areas could lead to the need for personalized print projects, printed materials providing an explanation of services, or print-on-demand promotion collateral aimed at patient acquisition. MakeReady Tip: It’s in your best interest to understand your target market and where that market is going. It will help you be perceived as a valued resource, ultimately providing you with new opportunities to better serve your clients.
  • From a marketing perspective, two of the major challenges in the healthcare arena include the shift to electronic records and healthcare reform. Think about positioning yourself as their outsourced marketing partner. With the move to electronic medical records, what are the concerns consumers have? Will their records still be secure? Think about what you can offer to alleviate these concerns. Can your company provide managed campaign services? Project management? Targeted e-mail? Healthcare reform also provides valuable marketing communications opportunities for your company. It plays to the strength of digital printing and personalization with variable data to a tee. There are numerous opportunities for these prospects to explain how the reform may have different effects for different individuals. The healthcare segment is usually data rich, so providing ideas on how you can better implement and utilize their data (securely) to target users and increase ROI is an effective sell. Be unique. Think out of the box beyond simply variable addressing.
  • The average annual external print spend in the healthcare segment is $30,000. This could be annual revenue coming into your business. Where is this revenue going now? A recent InfoTrends study indicates that 50%+ of the business is going to commercial printers, 30% to Office Super Stores, 19% is managed by Design Firms, and less than 50% to self-serve copying and printing services. Two takeaways from these numbers: healthcare clients are using different vendors for different types of jobs, and, all of these types of print providers utilize digital equipment. Of those surveyed, 44% expect to increase their overall marketing spend. This means there is an excellent opportunity to sell the benefits of variable data printing through digital. MakeReady Tip: Sell the value of personalization and your ability to safeguard patient data.
  • Healthcare organizations have a wide variety of marketing communications needs. All of these needs provide a tangible opportunity for your company’s services. Here’s a list of some of the most common uses as determined by a recent InfoTrends study. Top 5 Marketing Communications Printed directory (used by 72% of healthcare businesses) Newspaper advertising (47%) Printed direct mail (47%) e-Mail marketing (41%) Signage and point-of-sale advertising (35%) MakeReady Tip: The top 3 marketing communications produced are all a form of print. This is the low hanging fruit. Think about what other products/services you could offer that could integrate with the print.
  • How can your printing business capture some of this business? You need to bring something more than just your capabilities. You need to bring value. One way to differentiate your company is to provide unique materials that enable higher value printed products to be created. Let’s take a look at how Mohawk Bravo Digital Substrates can help you provide this value to your education customers. We discussed signage and directories as a type of print collateral being produced by some healthcare organizations. Here are some specific examples of how new Mohawk Bravo Digital Substrates could be used for this type of application and environment. Synthetic Materials - Choose any of our moisture, wear resistant PVC or Polyester sheets for durable directories. Pressure Sensitive Materials - Use Pressure Sensitive materials to create labels for test tubes or wall cling healthy tips or directional signage. Magnetic Materials - Get a charge out of our magnetic materials! Create magnet organizer labels on refrigerators for storage of testing samples. Embedded Card Materials - Use these materials for membership cards or appointment reminder cards. Mohawk Bravo Synthetic Materials are designed for the entire range of digital color production presses including those using high heat to fuse toner as well as HP Indigo ElectroInk. For more information, visit www.mohawkpaper.com/bravo
  • Now that we’ve discussed tangible applications to sell into this market, let’s take a look at a specific customer case study. Mercy Health Partners is a healthcare system serving southern Ohio and encompassing more than 30 locations across the greater Cincinnati area. They designed a direct marketing campaign to target new residents of the area with personalized welcome kits and the offer of a free first aid kit to people who responded via a personalized URL or a business response envelope. The initial print run was 11,000 pieces, with about 1,800 additional copies produced monthly. Mercy had several goals for their campaign: to create awareness of Mercy Health Partners among new residents, to generate a 5% response rate, and to achieve a 1% conversion rate within six months. Working with a print service provider, they developed an integrated campaign with the following components: Variable Data Direct Mail, Business Reply Cards, and Personalized URLs. (This full case study can be found at www.PODi.org.)
  • The marketing mix definitely helped play a role in making this campaign a success. After only six months they exceed their campaign objectives. With a conversion rate of 50%, they generated 1.5 million dollars in revenue. And as an added bonus, they even had conversions from non-respondents. Needless to say, this print services provider had a very happy customer! Customer satisfaction not only makes it easier to gain repeat business, but it can help you win similar business from new clients. Explain the potential ROI of a project to help sell. Use data and real examples to demonstrate how you have helped your clients achieve their marketing goals. MakeReady Tip: Use case studies of your existing clients to help win similar business from new clients, particularly if they are in the same vertical.
  • The healthcare market provides numerous revenue opportunities for you to capture. It really boils down into these three main needs for this market that your company can address: The industry is growing and is expected to outpace other industries for job growth through 2018, according to the Bureau of Labor and Statistics. Data collected on patients can be parleyed into personalized, intelligent data-driven patient acquisition/marketing campaigns. Demand for cross-media marketing services is on the rise, and many of these volunteer-based organizations need access to a single vendor that can support all channels: direct mail, e-mail, social media, and others.
  • Digital printing is changing…and fast. That’s why we created Mohawk MakeReady. A go-to place for guidance, insights and tools to keep you prepared for what’s next.   There’s a reason we named this service MakeReady … a little irony, too. Taking a familiar industry term in a new direction, Mohawk MakeReady offers ways for you to make more efficient use of your time, material, people and entrepreneurial energy. To grow your digital printing business, you need to be prepared — with actionable information and tools — so your team can implement best business practices, craft effective sales strategies, and create opportunities to use and promote new high-value products.   That’s what you’ll find here: an ever-expanding site, rich with content built on the experiences of digital printers like you.   As a leading manufacturer of digital substrates, Mohawk brings you practical wisdom gained from our experience in sales, marketing, production and operations.  With how-to articles on marketing your business, videos on topics like precision sheeting, and PowerPoint presentations showcasing how to identify sales opportunities.  All strategies you can put to work today.   Talk to us. Let us know what’s on your mind. Mohawk MakeReady. Dedicated to making you ready for the exciting future ahead.

Opportunities in the Healthcare Market Presentation Transcript

  • 1. A vertical focus for approaching new clients September 2011 Research by InfoTrends 2011
  • 2. The Market Defined Companies you’ve utilized before Combining medical technology and the human touch, the healthcare industry diagnoses, treats, and administers care around the clock, responding to the needs of millions of people. Source: InfoTrends 2011
  • 3. Prioritizing Opportunities
    • Over 70% of healthcare establishments fall into the ambulatory health care services category including:
      • Physicians
      • Dentists
      • Offices and other outpatient practitioners
    Source: Source: Bureau of Labor Statistics
  • 4. Top Trends For This Market
    • Healthcare Reform
    • Focus on Patient Safety, Privacy
    • Electronic Medical/Health Records
    • Cost Containment
    Source: InfoTrends: Capturing the SMB Communications Services Opportunity
  • 5. Electronic Records: The shift has begun to electronic records Reform: Companies need to explain changes
  • 6. Did you know that the average annual external print spend in the healthcare segment is $30,000? According to InfoTrends… Source: InfoTrends’ Capturing the SMB Communication Services Opportunity 2009
  • 7. So, what are they producing? Healthcare organizations have a wide variety of marketing communications needs. All of these needs provide a tangible opportunity for your company’s services.
    • Print directories
    • Newspaper advertising
    • Printed direct mail
    • E-Mail marketing
    • Signage
    • Point of sale advertising
  • 8. Bringing More Value One way to differentiate your company is to provide unique materials that enable higher value printed products to be created. Mohawk Bravo Digital Substrates can help you provide this value to your healthcare customers.
  • 9. Mercy Health Partners: Healthcare Case Study
  • 10. Campaign Results
    • After initial 6 months – 6% response rate
    • Conversion rate was 50%
    • Admissions from conversion rate generated $1.5 million in revenue
    • 29% of direct mail recipients who didn’t respond to the mailer still became patients of Mercy – a 29% conversion rate.
    Source: PODi.org
  • 11. Why You Should Consider Pursuing this Market The healthcare market provides many revenue opportunities for you as a print service provider. The opportunities include these key products and services:
    • Campaign management
    • Database management
    • Data-driven personalization
    • Cross media services
    • High-quality digital print
    • Mailing & Fulfillment
  • 12. Mohawk MakeReady provides practical tools and actionable information for digital printers like you. We can help… Visit: www.MohawkMakeReady.com for more tools, to request a meeting, or to join the community.