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Marketing strategy

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Swinburne University students marketing plan - 2018

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Marketing strategy

  1. 1. Prepared By ANGELINA TOON ASHLEA BENTLEY BRIGITTE LEWIS GEORGIA BUNKER GRACE KHOO SWINBURNE INSTITUTE | INF30027 Marketing Strategy
  2. 2. 1 This report outlines the marketing strategy to transform Wikihospitals from its existing position to a social movement and not-for-profit business which connects like-minded people in pursuit of greater transparency in the medical and health industries. The purpose of this report is to provide the market analysis and strategy to implement the organizational plan outlined in the business plan. Wikihospitals currently functions as a website, providing a directory of health related startups, as well as blog posts and podcasts based on patient experiences and issues and innovations in the medical industry. Wikihospitals is currently not generating any revenue, therefore this report and supplementary business plan provide a structure which aims to transform Wikihospitals into a not- for-profit community with potential revenue streams in the long-term. The industry analysis focuses on community groups in Australia, which has a combined revenue of $9.6 billion, and a profit margin of 4.2%. The health industry is considered complimentary, and has a high growth rate with revenue in 2017 of $16.9 billion. Wikihospitals is considered to be favourably positioned, being a community group which attracts a higher age group, coupled with the increased healthcare needs of an increasingly aging population. With healthcare costs expected to rise to 30% of GDP in the next two decades, it can be strongly inferred that there will be an increased demand for an organization which addresses the issues which Wikihospitals aim to. A PESTLE analysis is conducted, finding that broadly, economic and socials elements have the most impact on the community and social groups industry, including Wikihospitals. Public spending on community groups is positively correlated to discretionary spending, whereas a decrease in worked hours increases time available for involvement. Critical success factors are identified as; demand for community services, population aged 50 and over, population demographics, discretionary income and individuals’ leisure time. No major competitors are identified, due to Wikihospitals unique positioning in addressing both the medical errors in the healthcare industry as well as the importance of health startups. However, four competitors who address one or more of Wikihospitals’ services are discussed. Key stakeholders are identified, including co-founder Delia Scales, donors and funding sources, the community, competitors, customers, government and volunteers. A TOWS analysis identifies potential threats, opportunities, weaknesses and strengths. These are addressed largely by utilizing the co-founders’ strong medical background, using free social media platforms and learning from competitors mistakes. Key issues that Wikihospitals faces are; it is largely unknown to the public, it has been too ambitious in its scope and the organizational mission does not align with profit making intent. Additionally, the is the issue of legitimacy and the risk of providing advice on medical matters. It is believed that due Executive Summary
  3. 3. 2 to the particular issues which Wikihospitals aims to address, the organization should re-brand as a social community in order to best influence change and have the greatest impact. The short-term operational marketing plan objective of Wikihospitals is to establish a social movement and community through use of social media and content generation that engages like- minded people in the medical field, including patients, medical professionals and medical start-ups. The long-term marketing objective is to use suggested social movement and community strategy to generate revenue and profit for Wikihospitals through various revenue streams such as merchandise and advertising. The short term (12 month) goal is: - Create an online social community for Wikihospitials operating across multiple relevant social media platforms with at least 200 members (with sustained growth) by the end of 2019. The long term (3 – 5 years) goal is: - Sustain and grow Wikihospitals online social community to approximately 10,000 members by the end of 2024 with the potential for revenue streams and generation. The target market for this proposed strategy will primarily be men and women aged between 25 and 64 who regularly use social media, are well educated and in white collar professions or work in the medical industry. The proposed strategy will be implemented largely through Facebook, due to its low cost and high existing users in Wikihospitals’ key demographic. Content should reflect the brand; high quality and very professional in nature. Critical success factors will be measured using Facebook’s built-in analytics. Social media may also be used to generate income, through carefully selected merchandise, sponsors for podcasts/posts and paid advertising. The biggest risk to Wikihospitals in this initial stage will be misreading the community’s desires and establishing trust within the community. Wikihospitals should be careful not to oversaturate their social media, have a high level of transparency and use disclaimers, with content well researched and cited.
  4. 4. 3 Executive Summary............................................................................................................................... 1 Introduction.......................................................................................................................................... 4 Current Industry Situation ................................................................................................................ 5 Situation Analysis.................................................................................................................................. 5 Overview of Macro Environment...................................................................................................... 6 Problem Statement............................................................................................................................. 13 Marketing Objectives.......................................................................................................................... 14 Proposed Strategy............................................................................................................................... 15 Short Term Plan (12 months) ...................................................................................................... 15 Long Term Plan (3-5 years) ......................................................................................................... 18 Conclusion .......................................................................................................................................... 19 Reference List ..................................................................................................................................... 19 Appendix............................................................................................................................................. 19 Table of Contents
  5. 5. 4 Organisation Background Wikihospitals is a public website that provides information on two vital topics: failures occurring in the healthcare industry around patient treatment and management, listed by medical specialty and health or unique technology services known as ‘health start-ups’ able to fix these problems. These topics are arranged by medical speciality and aim to combat the problem of lack of transparency in the medical industry. Currently Wikihospitals does not generate a profit or have a clear revenue stream. In discussion with the client, this project seeks to transform Wikihospitals into a social movement of like-minded individuals that provides a space for impactful discussion and an avenue for tackling larger issues as a tight-knit community. While this venture cannot generate immediate revenue, there is certainly potential to do so once the community grows and gains traction. Wikihospitals’ Objectives Wikihospitals’s have are two main objectives moving forward with this project: 1. Follow a business plan which defines Wikihospitals' goals and the steps needed to reach them and eventually generate revenue streams attached to Wikihospitals. 2. Follow a marketing plan which identifies Wikihospitals' customers and competitors, and outlines a strategy on how to target these groups. Purpose The purpose of this document is to provide recommendations about how to monetise Wikihospitals. It provides an overview of socio-cultural, economic, legal and financial contexts in order to situate Wikihospitals and highlight potential markets and areas that may pose a risk to the business. We offer a strategy that Wikihospitals can use to cement their position in the marketplace with a view to monetising what they offer in the long-term. Scope Our scope is limited to providing a situation analysis, a marketing plan and recommendations to create a social movement and therefore community around Wikihospitals. Limitations We will not implement any of the plan or recommendations we offer. Introduction
  6. 6. 5 Current Industry Situation Wikihospitals is a not-for-profit organisation operating as part of the community associations and other interests groups, mainly focusing on topics and issues relating to healthcare and medical services in Australia. The community associations and other interest groups industry includes associations, clubs of organisations that promote community or other interests (Allday 2018, p. 2). The community associations and other interest groups industry is currently in the maturity phase of its lifecycle. As government support and funding in this industry has been limited over the past five years, this has led to some community organisations having to restrict their service range and expansion in order to reduce expenditure (Allday 2018, p. 5). Although revenue has decreased over the last five years, this has been mitigated by the variety of community organisations and interest groups. Additionally, organisations have been able to use higher volunteer numbers as a strength, assisting in the reduction of costs whilst maintaining operations (Allday 2018, p. 5). The low growth in household discretionary income has also had a negative impact, limiting increases in donations. However, upcoming increases in social assistance expenditure is expected to positively impact on industry revenue over the next five years by 1.2 percent. Specifically, in the next year industry revenue is expected to experience a growth of 3.7 percent (Allday 2018, p. 6). Competition in this industry is at a medium level, with low barriers to entry. In relation to internal competition within the industry, the key to any community association and other interest groups’ success is the maintenance of the public trust in the financial and interpersonal integrity of its leaders. Due to the diverse and highly fragmented nature of the industry, no single firm has a major influence on the overall cost structure (Allday 2018, p. 7). The low barriers to entry are due to the small initial capital investment required and low ongoing expenses, with most individuals able to establish an interest group. However, it is the longevity of these interest groups which pose as a concern. It is essential for organisations to manage the following factors: a loyal customer base, economies of scale, ability to make change, access to volunteer labour, and optimum capacity utilisation (Allday 2018, p. 19). In successfully managing these factors, community associations and other interest groups will be in a solid position to make long-lasting impact and provide satisfactory services to their consumers. Profit margin is only expected to be 4.1% for this industry (see figures 1 and 2). Many smaller organisations are funded through annual membership fees of active members (Allday, 2018). Situation Analysis
  7. 7. 6 As Wikihospitals is a community interest group focusing on transparency in the medical industry, an analysis of this industry is also warranted. The industry is highly profitable ($16.9b) and in the growth stage of the business lifecycle. Healthcare costs are expected to account for 30% of GDP by 2040 (Fuchs, 2013). Figure 1 – Community Associations and Interest Groups Key Industry Figures Figure 2 – Community Associations and Interest Groups Growth Rates Overview of Macro Environment A Political Economic Social Technological Environmental and Legal or PESTEL analysis (Yuksel 2012, p. 55) allows for understanding of the larger context within which a business operates. It takes into account what are called macro or larger environmental or external factors that may affect your business. As Australia has an aging population (Fuchs 2013) who are increasingly tech savvy and willing to share their experiences with others online, a site like Wikihospitals is well placed to serve this demographic in particular. It is also worth noting that Google is often referred to colloquially as “Google Dr” because of how many people turn to it for health advice. This too is a good indication of the popularity of web-based and platform based healthcare advice and social communities.
  8. 8. 7 PESTEL Considerations Politically, Wikihospitals will need to take into account the internal politics that may arise within a partnership such as yours. This includes differing visions for its future and varying capital investment which can lead to jealousy and friction. External politics are equally important to keep in mind, particularly with the rise of regulation that is occurring around digital platforms, privacy, data security and increasingly conservative world Governments that incarcerate people with critical views of what they do, stand for, or the technology they use. Economically, as noted in the overview of the macro analysis, audience discretionary funding is important to take into account, especially with the stagnant wage growth in Australia at present. However, a decrease in hours worked as people age is linked to more active participation in groups like Wikihospitals which is where Wikihospitals could draw potential employees from to grow their business. Increasingly, startups, particularly by women are being championed so this too is an area you could capitalise on. SheStarts, an Australian StartUp Accelerator, (Blue Chilli 2017) is worth investigating. Sociologically as a culture people are far more inclined to talk about negative experiences and use the internet to do so, than they were even just five years ago. This trend can be expected to continue as even more people connect to the internet. Health, and being healthy as a lifestyle choice is trending and is forecasted to continue growing. Technologically, particularly with social platforms, it’s important that they are as easy to use and as current as possible so that people feel they are interacting with fresh and engaging content and interesting people. However, it does not seem like websites or social platforms like Facebook are going to disappear in the immediate foreseeable future. Legally, Wikihospitals have to think about how to moderate the content people post so they are not liable for any legal proceedings, including, defamation. Wikihospitals will also need to consider employment contracts into the future if they chose to expand in this manner. Environmentally, Wikihospitals should consider where their platform backups are stored and how natural disaster could impact this. Of the macros environment, economic and socials elements are most impactful on the community and social groups industry, including Wikihospitals. The most important elements from our PESTEL analysis are outlined below (see table 1).
  9. 9. 8 Table 1 – PESTEL Analysis Element PESTEL Category Implication Impact Partnership issues Political Business problems -5 Government regulation Political Legal issues leading to loss of cultural and real capital -3 Discretionary income (negative) Economic Loss of capital and engagement -5 Discretionary income (positive) Economic Increased engagement +5 Women centred startup opportunities Economic Funding, engagement, audience reach +5 Desire to share experiences online Social Increased audience +3 Decrease in weekly hours worked Social More time to engage +4 Aging population Social Social Increased desire for reliable health information +5 Staying current and on trend Technological Audience engagement +2 Defamation Legal Loss of income and brand damage -5 Natural disaster Environmental Platform data lost - data security issue -5 Key: - refers to negative impacts and + refers to positive impacts. - 5 indicates a severely negative impact and + 5 indicates a very positive impact.
  10. 10. 9 Critical Success Factors Five critical success factors for community associations have been identified: 1. Demand from community services Community services fill many gaps left by the private sector and therefore a higher demand for these groups benefits the industry (Allday 2018, p.6). 2. Population aged 50 and older There are a high number of groups and associations representing older demographics and people over 50 are more likely to seek group activities as a means of maintaining or increasing social contact (Allday 2018, p.6). They’re also more likely to seek health advice and have health concerns due to aging. 3. Population demographics Population size and growth are important as many organisations require growth in membership for revenue and for certain organisations demand is related to the size of a particular age, gender or ethnic group (Allday 2018, p.14). 4. Discretionary income Higher discretionary income increases expenditure on interest groups, partaking in the activities the organisation promotes and donating money to a group (Allday 2018, p.14). 5. Individuals’ leisure time Demand for interest groups will grow as individuals make more time for leisure pursuits both as a participant or a volunteer etc (Allday 2018, p. 14). Key Competitors There are no major competitors which offer all Wikihospitals’ services. This is mainly due to Wikihospitals’ unique combination of addressing both the medical errors in the healthcare industry as well as the importance of health startups. However, competitors who address one or more of Wikihospitals’ services are outlined below. Similarly, looking at the community groups industry there are no major players, and the interests areas of community groups vary greatly. The industry has a medium level of competition, which can cause groups to struggle to maintain donations. Medical Error Action Group Medical Error Action Group (MEAG) is Wikihospitals’ main competitor, and was founded in 1996. After the founder – Lorraine Long, had first-hand experience in medical error, patient deaths and injuries, coronial systems, hospital systems, government cover-ups, failures of justice, and the plight of people affected by medical error in Australia, MEAG was created to raise awareness about these issues. Alongside the organisation, the June Long Foundation was also created as an income tax exempt charitable entity.
  11. 11. 10 MEAG is a non-profit and non-government organisation, and is registered with the Australian Charities and Not-For-Profits Commission. MEAG’s only platform is their online website. Since its beginnings, MEAG has had major exposure in the media which has catapulted the growth of the organisation. An established team of media contacts, advocates and investigators, administration and library staff work together to provide news and updates on the latest medical errors in the healthcare industry. Moreover, MEAG engages with the public and its customers through public forums. A major strength is their media exposure which has successfully sparked change over the last 20 years. MEAG: https://www.medicalerroraustralia.com/ ProPublica Patient Safety Community ProPublica is an independent, non-profit newsroom founded in 2007-2008, based in the United States. ProPublica aims to expose abuses of power and betrayals of the public trust across multiple topics, with healthcare being one of them. The website allows the public to gain insights into the most recent and interesting events, and also get involved by participating in ProPublica’s reporting. Well established, ProPublica has a team of over 75 dedicated journalists, and maintains a transparent relationship with its donors through financial reporting practices. Their reporting has contributed to the passage of new laws, reversals of harmful policies and practices, and accountability for leaders at local, state and national levels. One of ProPublica’s services is allowing the public to anonymously send their own stories to be reported on. In 2012, a Facebook group was created – ProPublica Patient Safety Community. The community currently has over 5,800 members and is a platform for members who have experienced harm while undergoing medical treatment and their loved ones, to share these experiences, resources, and connect with like-minded individuals. ProPublica: https://www.propublica.org/ ProPublica Patient Safety Community: https://www.facebook.com/groups/patientharm/ MedicalStartups MedicalStartups is an online website providing news about medical startups which target the most pressing health problems. Less established than the other competitors listed above, MedicalStartups has just over 100 followers on their Facebook page. However, their strength lies in their user-friendly website which allows individuals to easily navigate to the top health startups through the following categories: ‘Top 10 Targets’, ‘Top 10 Technologies’, and ‘Top 10 Countries’. MedicalStartups provides a similar service as Wikihospitals by informing the public about health startups, and do pose a mild threat due to the large range of information they have gathered. MedicalStartups: http://www.medicalstartups.org/
  12. 12. 11 Medical Error Transparency Plan Medical Error Transparency Plan is a Facebook group founded in 2015 based in the United States, and advocates for a national ‘Medical Error Transparency Plan’. With over 1,300 members, Medical Error Transparency Plan provides a platform for members to share events and information to generate discussion. Armed with an engaging community where members are sharing the content posted in the Facebook group, this community is moving along their journey of advocating for the mandatory reporting of medical errors. As Medical Error Transparency Plan is based in the United States, they are not a direct competitor. However, they offer a similar platform as Wikihospitals and thus it would be beneficial to maintain awareness of this group. Medical Error Transparency Plan: https://www.facebook.com/groups/Medicalerrortransparencyplan/ Summary of Stakeholders A stakeholder is an individual or group which has an interest that Wikihospitals fulfils its mission. Anyone interested in or affected by Wikihospitals and its actions is a stakeholder. Wikihospitals’ stakeholders are outlined below: Wikihospitals Delia Scales, the co-founder of Wikihospitals is the most direct stakeholder, and primarily controls the actions of the not-for-profit organisation to achieve its mission. Donors and Funding Sources Individuals or groups who help in funding the operations of Wikihospitals are an important stakeholder. It is important to maintain these individuals and groups’ views on Wikihospitals’ services as their support are highly valued. Community The community which Wikihospitals is surrounded within has some control in how successfully Wikihospitals can complete its mission and goals. Without proper engagement from the community, it will be a challenge for Wikihospitals to achieve its objectives. Competitors Competitors range from other not-for-profit organisations to smaller social community groups who have a similar mission or goals as Wikihospitals. Customers Wikihospitals’ customers can be defined as community group members and attendees of events and meetups. In broader terms, individuals who interact with and engage with Wikihospitals’ social media platforms and online website are also considered as customers.
  13. 13. 12 Government As Wikihospitals is a not-for-profit organisation, the government is another important stakeholder. The government has requirements such as registering with the ACNC, and can also provide Wikihospitals with benefits such as tax exemptions/deductions and government grants. Volunteers In the event that Wikihospitals does engage with volunteers, they will assist with operations. Volunteers would provide vital services to keep the not-for-profit running and are an important stakeholder. Regular consultations with volunteers would be beneficial in assessing whether changes need to be made to Wikihospitals’ processes. TOWS analysis Table 2 – TOWS analysis for Wikihopsitals Strengths (S) • Medical background and experience • Existing database • Passion and commitment • Existing resources Weaknesses (w) • Low traffic to existing platforms • Low budget • Small pre-existing network/community Opportunities (O) • Growth in health care industry • Growth in medical technology industry • Increased reliance on technology • Opportunities to generate revenue SO Strategies • Use medical background and experience to create an online social community focused around greater medical transparency and better care. • Use existing database and resources as a potential revenue stream once community is established. WO Strategies • Use free social media platforms to create an online social community. Threats (T) • Several similar competitors • Distrust/being pulled up for lack or authority • Problems with third party platforms such as Facebook or Wordpress ST Strategies • Use pre-existing medical background and resources to differentiate from competitors. • Use pre-existing medical background and experience to build trust and authority with community members. WT Strategies • Focus on generating a higher volume of traffic to platforms by learning from things that competitors do and don’t do well.
  14. 14. 13 Wikihospitals faces three key issues which have been hindering its success thus far: 1. It is largely unknown to the public Wikihospitals suffers from a lack of public awareness and attention. Therefore, the site’s content, even if it is quality, useful information, is simply never reaching the audience it is intended for. This makes it impossible to grow and further its agenda as an organisation, whilst wasting precious time and resources. 2. Too ambitious Wikihospitals seemingly intends to solve much too big a problem. For this reason, the organisation lacks focus and direction as it attempts to solve everything all at once. 3. Organizational mission does not align with a profit-making intent The original problem that Wikihospitals was created to address cannot be solved in a way that generates revenue. This makes it difficult to maintain, especially for a sole trader. Problem Overview The reality is that Wikihospitals in its current state is not self-sustainable. The website contains quality content but it is not being viewed by anyone. This is evident through the site’s google analytics which shows that no one is actually reading content or listening to podcasts online. Therefore, introducing paid subscriptions or other profit-making schemes will not work without website traffic and consumer belief. Additionally, the organizational aim to solve issues within the medical industry is a hard task, due to heavy regulation, lack of transparency and the need to have a legitimate voice that the public can trust. As such, it seems clear that the best course of action for Wikihospitals is to gain a voice as an organisation through the formation of a social community. This solution is the most realistic and reliable way to gain standing within society and make a difference. It is a step towards growth and support which can propel the organisation to greater heights in the future. Problem Statement
  15. 15. 14 Short-term operational marketing plan objective: Long-term marketing plan objective: Positioning statement: To consumers looking for health advice, news and information online, Wikihospitals offers a social platform to produce a social community at no cost, which consumers perceive as worthy of support and continued engagement. Marketing Objectives Establish a social movement and community through use of social media and content generation that engages like-minded people in the medical field, including patients, medical professionals and medical start-ups. Use suggested social movement and community strategy to generate revenue and profit for Wikihospitals through various revenue streams such as merchandise and advertising.
  16. 16. 15 Short Term Plan (12 months) Objective Overview The short-term plan for Wikihospitals encompasses establishing a social media platform (preferably Facebook as a starting point) to build a community. The key target market will be well-educated Australian professionals between the age of 25 and 55 years who are well in tune with social media. Wikihospitals should ideally gather content that is legitimate and of high quality to build a trustworthy brand reputation that remains interesting and relevant to its community members. Free social media tools should be utilised to further enhance the platform’s success and gain traction as a credible, reliable organisation. Additionally, Wikihospitals should monitor the behaviour of its members to ensure that posts are made at optimal times to maximise interaction with content. As the short-term plan centres around free-to-use software and image rebranding, resourcing is not a major issue. However, to facilitate growth and quality of content, Wikihospitals should consider forming an executive team to help shape the direction of the organisation. Key risks to consider include a failure to establish trust within the community and align with its needs. It is therefore imperative that Wikihospitals strive to keep its social platform interactive and open to feedback and suggestions. It should also be careful to post minimal and only relevant, impactful content to reduce the risk of members losing interest and leaving the community. Furthermore, it should be wary of indirectly endorsing illegitimate products or practices that could detract from its reputation. Target Market The target market for this proposed strategy will primarily be men and women aged between 25 and 64 who regularly use social media, are well educated and in white collar professions or work in the medical industry. Most of the initial social community will reside in Australia. Their demographics can be summarised in Table 3. It should be noted that Facebook is used more widely by Australian women (97%) than men (91%) and is most popular with people aged 30-64 (Sensis 2017, p. 18). Proposed Strategy Create an online social community for Wikihospitials operating across multiple relevant social media platforms with at least 200 members (with sustained growth) by the end of 2019.
  17. 17. 16 Table 3 - Target Segmentation Variables Target segment: - 12% of the Australian labour force work in the healthcare industry (Australian Bureau of Statistics 2011) - 22% of the Australian labour force are white collar workers (Australian Bureau of Statistics 2011) Demographics - Age group: 25-64 years - Gender: Males and females - Occupation: Primarily white collar professionals and medical professionals Psychographic: Attitude & Behaviours - Health Conscious - Interest in the health and/or technology industry - Professional and well educated Implementation The first part of implementation will be for Wikihospitals to establish a social platform from which to operate its community off. We suggest Facebook as the best starting point due to the Wikihospitals’ key demographics key demographic being aged between 25-55 (the same as Facebook’s key demographic). Facebook is also free and offers easy to use social engagement features such as “groups” and “pages” where content and discussion can easily be posted at no cost. Irrelevant or unappealing content was cited as the main factor for people unfollowing a brand or group on social media (Sensis 2017, p. 42). Content that is appealing to Wikihospital’s community is most likely content that strongly aligns with their perception of the brand, the brand’s values and the experience consumers desire from interacting with the brand; i.e. trustworthy, transparent, medical and health based, professional content. The second part of implementation will be for Wikihospitals to gather this content. Content should reflect the brand; therefore, it is best if Wikihospitals stays away from unprofessional images, hypercritical advertisements, bias or untrustworthy content and contributors. Images and content should attempt to be of high quality and very professional in nature, particularly as Wikihosptials is associated with the medical field, something people desire to be highly professional. Any written, video or audio content should be presented in a qualified manner, although conversational language and topics can be at times appropriate for building relationships. This language still needs to be reflective of the brand. Another key success factor for this short-term strategy will be utilising free social media tools. In order to maximise the success of posts a basic understanding of the available tools is needed. Things like hashtags can be particularly powerful, but picking the correct one can sometimes be a difficult task, tools such as Trendsmap, Twitter Native, and Hashtagify.me analyse the most popular hashtags in real time and historically (Jackson, 2017).
  18. 18. 17 Figure 3 – Hashtagify.me example – Hashtags related to “hospitals” Another important consideration is when people are using social media and how they are using it. Sensis (2017, p. 6) found that 71 percent of social media users will use social networks in the evening, the next most popular times were first thing in the morning and lunchtime. Sensis (2017, p. 50) also found that the most popular behaviour on social media is watching a video (61%) and sharing someone else’s post (46%). Wikihospitals should utilise this information to inform the content they post, when they post it and how they engage with community members online. Organisational and Resource Implications The short-term stage of this strategy will involve little additional resources and costs as it will focus on redesigning and establishing Wikihospital’s social media image and presence utilising only free tools and content. The main resources needed for this component will be Wikihospital’s management who will be in charge of executing the strategy, similarly content should be generated from Wikihospitals’s existing and future catalogue of content or freely accessible images and information. The only possible additional resources needed for this stage will be collaborators if Wikihospitals choses to collaborate with other health care professionals and experts to help generate content and excitement. Potential Risks The biggest risk to Wikihospitals in this initial stage will be misreading the community’s desires and establishing trust within the community. If trust is not established and maintained it may have adverse effects such as a decline in followers or negative attention. Wikihospitals should be careful not to oversaturate their social media, particularly with advertisements and irrelevant content; these are the most common reasons for users unfollowing brands (Sensis 2017, p. 42). Similarly, Wikihospitals should have a high level of transparency on their social media platforms in order to mitigate risks such as endorsing unsafe products or practices or having their audience assume a greater level of authority than is true. Disclaimers should always be placed on discussion content and sources should be well researched and visible to members.
  19. 19. 18 Long Term Plan (3-5 years) Objective Overview The long-term plan for Wikihospitals builds on the foundations of the initial social media platform. It focuses on continuous growth of the community through active engagement with its members, as well as the implementation of desired elements of the financial plan (see Business Plan document). Other potential revenue streams include sponsorship and paid advertising. The target market will remain similar, with only the age band expanding to 25 – 64. Additionally, Wikihospitals should look to expand its community on a global scale. As it focuses on large-scale growth, Wikihospitals will start to incur higher costs and require greater resources. To aid in the growth and strategy process, paid tools should be utilized and greater efforts should be made to expand the organisation’s high-level management. Therefore, implementing the financial plan to start generating revenue is crucial to the sustainability of the organisation. Risks will remain similar to those in the short-term plan, but with the added burden of financial and resourcing difficulties. In addition, Wikihospitals should be wary of jeopardizing its key values when selecting sponsorships and advertising as potential revenue streams. Target Market The target market for the long-term part of this proposed strategy will primarily stay the same, being men and women aged between 25 and 64 who regularly use social media, are well educated and in white collar professions or work in the medical industry. The main difference in the long-term component will be the expansion in the social community from Australia, to hopefully capture a more global audience. However, those engaging with the community will still need to be literate in English in order to fully participate. The demographics of this target market can be summarised in Table 4. Sustain and grow Wikihospitals online social community to approximately 10,000 members by the end of 2024 with the potential for revenue streams and generation.
  20. 20. 19 Table 4 - Additional Target Segmentation Variables Target segment: - 12.2% of the US labour force work in the healthcare industry (Bureau of Labour Statistics 2016) - 32.4% of the US labour force are white collar workers (Bureau of Labour Statistics 2016) Demographics - Age group: 25-64 years - Gender: Males and females - Occupation: Primarily white collar professionals and medical professionals - English speaking/literate - Global citizens Psychographic: Attitude & Behaviours - Health Conscious - Interest in the health and/or technology industry - Professional and well educated Implementation The first part of implementation should focus on sustaining Wikihospital’s social media growth. This will best be achieved through continuing to post relevant and desired content (see short-term plan). At this stage, Wikihospitals will hopefully be generating higher amounts of traffic and community engagement and it may be a good idea to introduce potential revenue streams through social media and the social community. These potential revenue streams could include merchandise, such as T-shirts, drink bottles, key rings or other easy to manufacture small goods. Sites such as Teepublic (https://www.teepublic.com/) allow you to upload a design that can be printed onto T-shirts, phone cases, key chains, prints and more. The designer does not have to worry about manufacturing the merchandise and still gets a cut of the profit. This takes the risk out of having unsold merchandise made which can lead to expensive loses (Teepublic 2018).
  21. 21. 20 Figure 4 – Example of potential revenue streams from Teepublic Another potential revenue stream is sponsors on any content created such as podcasts. It is common practice for podcasts with a significant listenership to be approached by other brands and products to sponsor the podcast. This means that during a podcast the presenters speak briefly, in a positive and promotional manner, about the sponsor. There are three common strategies for this (see Figure X), pre-roll, mid-roll and post-roll. A pre-roll sponsor indorsement is usually a 15 second snippet about the product/brand, a mid-roll is usually about 60 seconds and a post-roll about 30 seconds (Firenation 2018). Not all of these slots have to be used or they could be taken up by different sponsors etc. One of the biggest benefits of podcast sponsorship, beyond a possible revenue stream, is that they are usually very flexible and can be usually written by the producers to fit in with the theme and mood of the podcast, which helps to retain listeners even throughout “advertisements”.
  22. 22. 21 Figure 5 – Example of Revenue from podcast sponsorship (Firenation 2018) The last potential revenue stream for Wikihopsitals to consider during this long-term plan is paid advertisements and or sponsored posts. Many brands and products are willing to pay leaders and influences within their field to endorse their products, either through traditional advertisements or through sponsored social media posts. If Wikihopsitals successfully creates and sustains a large social community they may be approached to do this or able to approach others to arrange sponsored posts and advertisements. Wikihospitals should be conscious that the posts and advertisements they chose reflect their brand and their consumer’s needs, wants and interests or it could negatively impact their followership. Organisational and Resource Implications The long-term stage of this strategy will involve a few additional resources and costs as it will focus on sustaining and growing Wikihospitals’ social community and starting to generate some revenue from it. This will likely involve utilising some paid tools and content such as designing and manufacturing merchandise, engaging and seeking out sponsors and hosting and/or collaborating for fundraising events. The main resources needed for this component will still remain Wikihospitals’ staff and anyone they chose to collaborate with, these people will be in charge of executing the strategy and content. The other main resources required will be merchandise and the cost of any paid advertisements and/or collaborations and fundraising events. These costs have been outlined in the business plan. Potential Risks The main risks for generating sustainable social media growth and revenue come from misreading consumer wants, these risks are similar to those outlined in the short-term stage. However, they may be higher and costlier when greater resources are involved. The main risk associated with the use of paid advertisements or sponsorships on social networking sites and content such as Youtube is that they may not be seen by Wikihospital’s target demographic or they may not align with their key values. Adblocking software is widely available and heavily used
  23. 23. 22 by young internet users and was founded to be used by 20 percent of internet users aged between 16 and 34 (Statista 2016). If Wikihosptials was to rely on advertisements as a key revenue stream, or even as a means of advertising their own merchandise, they need to be aware of this risk and attempt to mitigate it. To minimise this Wikihospitals should utilise sponsored posts directly on their social communities, as these cannot be blocked, and make sure their members are aware that merchandise in ways other than advertisements. For example, in a video, podcast or Instagram post Wikihospitals could directly mention their merchandise or a partnership with a sponsor. Figure 6 – Cost of Ad Blocking Worldwide from 2013 to 2016 (in billion US dollars)
  24. 24. 23 Taking into account Wikihopsitals' current position, larger socio-cultural contexts and desire to at once decrease its output but at the same time increase its reach and influence, we have recommended the use of a Facebook page. Using a Facebook page which Wikihospitals already has, comes at no extra financial cost and is perfect for building, connecting with and communicating to a like-minded audience. Engaging with an audience on Facebook will then enable Wikhospitals to create social capital and eventually monetise what it offers. Conclusion
  25. 25. 24 Allday, A 2018, Needing a helping hand: Low discretionary income growth has limited industry donation, IBISWorld, S9559. Allday, A 2018, Community Associations and Other Interest Groups in Australia, IBISWorld, S9559. Australian Bureau of Statistics 2011, Australian Labour Market Statistics, cat. no. 6105.0, ABS, viewed 17 August 2017, <http://www.abs.gov.au/AUSSTATS/abs@.nsf/Previousproducts/6105.0Feature%20Article1Oct%20 2011?opendocument&tabname=Summary&prodno=6105.0&issue=Oct%202011&num=&view= >. BlueChilli 2017, SheStarts, viewed 6 October 2018, <https://www.shestarts.com/>. United States Department of Labour 2016, Employment my Major Industry, viewed 11 October 2018, <https://www.bls.gov/emp/tables/employment-by-major-industry-sector.htm>. Firenation 2018, Podcast Sponsorships: The Ultimate Guide, viewed 11 October 2018, <https://www.eofire.com/podcast-sponsorships/>. Fuchs, V, R 2013, ‘The Gross Domestic Product and Health Care Spending’, The New England Journal of Medicine, 11 July, vol. 369, no. 2, pp. 107-109. Harrison, L 2018, Clean bill of health: An ageing population has increased demand for many health services, IBISWorld, Q8400. Jackson, D 2017, How to Find the Best Twitter Hashtags, Sproutsocial, viewed 27 Sept 2018, <https://sproutsocial.com/insights/twitter-hashtags/>. Statista 2016, Statistics and Facts about Ad Blocking, Statista, viewed 5 Oct 2018, <https://www.statista.com/topics/3201/ad-blocking/>. Senis 2017, Sensis Social Media Report 2016 - How Australian People and Business are using Social Media, <https://www.sensis.com.au/asset/PDFdirectory/Sensis_Social_Media_Report_2017- Chapter-1.pdf>. Teepublic 2018, Teepublic, viewed 11 October 2018, <https://www.teepublic.com/>. Yuksel, Ihsan (2012) ‘Developing a multi-criteria decision making model for PESTEL analysis’ International Journal of Business and Management, Dec 15, 2012, Vol.7(24), pp.52 - 56. Reference List
  26. 26. 25 Appendix A – Example of data from Hashtagify.me – Popularity of “hospitals” hashtag and top countries used in Appendix

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