More Related Content
Similar to Chetna Gupta_Online Unlimited Vet Consultation- Strategies_Round 1.pptx
Similar to Chetna Gupta_Online Unlimited Vet Consultation- Strategies_Round 1.pptx (20)
Recently uploaded
Recently uploaded (20)
Chetna Gupta_Online Unlimited Vet Consultation- Strategies_Round 1.pptx
- 1. Online Unlimited Vet Consultation MARKET RESEARCH AND STRATEGIES Submitted by: CHETNA GUPTA College: DSM, DTU
- 2. AGENDA 1. Market Need 2. Market Size 3. Marketing Strategies 4. Content Marketing Strategies 5. Competitor Analysis 6. Target Customers 7. Marketing Mix 8. Analysis of Teleconsulting Vet Industry using Porter’s Five Forces
- 3. MARKET NEED Due to Covid-19 pet owners don’t prefer direct consultation so there is sudden surge in demand of online consultation Rising Adoption of IoT and AI by pet owners Veterinary related care spending has increased by 7.0% from USD 15.95 billion in 2016 to USD 17.07 billion in 2017. The increasing demand for animal healthcare is propelling the growth of the market for veterinary telehealth.
- 4. MARKET SIZE The global veterinary telehealth market size was valued at USD 92.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.5% from 2021 to 2028. •Canine •Feline •Equine •Bovine •Swine •Others Animal Type • Telemedicine • Teleconsulting • Telemonitoring • Others Service Type • North America • Europe • Asia Pacific • MEA Regional North America dominated the veterinary telehealth market and accounted for the largest revenue share of 37.2% in 2020. In Asia Pacific, the market is predicted to witness a CAGR of 20.7% over the forecast period due to the constant up-gradation of the healthcare infrastructure. The teleconsulting segment held the majority of the revenue share of 29.1% in 2020. The canine segment is anticipated to be the fastest-growing segment over the forecast period.
- 5. MARKETING STRATEGIES YouTube channel to showcase how concerned company is for the pets through videos of how vets are taking care and listening to pet owners. Collaborating with pet vloggers and influencers to increase your online presence Instagram Marketing: A page to promote pet care and how company is helping people during these pandemic times A Telegram channel where pet owners can take online consultations as well connect to a community for more knowledge Robust and Attractive Website that shows happy pets and describes services that you offer to pet owners. WhatsApp Business Platform: Online consultations through WhatsApp Audio and Video calling Analysis of Reviews of customers helps delve deeper into what they want. Paid Search: Google AdWords and other paid search options put your veterinary practice ads on top of the page.
- 6. CONTENT MARKETING STRATEGIES Content Format • Social media posts • Blog posts • Videos • Others Powerful Language Understand Buyer’s Persona User Based Email Newsletters to your Customers and Provide an option for Signup for Newsletter on website Emotional Connect Simple to understand Use trending keywords in your headlines and url Share Content with right people Reshare Authoritative Veterinary Posts on Instagram story to establish credibility Create Veterinary Video Content for YouTube and Facebook Participate and Post- Pet-Related Charities
- 7. COMPETITOR ANALYSIS Practo Wiggles Smartvet PetKonnect Consultation Charges Depends on the Vet A package for Rs 399/month for 180 minutes and if you don’t choose package price will be mailed on registration. Begin from Rs 300 for 20 minutes Time for consultation No guarantee, depends on condition of pet Depends on condition of pet Starts from 20 minutes Mode of Contact Mobile App, Website Website Website and Mobile app Availability 24/7 24/7 24/7 The online vet consultation market is moderately competitive and has very few key players who does not hold a significant market share
- 8. TARGET CUSTOMERS Age: 26 to 34, 35-45,46-60 Income: Upper middle class income, High Income Location: India
- 9. MARKETING MIX •Consultation for all animal type segments •Certified and experienced vets •Consultation will be regarding diet , grooming , parasite prevention , behavioral issues and can advice whether pet needs to be seen immediately. PRODUCT •Pan India •Majorly urban households and stables. PLACE •Begins from Rs 250 and consultation time will be for 20 minutes PRICE •Through search engine optimization techniques •Use of WhatsApp Business platform •Paid search •Giving discounts to existing customer base for referring other pet owners they know PROMOTION
- 10. Analysis of Teleconsulting Vet Industry using Porter’s Five Forces Threat of New Entry • Cost for Development, branding, marketing is high • Skilled employees for regular service • Threat of new entrants is medium to low Competitive Rivalry • Many independent vets starting online consultation • Some established players already in market • They have lots of resources and budget to maintain their market share • Competition is moderately high Bargaining Power of Buyers • Buyer information availability is high • Price and experience of vets will play a big role • Bargaining power of Buyers is reasonably high due to other options available Bargaining Power of Suppliers • There are many Veterinary Distributors in market. • Switching cost is low. • Bargaining power of suppliers is medium to low Threat of Substitute Products • There can be some pet owners who don’t find online consultation significant. • During covid times offline consultation is not opted by many. • Threat of substitute products is low to medium