In order for the healthcare industry to rapidly transform its legacy business model and pivot towards the new disruptive retail consumer, it will need to embrace real-time CRM solutions to help automate and optimize their sales and marketing efforts. By transitioning to a retail model with digital marketing solutions, they will gain real-time insight into which demographics and segments are the most profitable and those who present the greatest risk.
However, the CEO must first determine how the solution will integrate with the company’s existing assets: Can this solution co-exist with or enhance my current technologies? How can this tool help to reduce time or decrease manual admin costs? Or as stated in the full story below: “If established firms are to successfully adjust to new disruptions, they not only need to create their independent disruptive business units but must also make sure that these new businesses depart from traditional marketing techniques.”
For all their rhetoric about a digital future, established firms in most industries still sell mainly through traditional channels, while newcomers seize the virtual territory. Take retail: Walmart sells more than $1 billion a day through its stores but online it sells one sixth that of Amazon. The reasons for this vary to some extent across industry context, but in general one or more of the following factors will be in play:
A focus on highest-margin consumers. This is typically the segment that industry incumbents zero in on. The trouble is that high-margin customers are typically older consumers who don’t feel comfortable buying online. Digitallysavvy entrepreneurs, however, typically don’t target these people, focusing instead on younger, lower-margin customers, usually people very much like themselves.
A gold-plated product or service. A typical product or service comparison in most industries would show that incumbents usually have the best products in a given market, which reflects their obsession with high-margin customers. But from the digital consumer’s point of view, the incumbent’s products are often “too good” for what they need — they would prefer a cheaper product or service that is good enough. Read the entire story here