Templates

Analysis of the market:

Size-up: 5 C’s
1. Customers:
 The target customers for HealthFast are patients who have undergone
heart surgery and are 65 years or older. They are seeking proactive health
monitoring and personalized treatment insights.
 Customers are responsible for the full cost of the device and app
subscription, as it is not covered by federal, provincial, or employee
benefit plans.
2. Company:
 HealthFast is a medical device and mobile app combination developed to
capture real-time health measurements.
 The company aims to provide patients and healthcare providers with a
comprehensive solution for post-heart surgery monitoring and treatment
personalization.
 The product is not currently covered under insurance plans, and all costs
are fully paid by the patients.
 The company needs to establish itself as a trusted and reliable brand in
the market and generate sufficient sales revenue to sustain operations
and future growth.
3. Competitors:
 Possible competitors could be Apple watch, Fitbit and the likes as well as
AliveKor portable EKG products.
 HealthFast is however differentiated as it has its unique features, such as
real-time measurements, risk alerts, and personalized treatment insights
in collaboration with health-care providers.
4. Collaborators:
 HealthFast plans to establish partnerships with major pharmacy chains,
such as Shopper's Drug Mart, to distribute and sell the product.
 The company can also collaborate with healthcare providers, including
doctors, cardiologists, and nurses, to gain their support and
recommendations.
 Engage patient advocacy groups to promote HealthFast and gain
credibility and support from their communities.
 Seek collaborations with influencers in the healthcare industry who can
endorse and promote HealthFast to their followers.
5. Context:
 Changes in healthcare policies, such as the introduction of universal
healthcare coverage or amendments to existing healthcare programs, may
impact the affordability and accessibility of HealthFast for patients.
 Government initiatives supporting digital health technologies or research
grants related to post-heart surgery care can provide opportunities for
HealthFast to secure funding or gain recognition, which could positively
influence its sales and adoption
  Aging population and increased focus on senior care: With the aging
population, there is a growing focus on senior care and health monitoring.
This demographic shift can create a favorable environment for HealthFast,
as it targets individuals aged 65 and older who have undergone heart
surgery.
 Emphasis on preventative care: A societal shift towards preventative
healthcare can increase the demand for solutions like HealthFast, which
enables proactive health monitoring and early intervention.

Sales breakdown:
 Price of a new device: $599
 App: $17 per month = $204 per device/customer per year
 Total revenue per device (assuming each sale of device results in constant
monthly subscription throughout the year) = $599 + $204 = $803
 The volume of annual sales required to achieve $1.5m = 1,500,000 / 803 = 1,868
devices

Target Market/ Buyer Behavior:

The target customers for HealthFast are patients who have undergone heart surgery
and are 65 years or older.
Assuming Canada has a population of c. 38 million and approximately 20% are aged 65
and above. That means about 7.6 million fall within this bracket.

Assuming only 2% of this group will have a heart surgery, that brings our target market
to approximately 152,000 and we only need about 1% of this market to purchase our
product in order to meet our sales target.

Now, how do we ensure that at least 1% of our target market get to the purchase
decision phase

Purchase process Assumptions Impact on IMC

Problem Identification Patients who have undergone heart Prioritize increasing awareness
surgery may experience concerns or through targeted campaigns,
challenges related to their recovery leveraging healthcare providers'
process. These can include monitoring recommendations, and engaging
their vital signs, managing medication, with patient support groups. This
adapting to lifestyle changes, and can be achieved through
avoiding potential complications. educational content, partnerships
with healthcare professionals, and
testimonial-driven marketing
strategies that highlight the
device's effectiveness in post-
surgery recovery.
Information Search - Patients will actively seek Ensure that detailed and easily
information to find solutions accessible information about the
that address their recovery IoT device is readily available on
needs. the website, including
 - Patients rely heavily on comprehensive product
information provided by their descriptions, FAQs, and video
healthcare providers demonstrations. Utilizing a
regarding post-operative care content marketing strategy, such
and recovery. as blogs or educational resources,
- Will seek information from can also provide valuable
other sources e.g online information to patients and
resources, patient support support their information search.
groups, or discussions with Collaborating with healthcare
other patients who have professionals to educate them
undergone similar surgeries about the device's effectiveness
Patients will likely click on targeted can lead to more referrals and
ads about health-related devices positive word-of-mouth.
Evaluation of - Patients will compare the IoT Emphasize the device's specialized
alternatives device with alternative features tailored to post-heart
options available in the surgery recovery, such as real-
market, considering factors time health measurements,
such as ease of use, comfort, personalized insights, and alerts.
durability, compatibility with Case studies and testimonials
existing medical devices, and from patients who have
availability of customer experienced successful recovery
support. with the IoT device can be
Google searches, reviews etc. will be instrumental in influencing the
used evaluation of alternatives.
Purchase Decision - Patients will base their Explore options such as limited-
purchase decision on the time promotional pricing,
perceived value and installment payment plans, or
affordability of the IoT device. strategic partnerships with
Factors such as accuracy of financing providers.
measurements, longevity of Demonstrating the long-term
the device, cost-effectiveness, value and cost-effectiveness of
and availability of payment the device through clear
options will also be crucial communication of its durability
considerations. and lifespan can also help justify
Patients typically pay out-of-pocket, the purchase decision.
using flexible spending accounts or
through financing options.
Post-purchase Patients will assess the IoT device Prioritize user experience with
evaluation based on its performance, usability, comprehensive onboarding,
and the value it adds to their post- intuitive interfaces, and clear data
operative recovery. Factors such as visualization. Implement proactive
ease of data syncing with the mobile customer support, gather
app, clarity of measurement data feedback, and share testimonials
presentation, and usefulness of to build trust and influence post-
insights and alerts will impact their purchase evaluation.
evaluation.
In summary, based on the above, the following mix of IMC will be useful to achieve the
target:
1. Digital Marketing:
 Develop a user-friendly website that showcases the features, benefits, and
pricing of HealthFast.
 Implement search engine optimization (SEO) strategies to improve the
website's visibility in search engine results.
 Utilize targeted digital advertising, including Google Ads and social media
ads, to reach and capture the attention of potential customers actively
searching for post-heart surgery monitoring solutions.
 Leverage content marketing through blog posts, articles, and videos to
educate the target market about the importance of post-surgery monitoring
and the benefits of HealthFast.
 Utilize email marketing campaigns to nurture leads and communicate
product updates, special offers, and educational content.
2. Public Relations (PR) and Media Outreach:
 Engage with healthcare journalists, bloggers, and influencers to secure
positive media coverage and endorsements for HealthFast.
 Share success stories and case studies that highlight the effectiveness of
HealthFast in improving patient outcomes and personalized treatment.
 Conduct media interviews, press releases, and contribute guest articles in
relevant healthcare publications to establish thought leadership and build
credibility.
3. Professional Engagement:
 Organize webinars and live demos targeting healthcare providers to
demonstrate the features and benefits of HealthFast for post-heart surgery
patient care.
 Collaborate with medical associations, conferences, and seminars to
present HealthFast as a valuable tool for personalized treatment insights
and improved patient outcomes.
 Offer educational materials, brochures, and training sessions to healthcare
professionals to enhance their understanding of HealthFast and its
application in their practice.
4. Direct Marketing:
 Implement personalized direct mail campaigns targeting patients who
have recently undergone heart surgery, highlighting the benefits of
HealthFast in post-surgery monitoring.
 Offer exclusive discounts or promotions for direct mail recipients to
incentivize product purchase.
 Utilize email marketing to reach out to potential customers who have
shown interest in HealthFast through website inquiries or sign-ups for
newsletters.
5. Partnerships and Referral Programs:
 Establish partnerships with major pharmacy chains, such as Shopper's
Drug Mart, to make HealthFast available for purchase in-store or through
their online platforms.
  Implement a referral program that rewards existing HealthFast users who
refer new patients, encouraging word-of-mouth marketing and expanding
the customer base.
6. Customer Support and Engagement:
 Provide exceptional customer support through various channels, including
phone, email, and live chat, to assist patients with any inquiries or
concerns regarding HealthFast.
 Send regular updates and educational content to customers via email
newsletters to keep them engaged and informed about the product's
features and new developments.
 Implement a loyalty program to reward repeat customers and encourage
ongoing usage of HealthFast.