Strategic Marketing Plan- Comp 1

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Feb 20, 2024

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Strategic Marketing Plan Part A: Environmental Analysis and SWOT Analysis Company Description Medical Clinic that specializes in Dermatology and Hair Loss Services: Derm Hair Center, LLC  Mission Statement: To provide personalized ethical and safe evidence-based care to address your skin and hair health concerns, underpinned by the highest standards of clinical excellence and delivered by passionate healthcare professionals.  Vision Statement: To be the Dermatology clinic of choice for referrals and personal recommendations where we provide a high quality, consistent level of service, and we ensure that every patient has access to all of our expertise and services so that they may have the best results for their skin and hair needs.  Product line description: Skin and hair products from Skin Medica and Nutrafol  Company information, such as the size of the company: Small structured with 3 physicians, 3 in management and 14 staff members Environmental Analysis Analyze the forces that affect the company and marketing efforts. Competitive Forces T he company’s key competitors are the other local dermatology centers. There are around 10 similar clinics in the area. 3 of them are large companies. They have recently tried to expand; two of them have opened new clinics in the last 3 months. I estimate our market share to be around 20%. We have a huge competitive advantage on the hair clinic side. We have the only physician in the United States that is internationally trained in curly hair transplants. She has won the physician award for most sought after clinician the last 5 years in hair restoration. So our reputation is the competitive advantage. Clinic Derm Hair Center, LLC US Derm KMC Ephifany Derm Rating on Google Not yet rated as a clinic , Doctor is rated though at 5.0 4.9 4.0 4.8 Services offered Dermatology and Hair Derm, hair and cosmetics Derm and cosmetics Derm, hair and cosmetics Number of local clinics 1 5 6 3 Can they do Hair Transplants? Yes No No Yes On TV? Yes No No No

Economic Forces T he economic environment in the areas affecting the business includes inflation, especially on supplies. Medical supplies have increased by 23% over the last two years and continue to go up. This causes a spiral of having to raise cash pay prices. Medicare reimbursements rates have decreased as well so that means less payments from the insurance companies too. These have both caused for the need to decrease overhead costs by 28%. Political Forces R elevant political forces include the voting on the non-compete laws for the state of Kansas, where the clinic is located. If the law is passed then non-competes will have strict guidelines and what employers can enforce and if they will even be allowed. This is getting voted on in April 2024. This will be huge in the medical world for clinicians and organizations alike with possible contract changes across the board. Legal, Regulatory, and Ethical Issues T he legal, regulatory, and ethical issues that may affect the business include signage laws and regulations within city limits. We cannot post a large sign on the side walk and it has to be a certain size even on the building. This can limit visibility. So we need to adapt with advertising. Medicare as also tightened the documentation requirements for the ACO program. We have posted ACO flyers and educated staff and providers. Technological Forces Technology advances have helped the healthcare industry more than it’s caused hurt. Staying up to date with the best check/out/scheduling programs and using the best EHR for the billing claims is crucial. Research is key here. Continuing to watch trends and look for new advances on a quarterly basis. Social Forces S ocial trends include a cell phone generation. Making sure we have electronic platforms for clients to use. Plus making sure we have a strong social media presence as well. Everything is electronic now. Current Target Markets The company’s current target markets are a large range, but the most profit generating are for cash pay clients and that includes middle to high income adults that need skin and hair services. This age range is typically from 18-50 with income ranges of $75,000 and up, education levels of college graduates, both married and single and kids or no kids female based. Especially that have thinning hair or full hair loss. But the older population from every demographic is at risk for skin cancer so they are the other large target area. This is age 65 and above from any gender, education, income and demographic level as skin cancer does not discriminate and all are at risk that go in the sun. Review Current Marketing

 Social media presence- Videos of procedures we have performed and services we perform posted weekly; Sales posted weekly. Facebook, Instagram and TikTok all used.  Visits to referring offices- take small baskets that include our information such as pamphlets and before and after photo’s inside of treat baskets and stay in full communication on a monthly cadence with the top 10 referring offices. Send holiday cards and promotions to all local primary care offices.  Deals and promotions on products – post on Facebook, mail flyers to all current clients and send emails to all current clients, offer referral credits SWOT Analysis Strengths  Great reputation  Offer services other derms don’t (curly type hair transplants)  High rating with reviews Weaknesses  Small company  Supply costs up and medicare reimbursement rates down with a lower budget than larger businesses  Location- High concentration of competition in the area Opportunities  Growing awareness of Alopecia  Networking with TLC for reality show continuation Threats  Inflation  High concentration of competition in the area  Larger Derms expanding close by Strengths to Opportunities & Converting Weaknesses and Threats Being a smaller company we can focus on great customer service to drive repeat clients. Stand apart by offering services they can’t; curly hair transplants and shorter wait times. Less wait to get an appointment. Focus on the smaller details that the bigger organizations sometimes miss. Look for opportunities to expand locations as well. Recruit more providers. Marketing Objectives The company will expand its marketing efforts to include a new market segment of adolescents. This will entail the development of a customized service line that specializes in treatments for things like acne and personalized face washes and moisturizers. This strategy is expected to attain a 15% growth in overall sales by January 2025. Customer loyalty (willingness to recommend the product) will increase by 25% with being able to refer the whole family.

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