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Capella University *
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FPX 5002
Subject
Marketing
Date
Jan 9, 2024
Type
docx
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Uploaded by irenesachakov
Marketing Plan
07/24/2023
Elite Health Membership Program, a Concierge Medicine Program
Table of Contents
Executive Summary
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2
Business Context
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4
Situation Analysis
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4
Marketing Strategy
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6
Marketing Mix
.............................................................................................................................................
7
Effectiveness
...............................................................................................................................................
9
Summary
...................................................................................................................................................
10
References
.................................................................................................................................................
12
Executive Summary
This executive summary provides an overview of the comprehensive marketing plan developed
for the introduction of our hospital's new product, Elite Health Membership Program, a
Concierge Medicine Program (Leonard, 2019). This initiative targets to elevate patient care and
provide a personalized healthcare experience, positioning us as a leading provider in the
competitive concierge health market (Robinson-Walker, 2023).
Business Context and Product Introduction:
The Concierge Medicine Program is a cutting-edge healthcare service offering personalized and
comprehensive medical care with 24/7 accessibility. Patients enrolled in the program will
benefit from tailored treatment plans, reduced wait times, and access to preventive care and
wellness initiatives (Robinson-Walker, 2023). By introducing concierge medicine, we
demonstrate our commitment to providing exceptional patient experiences and remaining at
the forefront of healthcare innovation.
Corporate Objectives:
Our corporate objectives for the Concierge Medicine Program include:
1.
Achieving high patient satisfaction through personalized and convenient healthcare
services.
2.
Establishing our hospital as a market leader in concierge medicine, known for quality
care and exceptional experiences.
3.
Driving revenue growth by attracting new patients and retaining existing ones through
elevated healthcare services.
Situation Analysis:
The Concierge Medicine Program complements our existing product portfolio by offering a
premium healthcare option. Our target market consists of high-net-worth individuals,
executives, and those seeking proactive healthcare management. We will be competing with
four other hospitals offering concierge medicine services, and our differentiation lies in the
comprehensive nature of our program, our expert healthcare team, and our reputation for
excellent patient care.
Marketing Strategy:
Our marketing strategy centers around positioning the Concierge Medicine Program as the
ultimate choice for patients seeking personalized healthcare. We will emphasize its exclusive
features, benefits, and accessibility to build strong brand awareness and attract the target
market.
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Marketing Mix:
Promotional Strategy:
Utilizing a mix of digital and traditional channels, we will launch targeted
online advertisements, social media campaigns, email marketing, direct mail, and partnerships
with local businesses.
Pricing Strategy:
Based on a tiered membership model, our pricing will offer different levels of
service and benefits to cater to diverse patient needs and budgets.
Distribution Strategy:
The program will be offered exclusively through our hospital's outpatient
services, with easy enrollment through our website and a dedicated concierge medicine team.
Advertising Strategy:
Our advertising will highlight the personalized approach, 24/7
accessibility, and expertise of our healthcare professionals, featuring patient testimonials for
added credibility.
Effectiveness:
To measure the plan's effectiveness, we will track key performance indicators such as new
enrollments, patient satisfaction scores, market share growth, and return on marketing
investment. Regular evaluations will guide data-driven decisions, optimizing marketing efforts to
align with our corporate objectives and meet customer expectations.
This marketing plan positions our hospital as a premier provider of concierge medicine,
delivering exceptional patient experiences and driving sustainable growth in the concierge
health market. Through this initiative, we plan to create lasting connections with our patients
and reinforce our commitment to providing the best healthcare services available in the
community.
Business Context
Our hospital is launching the revolutionary "Elite Health Membership Program," a concierge
medicine service designed to provide a premium healthcare experience. This program offers
personalized healthcare plans, 24/7 access to a dedicated healthcare team, and comprehensive
preventive care. Patients will benefit from reduced wait times, enhanced communication
channels, and access to wellness services, setting a new standard in healthcare.
Company Reason and Corporate Objectives:
The introduction of the Elite Health Membership Program is driven by our commitment to
elevating patient care and meeting the demand for personalized and convenient medical
services. We aim to cater to patients seeking an exceptional healthcare experience beyond
traditional offerings. Our corporate objectives include delivering patient-centric excellence,
achieving market leadership in concierge medicine, and driving sustainable revenue
growth(Robinson-Walker, 2023).
Through this program, we aspire to build lasting patient relationships, positioning our hospital
as a trusted partner in their healthcare journey. The Elite Health Membership Program
represents a transformative step towards redefining healthcare services, prioritizing patient
well-being, and solidifying our position as a leading provider of premium healthcare solutions.
Situation Analysis
1. Market Overview:
The healthcare industry is witnessing a paradigm shift towards patient-centric care, with an
increasing demand for personalized and convenient medical services. The concierge health
market has emerged as a niche segment, catering to high-net-worth individuals, executives, and
patients seeking proactive health management. Our hospital faces competition from four other
local healthcare providers offering concierge medicine services. While the market is relatively
small, it is characterized by a high-value customer base willing to pay a premium for exclusive
healthcare experiences.
2. Customer Profile:
The target market for the Elite Health Membership Program comprises individuals who value
their health and well-being, seeking enhanced medical attention and personalized care. Key
segments include high-net-worth individuals, executives, and individuals seeking proactive
healthcare management and preventive care. These patients prioritize immediate access to
healthcare providers, reduced wait times, and a seamless healthcare journey.
3. Competitor Analysis:
Competing hospitals offering concierge medicine services emphasize personalized care, 24/7
accessibility, and reduced wait times. Each competitor boasts a team of experienced healthcare
professionals and offers varying levels of membership with different service offerings.
Differentiation lies in the comprehensiveness of the program, the expertise of the healthcare
team, and the reputation for patient satisfaction. Our hospital stands as a strong competitor,
backed by our commitment to excellent patient care, modern medical facilities, and a
reputation for innovation.
4. Strengths:
Established Reputation:
Our hospital is recognized for its exceptional patient care and advanced
medical technology, building a foundation of trust among our patient community.
Expert Healthcare Team
: We have a team of highly skilled physicians and specialists, capable of
delivering personalized care and managing complex medical conditions.
Modern Facilities:
Our state-of-the-art facilities allow us to offer cutting-edge medical
treatments and services.
Strong Community Presence:
We have a strong foothold in the local healthcare market, giving
us an advantage in reaching and connecting with potential patients.
5. Weaknesses:
Limited Market Awareness:
While we have an existing patient base, our current market
presence in the concierge health segment is relatively low (Kiss, 2023).
Potential Perceived High Cost:
Patients may perceive concierge medicine as an expensive
option, and we need to communicate the value proposition effectively
(Kiss, 2023).
6. Opportunities:
Growing Demand for Personalized Care:
The increasing focus on patient-centric care presents
an opportunity to capitalize on the demand for concierge medicine services.
Targeted Marketing
: By effectively reaching out to high-net-worth individuals and executives,
we can attract the right target audience for the Elite Health Membership Program.
Collaboration with Corporations
: Partnering with corporations and businesses to offer the
program as an employee benefit can expand our customer base.
7. Threats:
Intense Competition:
The presence of four other hospitals in the concierge health market poses
a threat to market share acquisition.
Economic
Conditions
: Economic fluctuations may affect the willingness of potential customers
to invest in premium healthcare services.
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8. Regulatory Landscape:
Concierge medicine is subject to healthcare regulations and privacy laws. Ensuring compliance
with these regulations is crucial to maintain patient trust and avoid legal repercussions.
Conclusion:
The situation analysis indicates that while the concierge health market is competitive, there is a
significant opportunity for our hospital to establish a strong presence by emphasizing our
strengths and unique selling points. By leveraging our expertise, reputation, and patient-centric
approach, we can effectively position the Elite Health Membership Program as the ultimate
choice for personalized and premium healthcare services. Targeted marketing efforts, strategic
collaborations, and consistent communication of the program's benefits will be pivotal to
achieving our corporate objectives and becoming a market leader in concierge medicine.
Marketing Strategy
Our marketing strategy for the Elite Health Membership Program focuses on positioning our
hospital as the leading provider of concierge medicine, driving patient acquisition, and achieving
corporate objectives. Key strategies include:
Product Differentiation
: Emphasizing personalized health management, 24/7 access to
dedicated healthcare, and extensive preventive care to set our program apart from competitors.
Targeted Marketing
: Identifying and targeting high-net-worth individuals, executives, and
health-conscious patients through data-driven insights and tailored campaigns.
Exceptional Patient Experience
: Prioritizing a seamless and exceptional patient journey to
encourage word-of-mouth referrals.
Thought Leadership and Education
: Establishing our expertise through educational content,
webinars, and healthcare conferences.
Collaborations and Partnerships
: Partnering with businesses to offer the program as an
employee benefit, expanding our customer base.
Transparent Communication
: Clear communication about program features, benefits, and
pricing to justify the investment in personalized healthcare.
Product Positioning Statement:
"Elite Health Membership Program: Elevate Your Health, Redefine Your Care Experience”
Competitive Positioning:
Our hospital differentiates by offering the most comprehensive and personalized concierge
medicine program, backed by modern facilities, expert healthcare professionals, and a
reputation for excellence. Cost leadership is addressed by communicating the long-term value
of investing in personalized healthcare.
Conclusion:
With a strategic marketing approach focusing on differentiation, targeted outreach, exceptional
patient experiences, thought leadership, collaborations, and transparent communication, we
are poised to achieve our corporate objectives, becoming the market leader in concierge
medicine. The Elite Health Membership Program will be the ultimate choice for premium
healthcare services, driving sustainable growth, and exemplifying our commitment to patient-
centric excellence.
Marketing Mix
The promotional strategy for the Elite Health Membership Program looks to create widespread
awareness, generate interest, and attract potential customers. Key elements of the strategy
include:
Digital Marketing:
Utilizing social media platforms, search engine optimization (SEO), and
targeted online advertising to reach the desired audience effectively.
Content Marketing
: Creating engaging and informative content, including blogs, articles, and
videos, to showcase the benefits of the program and establish thought leadership.
Influencer Partnerships
: Collaborating with healthcare influencers and industry leaders to
amplify the program's reach and credibility.
Event Marketing:
Organizing exclusive events and webinars to showcase the program's
offerings, allowing potential customers to interact with healthcare professionals and understand
the value of the program.
Referral Program:
Implementing a referral program to encourage existing members to refer new
patients, incentivizing both parties with benefits for successful referrals.
Pricing Strategy:
The pricing strategy for the Elite Health Membership Program will be based on a tiered
membership model, offering different levels of service and benefits at varying price points. The
tiers will be designed to cater to diverse patient needs and budgets, ensuring that the program
is accessible to a wide range of potential customers. Pricing will be communicated
transparently, emphasizing the long-term value of personalized healthcare and the unique
benefits of each tier.
Distribution Strategy:
The distribution strategy for the Elite Health Membership Program will focus on providing
access to the program exclusively through our hospital's outpatient services. We will ensure
seamless enrollment through our website and a dedicated concierge medicine team. Our
healthcare professionals will actively promote the program during patient consultations, making
personalized recommendations based on patient needs and preferences.
Advertising Strategy:
The advertising strategy will revolve around reinforcing the product positioning statement and
highlighting the unique selling points of the Elite Health Membership Program. Key components
of the advertising strategy include:
Digital Ads:
Implementing targeted online advertisements on social media and search engines
to reach the defined target audience.
Print and Direct Mail:
Utilizing print materials and direct mail campaigns to reach high-net-
worth individuals and targeted demographics.
Billboards and Out-of-Home Advertising
: Displaying advertisements strategically in high-traffic
areas frequented by the target audience.
Testimonials and Case Studies
: Showcasing patient testimonials and case studies to build trust
and credibility among potential customers.
Partnership Promotion
: Collaborating with businesses and corporations to promote the
program as an exclusive employee benefit.
Marketing Tactics:
Free Health Seminars:
Hosting health seminars on preventive care and wellness, providing
valuable insights to potential customers.
Complimentary Consultations
: Offering complimentary consultations to showcase the
personalized approach of the program.
Exclusive Preview Events:
Organizing exclusive preview events to allow interested individuals to
experience the program firsthand.
Email Marketing Campaigns
: Sending targeted email campaigns to engage potential customers
and provide program updates.
Dedicated Landing Pages:
Creating dedicated landing pages on the hospital website to provide
comprehensive program information and facilitate easy enrollment.
By implementing these marketing tactics in alignment with our overall marketing strategy, we
hope to successfully position the Elite Health Membership Program as the ultimate choice for
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personalized healthcare, attract a loyal customer base, and achieve our corporate objectives of
patient-centric excellence, market leadership, and sustainable revenue growth.
Effectiveness
Measuring the effectiveness of the marketing plan for the Elite Health Membership Program is
crucial to assess its impact, identify areas of improvement, and optimize future marketing
efforts. To evaluate the success of the plan, we will use a combination of key performance
indicators (KPIs) and qualitative feedback. Below are some metrics and methods to measure
effectiveness and success:
1.
Enrollment and Conversion Rates:
Tracking the number of new enrollments in the Elite
Health Membership Program will indicate the plan's success in attracting potential customers.
Additionally, monitoring the conversion rate of leads to actual enrolled patients will provide
insights into the effectiveness of the marketing tactics in driving action. Our goal is to increase
enrollment by 20% by end of third quarter.
2.
Patient Satisfaction Surveys
: Conducting regular patient satisfaction surveys will help gauge
the overall experience of members in the Elite Health Membership Program. High satisfaction
scores will indicate that the marketing efforts are aligning with patient expectations and
delivering on promises. Goal is to have an overall average satisfaction score of 3.5 or higher (1-5
scale)
3.
Return on Investment (ROI):
Evaluating the ROI of the marketing plan by comparing the
marketing costs to the revenue generated from new enrollments and retained patients will
provide a clear picture of its financial success (Khaushal, 2006). After a successful year, we
anticipate a 1.9 ROI.
4.
Customer Retention Rate
: Monitoring the retention rate of existing members in the program
will indicate whether the marketing efforts have been effective in building long-term
relationships and encouraging repeat business. Goal to have <10% turnover/terminations of
membership.
5.
Referral Program Performance
: Analyzing the number of new enrollments generated through
the referral program will help assess the effectiveness of word-of-mouth marketing and the
satisfaction level of existing members.
6.
Website Analytics
: Analyzing website traffic, including the number of visitors, time spent on
site, and conversion rates, will indicate the effectiveness of online marketing efforts and the
user experience. Also see where the link clicks are being generated from and target future
advertising to those channels.
7.
Social Media Engagement
: Monitoring social media engagement metrics, such as likes,
shares, comments, and follower growth, will help assess the impact of social media campaigns
on brand visibility and audience engagement.
8.
Leads and Inquiries:
Tracking the number of leads and inquiries generated through various
marketing channels will provide insights into the effectiveness of different tactics and the
interest level in the program.
9.
Cost per Acquisition (CPA)
: Calculating the cost per acquisition for new program enrollments
will help evaluate the efficiency of marketing spending and identify cost-effective channels.
10.
Market Share Growth
: Assessing changes in market share within the concierge health
market will indicate the success of the plan in achieving market leadership objectives.
11.
Competitor Analysis:
Regularly evaluating competitors' activities and market positioning will
provide insights into the effectiveness of our marketing strategies in staying ahead of the
competition.
12.
Feedback and Testimonials
: Collecting feedback and testimonials from enrolled patients
about their experience with the program will offer qualitative insights into the success of the
marketing plan in delivering on promises.
By continually monitoring and analyzing these metrics and feedback, we will be able to make
data-driven decisions, optimize marketing efforts, and ensure that the marketing plan for the
Elite Health Membership Program aligns with corporate objectives, resonates with the target
audience, and leads to long-term success in the marketplace and within the community.
Summary
The marketing plan for the Elite Health Membership Program centers on positioning our
hospital as the premier provider of concierge medicine, offering personalized and
comprehensive healthcare experiences. Through a multi-faceted approach, we aimed to achieve
our corporate objectives of patient-centric excellence, market leadership, and sustainable
revenue growth.
Key Strategies:
To support the achievement of our corporate objectives, we focused on several key strategies.
Firstly, product differentiation was emphasized, showcasing the program's unique selling points,
including personalized health management, 24/7 access to a dedicated healthcare team, and
comprehensive preventive care. Targeted marketing efforts were employed to reach high-net-
worth individuals, executives, and health-conscious patients through data-driven insights and
tailored campaigns. We placed significant importance on delivering exceptional patient
experiences to encourage word-of-mouth referrals and establish long-lasting relationships with
members.
Measuring Success:
To evaluate the effectiveness of the marketing plan, we established a robust measurement
framework. We would track the number of new enrollments and conversion rates to gauge the
success of attracting potential customers. Regular patient satisfaction surveys would provide
insights into the program's overall experience, aligning marketing efforts with patient
expectations. Monitoring ROI and customer retention rates would assess the plan's financial
success and ability to build lasting relationships. Social media engagement metrics, website
analytics, and leads/inquiries tracking would help evaluate the impact of our online marketing
efforts. Additionally, feedback and testimonials from enrolled patients would provide qualitative
insights into the success of the plan in delivering on promises.
Future Success:
Looking ahead, we are confident that our marketing plan positions the Elite Health Membership
Program for future success. By continuing to focus on delivering exceptional patient
experiences, we anticipate higher patient retention and word-of-mouth referrals, driving
sustained growth. Our thought leadership initiatives will establish our hospital as an authority in
concierge medicine, enhancing brand credibility and attracting a wider audience. Collaborations
with corporations and strategic partnerships will provide additional avenues for program
promotion and customer acquisition. As we stay vigilant in monitoring market trends and
competitor activities, we will maintain our competitive edge, solidify our market leadership, and
create a lasting impact on the concierge health market.
In conclusion, the marketing plan for the Elite Health Membership Program aligns with our
mission to provide unparalleled healthcare services, elevate patient experiences, and establish
ourselves as a trusted partner in personalized healthcare. By continuously evaluating
performance, optimizing marketing efforts, and adapting to evolving market dynamics, we are
confident in the future success of the Elite Health Membership Program and the realization of
our corporate objectives.
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References
Khaushal, R. (n.d.). Return on investment tool - agency for Healthcare Research and quality ...
https://www.ahrq.gov/sites/default/files/wysiwyg/professionals/systems/hospital/qitoolk
it/combined/f1_combo_returnoninvestment.pdf
Kiss, J. (2023, June 27).
The Pros and cons of concierge medicine for patients
. PartnerMD.
https://www.partnermd.com/blog/concierge-medicine-patients-pros-cons
Leonard, K. (2019, April 9).
How to write an executive summary on a marketing plan
. Small
Business - Chron.com. https://smallbusiness.chron.com/write-executive-summary-
marketing-plan-43199.html
Robinson-Walker, D. (2023, May 18).
What is concierge medicine and is it worth the price tag?
.
Forbes. https://www.forbes.com/health/healthy-aging/concierge-medicine/
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