Medical tourism industry can no longer be dubbed as a niche segment with low barriers of entry. The growing competition amongst the global providers presents a highly competitive industry – over 20,000 providers in 60 countries competing for the same medical tourism dollars, which is projected to be upward of $100 USD billion. With supply far outweighing the demand, the campaign planning (for service providers) is built on the foundations of a threadbare analysis of business opportunities and market landscape.
Audience segmentation in the Medical tourism segment
Understanding the whims and whereabouts of your potential customers is essential to carve out a compelling message. Apart from the regular demographics, insight of the gender, age and consumption footprint of the consumers are indispensable for an objective and ROI-based market campaign. Consumers have become as knowledgeable as the marketers themselves this opens up the door for the business owners – an avenue where unadulterated views about your product or service can be heard at zero cost. It lets you know ‘what and when to deliver’ and the most important of all ‘whom to deliver’.
The ground reality – Competition
Good performance is always hinged on a good measurement process. An effective marketing metrics can be put in place if the relevant data from market, consumer consumption pattern, needs and objectives are on the drawing board – Did we forget competition?
These are the most valuable business information available to a marketer – considering that a considerable amount of time and resources have been invested by your competitors in order to get where you want to be. In order to better your competition, a dashboard of all the details and insights about your competitors will provide the right intelligence to the campaign planning – not to forget that the major players in medical tourism segment are innovating at a rapid pace.