Colin Callow - Excel in Health
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Presentation by Colin Callow, Commercial Programme Manager, Innovation Agency: Market opportunity analysis at Excel in Health: understanding the NHS as a market place on Tuesday 26 February 2019 at Vanguard House, Daresbury.
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Colin Callow - Excel in Health
- 1. Market Opportunity Analysis Colin Callow
- 3. Session Overview What is Market Opportunity Analysis How to identify unmet / underserved needs How to identify the most attractive potential customers Assessing market readiness of your technology / product / service How to craft a market opportunity story How to assess your competitive advantage PEST/ SWOT exercise
- 4. Market opportunity analysis (MOA) is a systematic approach to understanding a market opportunity through gathering and analysing information that is available through : • existing secondary sources • primary research targeted at specific opportunities Definition
- 5. "As an executive team's priority list grows, the company's revenue in fact declines relative to its peers." But focusing on a small set of promising initiatives can lead to above-average revenue growth. In a rapidly changing market not all opportunities are worth pursuing. It's important to narrow down your options and make sure you focus on the ones that have the highest potential for success. Chasing too many growth initiatives can be dangerous for your business !
- 8. Know the problem you are solving ! • Market data: NHS data sets, policy papers, annual reports, quality accounts etc. • Stakeholder Engagement: Generate a preliminary list of requirements. Look for patterns, but don’t automatically dismiss one- offs–look to corroborate them with findings from other methods. • Customer interviews: Asking customers what problems they have and what features they would want in a solution. Using the “Five Whys,” is a useful technique that helps get at needs that people don’t even know they have, needs that potentially no one has yet recognised.. • Process mapping: Know your customer’s operational processes, map them out. https://improvement.nhs.uk/documents/2143/conventional-process- mapping.pdf
- 10. • “Observational” research: This is a type of ethnographic research that relies on observation by literally following a process or patient journey. Allows identification of process pain points, knowing that these represented opportunities of improvement. • Competitive analysis: Consider using the SWOT matrix, which identifies competitors’ strengths, weaknesses, opportunities, and threats. • Patient journey mapping: A patient-journey map is a visualisation of the process a patient goes through when engaging with a service. It takes process mapping to a new level by including multiple phases and touchpoints a patient goes through. This map is a living document meant to unify fragmented efforts and identify points of friction and opportunities for improvement. Know the problems you are solving !
- 12. There are a number of factors that serve to define what an ideal NHS customer looks like: 1. An organisation that suffers from critical issues that you can solve 2. Are actively seeking solutions 3. Are prepared to buy from an organisation like yours 4. Are likely to become a good future customer 5. Are interested in long-term strategic relationships Don’t waste time, money and energy pursuing organisations that are unlikely to buy !
- 13. NHS datasets • Cancer Waiting Times • Children and Young People's Health Services Data Set • Commissioning Data Sets • Community Services Data Set • Critical Care Minimum Data Set • Diagnostic Imaging Data Set • Emergency Care Data Set • Improving Access to Psychological • Therapies Data Set • Maternity and Children's Data Set
- 14. • It is a natural instinct to want to target as many people and groups as possible. However, by doing this your strategy will never talk specifically to any one group, and you will most likely turn many potential customers off. • Your business development budget will be much more cost effective if you promote to one type of organisation and speak directly to them. • This will allows you to create a highly focused messages that will directly meet the needs of a specific group of potential decision makers • Market segmentation can help break down a larger target market into smaller segments with specific characteristics. Each group will require different business development strategies as each group will have different wants and needs. • Segmentation can also help customise a product/service to reach and meet the specific needs of a narrowly defined decision maker group • Profiling target markets will allow you to identify those who best fit your business development priorities Researching the target market
- 15. Qualitative Market Readiness Research • Qualitative market readiness research starts with market landscape evaluation. • This means determining where your product fits in the marketplace as a whole. • What are its strengths, weaknesses, and opportunities? • Who are the competitors in this space? • Studying these aspects beforehand will make you much better prepared to enter the market • Other qualitative market readiness efforts include potential market receptiveness assessment
- 16. 1. Present a Challenge/ Unmet Need Introduce a challenge within the case. Explain the challenge thoroughly but concisely, and describe how challenge affected those involved. This will allow the decision maker to empathise and personally identify with the challenge 2. Present the solution The case study should guide the decision maker through the process of how your product and the company resolved the challenge. 3. Explain the results using more than just numbers Illustrate the effectiveness of the solution, and its lasting impact. 4. Reinforce these qualitative results with quantitative evidence. A compelling narrative that engages your audience, both rationally, and emotionally https://www.england.nhs.uk/gp/case-studies /
- 17. 1. Identify your competitors a. Direct competition b. Secondary or indirect competition c. Substitute competition 2. Gather information about your main competitors a. Products and services b. Pricing c. Positioning and unique selling proposition? 3. Analyse the competition’s strengths and weaknesses a. Preparing a written evaluation of your competitors will allow you to compare their performance with your own. 4. Identify your competitive advantage
- 18. In pairs …..
- 19. In pairs …..
Hinweis der Redaktion
- Market data: NHS data sets, policy papers, annual reports, quality accounts etc Stakeholder Engagement: Generate a preliminary list of requirements. Look for patterns, but don’t automatically dismiss one-offs–look to corroborate them with findings from other methods. A patient-journey map is a visualisation of the process a customer goes through when engaging with a product or service. It takes process mapping to a new level by including multiple phases and touchpoints a patient goes through. This map is a living document meant to unify fragmented efforts and identify points of friction and opportunities for improvement. “Observational” research: This is a type of ethnographic research that relies on observation by literally following a process or patient journey. Allows identification of of process pain points, knowing that these represented opportunities of improvement. Customer interviews: Asking customers what problems they have and what features they would want in a solution. Using the “Five Whys,” is a useful technique that helps get at needs that people don’t even know they have, needs that potentially no one has yet recognised.. Competitive analysis: Consider using research firms who might present a more objective face to customers who engage with your organization and its competition. Consider using the SWOT matrix, which identifies competitors’ strengths, weaknesses, opportunities, and threats.
- understanding the diversity of stakeholder needs
- Process mapping: If you know your customer’s operational processes, map them out. https://improvement.nhs.uk/documents/2143/conventional-process-mapping.pdf .
- A patient-journey map is a visualisation of the process a customer goes through when engaging with a product or service. It takes process mapping to a new level by including multiple phases and touchpoints a patient goes through. This map is a living document meant to unify fragmented efforts and identify points of friction and opportunities for improvement.
- The National Cancer Waiting Times system allows NHS providers to record data derived from patient care activity. The Children and Young People's Health Services Data Set (CYPHS) provides information on children and young people in contact with health services. Commissioning Data Sets (CDS) enable national reporting on NHS funded or provided secondary care. The data set allows community service providers and commissioners to view local and national information from community services, to improve patient care. The Critical Care Minimum Data Set is collected from all hospitals and other locations which provide all elements of critical care, to support payment, commissioning and national policy analysis. The Diagnostic Imaging Data Set (DID) collects data about diagnostic imaging tests carried out on NHS patients, extracted from local radiology information systems. The Emergency Care Data Set is the national data set for urgent and emergency care. It replaces the Accident & Emergency Commissioning Data Set (CDS type 010). Female Genital Mutilation Datasets The Female Genital Mutilation (FGM) Enhanced Dataset supports the Department of Health's FGM Prevention Programme by presenting a national picture of the prevalence of FGM in England. The Improving Access to Psychological Therapies (IAPT) Data Set collects information about adults in contact with psychological therapy services. The Maternity and Children's Data Sets project (MCDS) which incorporates the Maternity Services Data Set (MSDS), Children and Young People's Health Services Data Set (CYPHS) and the Child and Adolescent Mental Health Services Data Set (CAMHS), has been developed to help achieve better outcomes of care for mothers, babies and children. Maternity Services Data Set The Maternity Services Data Set (MSDS) is a patient level data set that collects information on each stage of care for women as they go through pregnancy. As a secondary uses data set it re-uses clinical and operational data for purposes other than direct patient care. Mental Health Services Data Set The Mental Health Services Data Set (MHSDS) contains record-level data about the care of children, young people and adults who are in contact with mental health, learning disabilities or autism spectrum disorder services. National Workforce Data Set (NWD) and NHS occupation codes We maintain the National Workforce Data set (NWD) and the NHS occupation codes, which together specify the data standards for NHS workforce information, including implementation within the Electronic Staff Record (ESR). Neonatal Critical Care Minimum Data Set The Neonatal Critical Care Minimum Data Set (NCCMDS) provides a record of what happens to a patient when they receive neonatal critical care in a Neonatal Intensive Care Unit (NICU), Maternity Ward or Neonatal Transitional Care Ward. Paediatric Critical Care Minimum Data Set The Paediatric Critical Care Minimum Data Set (PCCMDS) records what happens to a patient when they receive paediatric critical care in a Paediatric Intensive Care Unit (PICU) or other critical care setting suitable for children.
- It is critical that a case study connect with a decision maker in a way that is relatable and engaging and that highlights the application of your product in a situation that is relevant using the opportunity to prove an understanding of the decision makers values, and their challenges
- Direct competition—These businesses offer the same products and services to the same clients within the same territory as your business. Secondary or indirect competition Businesses that offer slightly different products and services or target a different clientele within the same territory. Substitute competition—A substitute competitor is any competitor that fills the same buyer need you fill but fills it in a different way. Products and services—Evaluate their products or services and compare them to your own, ideally by purchasing them and trying them out. How is the quality? What features do you like or dislike? Who are their suppliers? Does it respond to consumer preferences? Pricing—How are their products and services priced? Do their prices vary for channel partners and customers? What is their discount policy? Can you estimate their cost structure? Positioning and branding—Analyze your competitors’ websites, product documents, brochures and catalogues. Follow them on social media and visit them at trade shows. What are their target markets? What is their unique selling proposition?
- PEST analysis is a market analysis tool that takes external factors that can affect a business into account
- Strengths: The competitive advantage you have in the marketplace (e.g. customer service, better access to raw materials) Weakness: All things with which your competitors are able to grab your market share Opportunities: Unexplored market trends and untapped market niches that waiting to be taken advantage of Threats: Political, climatic, technological, and other external factors that can cause a problem for your business and get in the way of its long term goals