Marketing Strategy Flaws: #2 Missed Opportunities

| September 4, 2010

This is the second part of a five part series which addresses the flaws inherent in an insurance-centric marketing strategy. Specifically, this post focuses on the tremendous market opportunities forfeited by such a myopic strategy.

Insurance centricity omits the following multi-billion dollar consumer markets:

Non-Insured U.S. Consumers

According to the United States Congressional Budget Office, “The number of Americans without health insurance will grow from about 45 million this year to about 54 million in 2019.”  The irony here is that, because these people are uninsured, they are the very people who would consider leaving the U.S. for affordable, quality healthcare. Furthermore, as the CBS report to the left shows, the number of uninsured is on the rise.

Elective Procedures

Arguably, the largest medical tourism market today, consumers seeking elective procedures is obviously not covered by insurance. This is a multi-billion dollar consumer market that is entirely ignored in an insurance only strategy

Non-FDA Approved Procedures

There is no greater motivator for change than hope.  Each year, millions of U.S. consumers face imminent mortality, unable to gain access to progressive treatments not yet approved by the FDA. Aggressive stem cell treatments for cancer and neurological conditions are examples of tremendous market opportunities that are again entirely ignored by insurance only strategies.

Waiting Lists

The reality of a healthcare system of the U.S. size is lengthy waiting lists.  Whether it is a hip replacement or another chronically painful condition requiring attention, millions of U.S. consumers face agonizing wait times. This is a tremendous opportunity for global healthcare providers.

Unaffordable Deductibles

Another harsh reality of the U.S. healthcare system is ridiculously high deductibles. Some people have insurance deductibles that result in an “out-of-pocket” expense of 40%, up to $10,000 or much more. For these people, oftentimes the deductible prohibits them from receiving necessary healthcare.  This is a tremendous opportunity for global healthcare providers.

Solution

Direct-to-Consumer Marketing!

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Category: Marketing/Branding Strategy

About Marc LeShay: I am a strategic consultant helping people find clarity in chaos View author profile.

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