Since returning from the Healthcare Unbound Conference in San Diego earlier this week, I have been asked what has changed in the past year.
In his opening remarks, my colleague Vince Kuraitis, Principal of Better Health Technologies talked about the progress we’ve made with the technologies and experimenting with different business models, but the focus now is on the “value network”.
Steps Along the “Value” Brick Road
During the conference, one clear theme was that value is determined by the recipient and can be used to attract and engage consumers.
How can your organization create and lead with value? Here are the key steps which begin by identifying…
Step 1) Who?
Consider how much your organization deeply understands the needs and behaviors of your target audience (Notice that I did not say understands the consumer’s feedback on your offering). This perspective is essential before you can define, develop and deliver value which is compelling to your target consumers.
Many companies use segmentation to focus in different groups of consumers and understand what each group values.
Several speakers mentioned segmenting the senior market. After all, the active 68 year old male is not the same as the 78 year old male trying to manage his health and the health of his 98 year old mother who happens to live three states away.
Within the corporate wellness market, we heard that employees have different motivations. Some employees are eager to participate in a company- wide competition tracking their activity weekdays and weekends, while others are interested in socializing at lunch time with their Walking Group. Employers have an opportunity to offer a set of programs with online tools to meet the needs of these different employee segments.
Step 2) What?
After understanding the different segments of your target audience, it is important to think about ways you can bring value to each of them.
Liz Boehm, Principal Analyst at Forrester Research, discussed the “Four Pillars of Aging in Place” which included health, safety, connectivity (e.g. friends. family and community) and contribution (e.g. meaning/purpose).
Most companies in the senior market focus on health and safety, which happens to be the “stuff that people wish they did not have to think about”. Through research, Forrester has learned that the other two areas, to be connected and to contribute, are actually the “stuff that people want”. These are two areas can be used to engage seniors in a way that is meaningful to them. Is this the consumer’s desire for “meaningful use”?
Step 3) How?
Gordon Norman, Chief Innovation Officer at Alere challenged us with “Now that the we’ve unbound healthcare, who will put it back together?”
Think about the value network and the role that your company can play.
You may choose to partner to meet all of the needs of your target audience. With technology standards in place, you can design your product to connect in with a larger solution.
Or you can lead the way and take on the “aggregator” role, building a hub to service the consumer/member/employee/patient. By becoming the aggregator, your company has an opportunity to deliver more value through data and analytics. Consider the holistic view that you can share, enabling your users to make better decisions.
I will leave you with two questions to consider. Where is your company on the “value” brick road? How far are you willing to go?