Healthcare Organization Niche Market

Healthcare Organization Niche Market

Yale-New Haven Hospital

Yale-New Haven is a non-profit hospital providing healthcare services in Connecticut. The hospital had more than one million outpatient and emergency visits in the year 2013, and 80,000 discharges (Yale-New Haven Hospital, 2018). The hospital has more than 10,000 employees and numerous university-based physicians practicing medical specialties (Yale-New Haven Hospital, 2018). As a public health advocate, it excels at creating innovative programs supporting the area’s economic growth and healthcare accessibility. The organization is highly involved in many community-based, and health-related organizations to allow continuity community health assessment (Yale-New Haven Hospital, 2018).

Niche Market

Niche Market is created by making a clear identification of what customers want by understanding their needs, then working to deliver better solutions to problems not presented by other firms (Dugonjic, 2016). The tactic involves specific target audience with specialized offerings, making a company become a market leader making it possible for other firms to venture into that particular segment.

Niche marketing reduces competition in market segments, with companies being leaders and enjoying a monopoly. The firm has strong relationships with customers because they operate in small segments, strengthening brands key to customer loyalty. Niche markets enjoy good revenues because customers do not mind paying a little more for services they cannot receive in other places. Healthcare organizations that enjoy greater market power can negotiate higher prices with insurance companies than those facing more direct competition.

Yale-New Haven Hospital specializes in pediatric specialties such as heart surgery, cancer, and cardiology. It takes pride in dealing with diabetes, uronology, neurosurgery, and neonatology.

Segmentation Strategy

Segmentation in marketing allows healthcare firms to identify unique population subsets, so that they can be targeted for delivery of special services in marketing initiatives (Verley, 2015). Segmentation is usually defined by demographic distinctiveness, location, and category of diseases. Segmentation help healthcare organizations to formulate marketing mix, products, promotions, and pricing.

Health institutions segment patients for reasons of insurance status, risk stratification, and marketing. Yale-New Haven Hospital segments them based on the traits they share such as advanced cancer, complex chronic, aging risks, pregnancies and deliveries, and newborns and toddlers.

Yale-New Haven Hospital aims at stimulating community growth, improve the healthcare of children, provide educational opportunities, end homelessness, and create employment to the locals.

Marketing Programs to address Targets

Yale-New Haven hospital specializes in branding strategy to address a diverse customer base. The hospital involves in co-branding to market its name alongside another brand name. This maximizes the marketing budget by creating a partnership (Roson, 2015).

They also practice multi-brand strategies, placing different names on each of their items. This establishes interest to a wide number of groups creating different appeals. The hospital takes advantage of the history it has created in years providing sophisticated, high appealing care to open new satellite clinics in other parts.

The hospital also practices multiproduct strategies, placing its name on their outpatient surgery center, and in all industrial, medical programs to make use of brand equity. Once customers have knowledge and name of the product, they always have confidence that the new brand should work as other products in the line. Application of multiproduct strategy ensures quality productions to meet the organization’s standards because any faulty brand puts the entire brand equity at risk.

They put into application the diffusion of innovation strategy to save on the amount of time required by customers to adopt new products. Profiles of innovators and early adopters are developed, and identification of nurses and physician groups most likely to influence their hospital staff made. Companies send these groups information on new products or invite them to conferences making product announcements.

Effectiveness of marketing Approach and Tools Used

Yale-New Haven Hospital uses effective marketing approach that has been all around, relying on well-assessed methods to advertise services and products to create a connection with patients. I have come to this conclusion after following their user network in social media. The hospital regularly conducts service surveys through social media to interact with patients and know interests. They also share preventive health-care tips to educate patients, forming a personal bond with patients.

Yale-New Haven Hospital uses social media for cross-promotional marketing strategies to get connections with other local organizations and do cross-promotion. This increases exposure and retains customers, to maintain and refer other people to enjoy their services.

Social media comments by people who read blogs and posts from the hospital indicate the success of marketing tools employed. Their twitter handle has more than a million followers globally who follow online medical help program. Increased number of followers can be used as a content metrics to measure content success and reputation. Online marketing assesses context exposure in terms of how many people view the content and content engagement.  Google rankings shows how frequently the organization name is searched, while content conversion estimates how much more was made after the campaign.

The overall monthly performance can be monitored by analyzing tweets to get insight into followers, while measuring exposure and engagement. This is done by looking the number of people who saw your tweet, number of times they visited the profile, number of followers and other mentioning. The organization knows when to improve on service delivery, and what to change depending of followers views.

Things to Do Differently

Marketing and business development services should focus on taking the work of the hospital and focusing on quality improvement and taking the results to grow the market niche. I would improve the hospital physician marketing materials as my most important assets to help market their skills and the facility. The facility would create custom prescriptions for referrals and outpatient programs and also identify key therapists to discuss other progress.

The effects of hospitals buying out their competitors are higher prices and lower quality (Park, Byung-Jin, 2014). I would focus on measures to merge with other hospitals to create efficiency in gains to reduce bills that target to reduce competition. Merging will improve the quantity of management because the CEOs compensations will reduce, and income distribution among medical professionals will balance.

The hospital would take advantage of hospital discharge data and census building to attend to services lacking in the community. The discharge data trends would be analyzed regularly to identify opportunities and increase census building to deal with underserved areas to help create niche program areas that are difficult for other local hospitals to cover. Community outreach would be put in place to develop a market plan to forge relationships with all individuals and organizations to help in developing a good reputation in the community the hospital serves.

 Reference

Dugonjic, A. (2016). Market of halal products: From niche to global market. Ekonomski Izazovi, 5(9), 56-61. http://dx.doi.org/10.5937/ekoizavov1609056d

Park, Byung-Jin. (2014). Administrative Monopoly Regulation on China’s Anti-Monopoly Law Enforcement. China And Sinology, 22(null), 35-74.= http://dx.doi.org/10.17935/chinan.2014.22..35

Roson, R. (2015). Competition between Multiproduct Firms with Heterogeneous. Advances In Social Sciences Research Journal, 2(7). http://dx.doi.org/10.14738/assrj.27.1215

Verley, P. (2015). Révolution Industrielle/ industrialization, innovations, organizations. Marché Et Organisations, 23(2), 61. http://dx.doi.org/10.3917/maorg.023.0061

Yale-New Haven Hospital, B. (2018). Yale-New Haven Hospital, Inc.: Private Company Information – Bloomberg. Bloomberg.com. Retrieved 23 February 2018, from https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=4205064

 

Name

Institution

Yale-New Haven Hospital

Yale-New Haven is a non-profit hospital providing healthcare services in Connecticut. The hospital had more than one million outpatient and emergency visits in the year 2013, and 80,000 discharges (Yale-New Haven Hospital, 2018). The hospital has more than 10,000 employees and numerous university-based physicians practicing medical specialties (Yale-New Haven Hospital, 2018). As a public health advocate, it excels at creating innovative programs supporting the area’s economic growth and healthcare accessibility. The organization is highly involved in many community-based, and health-related organizations to allow continuity community health assessment (Yale-New Haven Hospital, 2018).

Niche Market

Niche Market is created by making a clear identification of what customers want by understanding their needs, then working to deliver better solutions to problems not presented by other firms (Dugonjic, 2016). The tactic involves specific target audience with specialized offerings, making a company become a market leader making it possible for other firms to venture into that particular segment.

Niche marketing reduces competition in market segments, with companies being leaders and enjoying a monopoly. The firm has strong relationships with customers because they operate in small segments, strengthening brands key to customer loyalty. Niche markets enjoy good revenues because customers do not mind paying a little more for services they cannot receive in other places. Healthcare organizations that enjoy greater market power can negotiate higher prices with insurance companies than those facing more direct competition.

Yale-New Haven Hospital specializes in pediatric specialties such as heart surgery, cancer, and cardiology. It takes pride in dealing with diabetes, uronology, neurosurgery, and neonatology.

Segmentation Strategy

Segmentation in marketing allows healthcare firms to identify unique population subsets, so that they can be targeted for delivery of special services in marketing initiatives (Verley, 2015). Segmentation is usually defined by demographic distinctiveness, location, and category of diseases. Segmentation help healthcare organizations to formulate marketing mix, products, promotions, and pricing.

Health institutions segment patients for reasons of insurance status, risk stratification, and marketing. Yale-New Haven Hospital segments them based on the traits they share such as advanced cancer, complex chronic, aging risks, pregnancies and deliveries, and newborns and toddlers.

Yale-New Haven Hospital aims at stimulating community growth, improve the healthcare of children, provide educational opportunities, end homelessness, and create employment to the locals.

Marketing Programs to address Targets

Yale-New Haven hospital specializes in branding strategy to address a diverse customer base. The hospital involves in co-branding to market its name alongside another brand name. This maximizes the marketing budget by creating a partnership (Roson, 2015).

They also practice multi-brand strategies, placing different names on each of their items. This establishes interest to a wide number of groups creating different appeals. The hospital takes advantage of the history it has created in years providing sophisticated, high appealing care to open new satellite clinics in other parts.

The hospital also practices multiproduct strategies, placing its name on their outpatient surgery center, and in all industrial, medical programs to make use of brand equity. Once customers have knowledge and name of the product, they always have confidence that the new brand should work as other products in the line. Application of multiproduct strategy ensures quality productions to meet the organization’s standards because any faulty brand puts the entire brand equity at risk.

They put into application the diffusion of innovation strategy to save on the amount of time required by customers to adopt new products. Profiles of innovators and early adopters are developed, and identification of nurses and physician groups most likely to influence their hospital staff made. Companies send these groups information on new products or invite them to conferences making product announcements.

Effectiveness of marketing Approach and Tools Used

Yale-New Haven Hospital uses effective marketing approach that has been all around, relying on well-assessed methods to advertise services and products to create a connection with patients. I have come to this conclusion after following their user network in social media. The hospital regularly conducts service surveys through social media to interact with patients and know interests. They also share preventive health-care tips to educate patients, forming a personal bond with patients.

Yale-New Haven Hospital uses social media for cross-promotional marketing strategies to get connections with other local organizations and do cross-promotion. This increases exposure and retains customers, to maintain and refer other people to enjoy their services.

Social media comments by people who read blogs and posts from the hospital indicate the success of marketing tools employed. Their twitter handle has more than a million followers globally who follow online medical help program. Increased number of followers can be used as a content metrics to measure content success and reputation. Online marketing assesses context exposure in terms of how many people view the content and content engagement.  Google rankings shows how frequently the organization name is searched, while content conversion estimates how much more was made after the campaign.

The overall monthly performance can be monitored by analyzing tweets to get insight into followers, while measuring exposure and engagement. This is done by looking the number of people who saw your tweet, number of times they visited the profile, number of followers and other mentioning. The organization knows when to improve on service delivery, and what to change depending of followers views.

Things to Do Differently

Marketing and business development services should focus on taking the work of the hospital and focusing on quality improvement and taking the results to grow the market niche. I would improve the hospital physician marketing materials as my most important assets to help market their skills and the facility. The facility would create custom prescriptions for referrals and outpatient programs and also identify key therapists to discuss other progress.

The effects of hospitals buying out their competitors are higher prices and lower quality (Park, Byung-Jin, 2014). I would focus on measures to merge with other hospitals to create efficiency in gains to reduce bills that target to reduce competition. Merging will improve the quantity of management because the CEOs compensations will reduce, and income distribution among medical professionals will balance.

The hospital would take advantage of hospital discharge data and census building to attend to services lacking in the community. The discharge data trends would be analyzed regularly to identify opportunities and increase census building to deal with underserved areas to help create niche program areas that are difficult for other local hospitals to cover. Community outreach would be put in place to develop a market plan to forge relationships with all individuals and organizations to help in developing a good reputation in the community the hospital serves.

Reference

Dugonjic, A. (2016). Market of halal products: From niche to global market. Ekonomski Izazovi, 5(9), 56-61. http://dx.doi.org/10.5937/ekoizavov1609056d

Park, Byung-Jin. (2014). Administrative Monopoly Regulation on China’s Anti-Monopoly Law Enforcement. China And Sinology, 22(null), 35-74.= http://dx.doi.org/10.17935/chinan.2014.22..35

Roson, R. (2015). Competition between Multiproduct Firms with Heterogeneous. Advances In Social Sciences Research Journal, 2(7). http://dx.doi.org/10.14738/assrj.27.1215

Verley, P. (2015). Révolution Industrielle/ industrialization, innovations, organizations. Marché Et Organisations, 23(2), 61. http://dx.doi.org/10.3917/maorg.023.0061

Yale-New Haven Hospital, B. (2018). Yale-New Haven Hospital, Inc.: Private Company Information – Bloomberg. Bloomberg.com. Retrieved 23 February 2018, from https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=4205064

 

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