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Go-to-Market (GTM) Strategy
Learn more about how we help our clients to develop their value propositions and Go-to-Market (GTM) strategies to achieve success in the NHS
Background
Developing a go-to market strategy for healthcare can be an extremely difficult proposition. The nature and structure of healthcare markets mean that strategies without in-depth expertise and understanding or those developed from other markets or countries frequently fail. From a market assessment standpoint, there are several strategic areas for vendors to consider when approaching the UK or European markets including:
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Growth Strategy (organic or acquisition)
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Sales and Marketing Strategy
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Product portfolio viability
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Market sizing (such as Total Addressable Market) exercises
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Competitive analysis and landscape
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Regional and national policy, regulation and reimbursement nuances
A granular understanding of the underlying principles of a market is essential before considering any next strategic steps so as to avoid time delays, resource constraints and misallocation of funding.
Challenge
Vendors of all sizes must align all parts of their corporate strategy to the markets they are looking to sell into. Within the UK and Europe there are many regional and national differences in healthcare that must be understood to develop more successful strategic processes. Areas that vendors need to understand are:
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Stakeholder assessment and alignment – Who are the stakeholders in the chain of procurement that need to be engaged and managed? Which regional and national bodies are of interest to the subsector of healthcare that you are looking to sell to?
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Policy, compliance and regulation – What are the overarching regional and national policies that apply to your area of interest? What are the compliance hurdles that need to be overcome prior to procurement? What other regulations are considered best practice or required prior to go-live?
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Procurement and Reimbursement – What are the ways in which your customers get reimbursed in public or private healthcare and how will your product affect that? What are the potential procurement avenues for your product and who do you need convince and in what way along the journey?
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Competitors and Market Viability – Who are the main competitors in your area of interest and what are their current market shares, go-to market strategy and brand awareness? With that in mind, what is the viability of the marketplace, the potential opportunity and the more effective way to gain market share?
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Sales and Marketing – Given all of the above, what is your on-the-ground sales strategy and what steps are needed to enact this? What marketing content do you need to create to ensure resonance within your target marketplace?
Our solution
At the AbedGraham Group we have consulted dozens of the largest technology companies in the world on their strategic positioning. Our clinical background and real-life experience allied with our granular understanding of the UK and European healthcare markets ensures you can tap into the most exhaustive knowledge set around. Any of the above requirements for any sized vendor looking at the healthcare market can be distilled into three main offerings:
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Growth and Acquisition – For companies looking at aggressive market expansion we can advise on the pros and cons of organic versus acquisition sales strategies, determine addressable market sizes and shortlist and vet prospective acquisition targets as appropriate. This can drive executive-level conversations, budgetary allocation and market viability decisions. Our work on acquisition targets for our customers has led to deals closing in excess of £50m to date.
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Defined Strategic Projects – For any of the above areas, we can enact quick, effective strategic reviews to plug any gaps in a particular go-to market strategy. Priority areas can be reviewed, with our expertise completing the areas that are outstanding. This is ideal for vendors who have a defined strategy but with areas that need completing or further insight
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Full Strategic Assessments – For vendors selling into healthcare for the first time, selling to the UK or Europe for the first time or venturing into a different vertical within healthcare, we can provide an exhaustive end-to-end review of all the requisite strategic points that need to be considered for a particular product set or market. A full overview of all of the above can be written to expedite decision making and ensure optimal market penetration
