Both in terms of revenue and employment – over the last decade, the Indian healthcare sector is touching the pinnacle of success in terms of raising revenue and employment. The healthcare ecosystem comprises of various key components – hospitals, insurance, diagnostics, pharmaceuticals, clinical trials, and telemedicine to name a few. Innovative services, increase in expenditure from the public and private players, expanding the medical coverage, and branding are some of the factors that are fuelling the growth rate at an exponential pace.
As the sector witnesses a fierce competition with the entrance of emerging players, branding has become a key to sustain and surge ahead among the competitors in today’s market. Due to the stringent norms and regulations, the traditional marketing techniques are not that effective in scaling up the business revenues. Secondly, the branding distinguishes and showcases the USP of any company or organization that ultimately assists to create a niche market along with customer base. The most evident example is the transformation of various private hospitals that have reworked their existing business models and have standardized the quality of healthcare facilities within the country. The healthcare insurance or Mediclaim is another area that has embraced brand sensibility and sensitivity and has evolved as a major contributor in the sector.
Decoding Consumer Relationship
As more and more players in the sector are implementing the above equation, the onus of delivering is rapidly growing. It defines the logic that a customer’s opinion about the company before actually knowing them is as important as their experience with the service, which the company actually offers!
Indians are known to be very emotional across the globe and decisions relating to healthcare are very personal and significant. One can eat pizza from any popular restaurant, but in case of an eye injury, everyone would like to get treated from the best possible doctor available on the planet! This literal exaggeration of expectation reflects the special relevance of branding in the healthcare industry.
As the healthcare landscape progresses to make in-roads for delivering improved quality and increased access, brand-developing remains a vital connectivity for both B2B and B2C segments. More than differentiating the services, branding is acting as a catalyst for innovation and value-added experiences.