Posted: November 8th, 2023
Prior to the launch of the forearm crutch, the business will have to determine the professional roles critical to marketing success. The enterprise will seek to create an internal marketing department comprising several key roles. Foremost, a Chief Marketing Officer, an individual responsible for providing vision and direction to the marketing campaign, will be identified and recruited. Another role is the Marketing Manager, a person who takes the CMO’s vision and implements it across the marketing team. Due to the small nature of the start-up, content manager and social media manager will be combined. Such a role centers on determining low-cost and effective strategies for leveraging social media to build brand awareness. The last role is that of a public relations manager. The business will have to establish strategic partnerships with authorities and medical institutions, a responsibility charged to the public relations officer.
Contemporary customers are used to high service standards at the lowest probable cost in e-commerce markets. According to Haag (2019), reliability is the primary criterion in shipping. Product development will be done in California as the location brings the business closer to its biggest market. The proposed product will leverage the services of two of the top logistics companies in the United States, namely DHL and Amazon. Customers will have to cover the total order price, transport costs, customs duties, VAT, insurance, handling fees and the exchange rate to ship the crutches from the factory to their doorstep. International shipments highlight the need for the forearm crutch start-up to have a warehouse somewhere in the United States.
The CMO will be responsible for producing the marketing requirements document. The report will cover the start-up’s vision, target market, personas, competitor analysis and product capabilities to guide the marketing team. The aim is to have a campaign that builds consumer awareness on the problem the new crutch design is attempting to solve. The forearm design is the unique selling point that will enable reach and engagement with the geriatric population. The campaign will indicate the high-level capabilities of the forearm crutch, especially how it distributes weight away from the back and feet, reducing the probabilities of injury or falling.
The proposed crutch business will be situated in California and Florida. Kimball and Lussier (2014) state that the primary factor influencing the location of a business is the demand for its product. Given the proposed enterprise seeks to serve the geriatric population, California and Florida were selected because the two states have the largest elderly population. Therefore, the location means the competition will not saturate the business. The two states also have many public programs supporting the ageing population, including the social insurance program, Medicare and Medicaid. Success in Florida and California will enable the business to expand to other markets where competition is fairly higher.
As aforementioned in the previous report, the business will contract system developers to create a company website. The online platform will convey information on the product and the company’s mission. A responsive approach to website development will facilitate its use in smartphones. In the back end of the system, the business will adopt data analytics to track which marketing strategies are unsuccessful and need optimization. Google Analytics is free and the most widely used website analytics tool. Search engine marketing using Google Search Ads will provide a way for the business to reach wider audiences. A digital asset management system will benefit the business’s branded content by promptly distributing marketing material. Social media is the final marketing technology required to enhance consumer awareness and engagement. Platforms such as Twitter and LinkedIn will be leveraged to engage professionals for B2B sales.
The time to market varies widely across products and industries. There is considerable time taken in launching health products due to the complexity and architecture of the health industry (Jalalabadi et al. 2018). Anticipated is the product to take nearly two years to move from concept to market entry. One of the key reasons for the short time to market is the adoption of an agile development process for the forearm crutch. Another reason is the use of minor and major releases to mitigate risks associated with innovative products. It makes sense to speed up the time to market due to relatively low-quality crutches in the market and weak competitive offerings.
Starting a business in the healthcare industry is no simple feat. Within two years, the business will have to identify and recruit a Chief Marketing Officer, a Marketing Manager, Social Media Manager and a Public Relations Officer. As an e-retailer, the business will form a strategic partnership with DHL and Amazon to cover product shipping and delivery. While it is clear the business will be located in California and Florida, it is yet to be determined exactly where warehouses will be erected within these states. Selected technologies are meant to enhance market reach and consumer engagement. For this reason, there will be a website running on computers and smartphones. A digital asset management system will be adopted to modify marketing content based on the insight drawn from data analytics.
Haag, L. (2019). The supporting role of logistics during the early stage of retail internationalization. Cambridge UP.
Jalalabadi, F., Sameri, A., & Reece, E. M. (2018). Product development: From concept to market. Seminars in Plastic Surgery, 32(4), 191–195. https://doi.org/10.1055/s-0038-1673394
Kimball, D. & Lussier, R. (2014). Entrepreneurial new venture skills. Routledge.
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