Competitive analysis helps in understanding the strengths and weaknesses of competitors in the sector.
Regular competitive analysis in healthcare is part and parcel of healthcare marketing strategy. In-depth understanding of competitors not only helps in understanding the market forces but also aids in refining the products and services offered to maintain a sustainable differentiation.
Quality of analysis is key at every step of the process. First, identify all competitors from your patients’ and stakeholders’ perspective. Second, understand the products, services, strategies, strengths, weaknesses and key success factors of each of these competitors. Lastly, assess and take corrective actions to retain your competitive position in the industry.