New Market Entry - Healthcare Supply Chain Trading Exchange
As e-commerce became standard way to conduct business in B2B environments, large healthcare manufacturers were facing billions of dollars per year in transaction fees, based on the initial business models. A new trading exchange was created and funded by 5 major manufacturers, but hospitals were reluctant to participate in electronic procurement and lacked confidence in the supplier-funded exchange.
To gain adoption in the provider healthcare market, marketing leadership developed strategies to create a receptive audience among hospitals, the buyers of the majority of medical-surgical products. With healthcare reimbursements declining and hospitals looking for ways to reduce costs, saving dollars throughout automated purchasing processes was a real opportunity. The marketing team created numerous paths to capture the market.
Public relations efforts to build awareness of savings opportunities, hospital success stories, multiple benefits of e-commerce
Creation of thought leadership programs and industry education. Leveraged customers who were leading the way to improving business processes, who could share success stories and best practices. Developed numerous programs to support customer education, including webinars, an annual live 3-day event, and an online video series.
Development of a globally recognized brand
Pricing structure for provider organizations, modeled to ensure significant return on investment
Development of financial models to demonstrate and then prove savings
Development of product marketing team and strategies
Grew the exchange from a start-up business with 0% market share to market leader, with over 4000 hospitals and 350 of the world’s largest supplies connected to the exchange. 85% of the total North American medical-surgical market was transacted through healthcare's leading exchange.