Harvard Case - GetTreated.Co: A Digital Medical Tourism Concierge Service in Armenia
"GetTreated.Co: A Digital Medical Tourism Concierge Service in Armenia" Harvard business case study is written by Anahit Armenakyan, Raffi Elliott. It deals with the challenges in the field of Marketing. The case study is 15 page(s) long and it was first published on : Apr 6, 2020
At Fern Fort University, we recommend GetTreated.Co implement a comprehensive growth strategy focused on expanding its digital marketing presence, enhancing its service offerings, and strategically targeting new markets. This strategy will leverage the company's existing strengths in technology and analytics, customer relationship management, and brand positioning to drive sustainable growth and establish GetTreated.Co as a leading player in the global medical tourism industry.
2. Background
GetTreated.Co is a digital medical tourism concierge service based in Armenia, offering patients access to high-quality, affordable healthcare services. The company's mission is to connect patients with qualified medical professionals and facilities worldwide, simplifying the medical tourism experience.
The case study focuses on GetTreated.Co's founder, Arman, who is considering various growth strategies to expand the business beyond its current market. The company faces challenges in attracting new patients, managing its growing workload, and navigating the complexities of international business.
3. Analysis of the Case Study
To analyze GetTreated.Co's situation, we will utilize a combination of frameworks:
a) SWOT Analysis:
- Strengths: Strong technology platform, experienced team, competitive pricing, focus on customer experience, positive brand reputation.
- Weaknesses: Limited marketing budget, lack of brand awareness outside Armenia, reliance on word-of-mouth referrals, potential for operational inefficiencies with growth.
- Opportunities: Expanding to new markets, offering specialized services, partnering with international healthcare providers, leveraging AI and machine learning for personalized service.
- Threats: Competition from established medical tourism companies, regulatory changes in target markets, fluctuations in currency exchange rates, potential for negative publicity.
b) Porter's Five Forces Analysis:
- Threat of New Entrants: Moderate, as entry barriers are relatively low due to the digital nature of the business.
- Bargaining Power of Buyers: High, as patients have numerous options for medical tourism services.
- Bargaining Power of Suppliers: Moderate, as GetTreated.Co relies on healthcare providers and facilities, but can leverage its network to negotiate favorable terms.
- Threat of Substitute Products: High, as patients can choose to receive treatment locally or through other medical tourism companies.
- Rivalry Among Existing Competitors: High, as the medical tourism industry is fragmented with numerous players.
c) PESTEL Analysis:
- Political: Stable political environment in Armenia, but potential for international political instability impacting travel.
- Economic: Fluctuating global economy, but potential for growth in the medical tourism market.
- Social: Increasing demand for affordable, high-quality healthcare, growing awareness of medical tourism options.
- Technological: Rapid advancements in digital technology, enabling improved communication and service delivery.
- Environmental: Growing concern for sustainability, potential for eco-friendly medical tourism options.
- Legal: Complex legal and regulatory frameworks in various countries, requiring careful navigation.
4. Recommendations
1. Enhance Digital Marketing Strategy:
- Target Market Segmentation: Identify specific patient segments based on demographics, medical needs, and geographic location.
- Brand Positioning: Emphasize GetTreated.Co's unique value proposition, focusing on affordability, quality, and convenience.
- Digital Marketing Channels: Utilize a mix of search engine optimization (SEO), search engine marketing (SEM), social media marketing, and content marketing to reach target audiences.
- Content Strategy: Develop engaging content that educates patients about medical tourism, highlights GetTreated.Co's services, and builds trust.
- Influencer Marketing: Partner with relevant healthcare professionals and influencers to promote GetTreated.Co's services.
- Website Optimization: Improve website design and user experience to enhance lead generation and conversion rates.
- Marketing Analytics: Track key metrics to measure campaign effectiveness and optimize marketing efforts.
2. Expand Service Offerings:
- Specialized Services: Offer specialized packages for specific medical procedures, such as dental tourism, cosmetic surgery, or fertility treatment.
- Concierge Services: Provide additional services, such as travel arrangements, accommodation booking, and cultural tours.
- Virtual Consultations: Offer virtual consultations with healthcare providers to facilitate patient-doctor communication.
- Language Support: Provide multilingual support to cater to a wider range of international patients.
3. Strategic Market Expansion:
- Target New Markets: Identify new markets with high potential for medical tourism, considering factors like healthcare costs, travel accessibility, and patient demographics.
- Market Research: Conduct thorough market research to understand the needs and preferences of patients in target markets.
- Local Partnerships: Establish partnerships with healthcare providers and facilities in target markets to expand reach and credibility.
- International Marketing Campaigns: Develop targeted marketing campaigns tailored to the specific needs and preferences of each target market.
- Cultural Sensitivity: Ensure marketing materials and communication are culturally appropriate and sensitive to local customs.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of GetTreated.Co's strengths, weaknesses, opportunities, and threats. They are aligned with the company's mission to provide affordable, high-quality healthcare services and its core competencies in technology and customer service.
The recommendations are also designed to address the company's challenges in attracting new patients, managing growth, and navigating international business. By focusing on digital marketing, expanding service offerings, and strategically targeting new markets, GetTreated.Co can achieve sustainable growth and establish itself as a leading player in the global medical tourism industry.
6. Conclusion
GetTreated.Co has the potential to become a leading force in the global medical tourism market. By implementing the recommended strategies, the company can leverage its existing strengths, address its weaknesses, and capitalize on emerging opportunities. This comprehensive approach will enable GetTreated.Co to achieve its growth objectives, enhance its brand reputation, and deliver exceptional value to its patients.
7. Discussion
Alternatives Not Selected:
- Aggressive price competition: This could lead to a price war and erode profitability.
- Expansion into new healthcare sectors: This could require significant investment and expertise in unfamiliar areas.
- Merging with a larger company: This could lead to a loss of control and autonomy.
Risks and Key Assumptions:
- Competition: The medical tourism industry is highly competitive, and new entrants could pose a significant threat.
- Regulatory changes: Changes in regulations in target markets could impact GetTreated.Co's operations.
- Economic fluctuations: Global economic downturns could reduce demand for medical tourism services.
- Technology advancements: Rapid technological advancements could require GetTreated.Co to constantly adapt and innovate.
8. Next Steps
- Develop a detailed marketing plan: Outline specific marketing objectives, target audiences, channels, and budget.
- Implement digital marketing campaigns: Launch targeted campaigns across multiple platforms to reach potential patients.
- Expand service offerings: Introduce new services and packages to meet the evolving needs of patients.
- Conduct market research in target markets: Identify specific opportunities and challenges in each market.
- Establish partnerships with healthcare providers: Secure agreements with reputable facilities in target markets.
- Monitor and evaluate progress: Track key metrics to measure the effectiveness of the growth strategy and make adjustments as needed.
By taking these steps, GetTreated.Co can successfully navigate the complexities of the medical tourism industry and achieve its ambitious growth targets.
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Case Description
A young Canadian entrepreneur had established a digital medical tourism concierge service in Armenia--GetTreated CJSC--and in 2019 was evaluating the opportunities for the company's growth. While the company was experiencing steady growth, the founder felt that the growth rates were not reflective of the potential that was present in the market. Something had to be changed about how the company was acquiring its customers. The company's promotional strategy also needed work in the face of increasing competition locally and globally.
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