Harvard Case - Pricing PatientPing
"Pricing PatientPing" Harvard business case study is written by Frank V. Cespedes, Julia Kelley, Amram Migdal. It deals with the challenges in the field of Sales. The case study is 19 page(s) long and it was first published on : Oct 3, 2017
This case study solution recommends a comprehensive sales strategy for PatientPing, focusing on a multi-pronged approach to drive revenue generation, optimize customer acquisition, and enhance customer retention. The strategy leverages a combination of digital marketing, sales enablement, and account management techniques to effectively position PatientPing's value proposition in the healthcare market.
2. Background
PatientPing is a healthcare technology company that offers a platform connecting healthcare providers and enabling seamless patient data sharing. The company faces the challenge of establishing itself in a competitive market and achieving sustainable growth. The case study highlights PatientPing's current sales strategy, which relies heavily on cold calling and lacks a structured approach to lead qualification, customer segmentation, and sales enablement.
The main protagonists are:
- PatientPing: The healthcare technology company seeking to expand its market share.
- David Sides: The CEO of PatientPing, who is looking for a more effective sales strategy.
- The Sales Team: The team responsible for generating leads, converting them into customers, and managing existing accounts.
3. Analysis of the Case Study
To analyze the case, we can utilize the Sales Funnel Framework, which breaks down the customer journey into distinct stages:
1. Awareness: PatientPing currently relies on cold calling and limited online presence to raise awareness. This approach is inefficient and lacks targeted outreach.
2. Consideration: The lack of a defined value proposition and limited sales enablement tools hinders the ability to effectively communicate PatientPing's benefits to potential customers.
3. Decision: The sales team lacks structured lead qualification and objection handling processes, leading to a high rate of lost opportunities.
4. Action: The absence of a robust customer relationship management (CRM) system and account management practices limits the ability to nurture relationships and drive repeat business.
5. Retention: PatientPing lacks a clear strategy for customer retention and upselling/cross-selling opportunities, leading to potential churn and missed revenue streams.
Key Performance Indicators (KPIs):
- Customer Acquisition Cost (CAC): High due to inefficient lead generation and conversion processes.
- Customer Lifetime Value (CLTV): Limited due to low customer retention and upselling/cross-selling efforts.
- Sales Cycle Length: Long due to lack of lead qualification and effective sales enablement.
4. Recommendations
1. Implement a Targeted Marketing Strategy:
- Digital Marketing: Leverage content marketing, search engine optimization (SEO), social media marketing, and paid advertising to reach a wider audience and generate qualified leads.
- Industry Events: Participate in relevant healthcare conferences and trade shows to showcase PatientPing's solutions and build relationships with potential customers.
- Partnerships: Collaborate with complementary healthcare technology companies to expand reach and access new customer segments.
2. Enhance Sales Enablement:
- Develop a Compelling Value Proposition: Clearly articulate PatientPing's unique benefits, addressing the specific pain points of healthcare providers.
- Create Sales Training Materials: Provide the sales team with comprehensive training on PatientPing's product features, benefits, and competitive landscape.
- Develop Sales Tools: Equip the sales team with effective sales presentations, case studies, and objection handling techniques.
3. Optimize the Sales Funnel:
- Lead Qualification: Implement a robust lead qualification process to identify high-potential prospects and prioritize sales efforts.
- Sales Automation: Utilize CRM software to streamline lead management, track sales activities, and improve sales forecasting.
- Sales Presentations: Develop engaging and persuasive sales presentations tailored to different customer segments.
- Negotiation Skills: Train the sales team on effective negotiation techniques to secure favorable deals.
4. Focus on Account Management:
- Customer Segmentation: Categorize customers based on their needs, value, and potential for future business.
- Account Planning: Develop tailored account plans for each customer segment, outlining specific strategies for relationship building, upselling, and cross-selling.
- Customer Success: Implement a customer success program to ensure customer satisfaction and drive long-term retention.
5. Implement a Sales Performance Tracking System:
- Sales Analytics: Utilize data analytics to track sales performance, identify trends, and optimize sales strategies.
- Sales Quotas: Establish realistic sales quotas for individual sales representatives and the overall sales team.
- Commission Structures: Design a commission structure that motivates sales representatives to achieve their targets and drive revenue growth.
5. Basis of Recommendations
These recommendations are based on the following considerations:
1. Core Competencies and Consistency with Mission: The recommendations align with PatientPing's core competency of providing a platform for seamless patient data sharing and its mission to improve healthcare outcomes.
2. External Customers and Internal Clients: The recommendations address the needs of both external customers (healthcare providers) and internal clients (the sales team).
3. Competitors: The recommendations consider the competitive landscape and aim to differentiate PatientPing from its rivals by offering a unique value proposition and superior customer service.
4. Attractiveness: The recommendations are expected to improve key performance indicators such as customer acquisition cost, customer lifetime value, and sales cycle length, leading to increased revenue generation and profitability.
Assumptions:
- The healthcare market is receptive to PatientPing's value proposition.
- The company has sufficient resources to implement the recommended strategies.
- The sales team is motivated and committed to achieving sales targets.
6. Conclusion
By implementing a comprehensive sales strategy that incorporates targeted marketing, sales enablement, optimized sales funnel, account management, and sales performance tracking, PatientPing can achieve sustainable growth and establish itself as a leading player in the healthcare technology market.
7. Discussion
Alternatives not selected:
- Focusing solely on cold calling: This approach is inefficient and lacks targeted outreach, leading to low conversion rates and high customer acquisition costs.
- Ignoring customer segmentation: This approach fails to tailor sales strategies to different customer needs and preferences, leading to missed opportunities.
- Lacking a robust CRM system: This approach hinders effective lead management, sales forecasting, and customer relationship building.
Risks and Key Assumptions:
- Market acceptance: The success of the strategy hinges on the market's receptiveness to PatientPing's value proposition.
- Competition: The healthcare technology market is highly competitive, and PatientPing needs to differentiate itself to attract customers.
- Resource availability: Implementing the recommendations requires sufficient resources, including budget, personnel, and technology.
8. Next Steps
Timeline:
- Month 1-3: Develop and implement a targeted marketing strategy, including digital marketing campaigns, industry event participation, and partnership initiatives.
- Month 4-6: Enhance sales enablement by developing a compelling value proposition, creating sales training materials, and equipping the sales team with effective sales tools.
- Month 7-9: Optimize the sales funnel by implementing a robust lead qualification process, automating sales activities, and improving sales presentations and negotiation skills.
- Month 10-12: Focus on account management by segmenting customers, developing account plans, and implementing a customer success program.
- Ongoing: Continuously track sales performance, analyze data, and adjust strategies based on insights gained.
By following this roadmap, PatientPing can effectively implement its new sales strategy and achieve its growth objectives.
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Case Description
In 2017, Jay Desai, the CEO of Boston-based health care technology company PatientPing, had to consider a number of interrelated pricing challenges. Founded in late 2013, PatientPing sold a software platform that allowed health care providers to receive real-time notifications ("Pings") when one of their patients was admitted to or discharged from a health care facility. Pings allowed providers to coordinate with one another to reduce costs and ensure that patients were receiving the highest quality of care. PatientPing sold its platform to a range of customers, from small skilled nursing facilities to large health systems, and management had to figure out how to optimally price the platform for the company's various customer segments. Students must consider whether PatientPing's pricing, sales team, and sales process are optimal based on the unique challenges of the health care industry. Additionally, students are asked to respond to three specific sales and marketing scenarios faced by Desai in mid-2017.
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