Market Research for a Healthcare Saas Start up

MARKET RESEARCH FOR A HEALTHCARE SAAS PRODUCT

1. TARGET MARKET

The target audience for the telehealth app includes healthcare consumers and healthcare providers. For healthcare consumers, we focus on persons with chronic conditions who need frequent supervision and management of their conditions. This market is suitable for my business idea because no telehealth apps are concentrating solely on the management of chronic conditions leading to an increased mortality rate of these patients, those in the range of 45-60, and persons with disabilities suffering from these conditions.

2. CUSTOMER FEEDBACK AND PAIN POINTS

Using a Google Form survey, I gathered responses from 120 participants in the target market. Based on their feedback, here are the top 5 customer needs or pain points: ● High cost of medical care

● The inconvenience of frequent visits to the hospital: some patients are old and frail while some have disabilities that put more stress on them while commuting.

● Lack of regular checkups: This is usually due to the inconvenience of commuting from home to the hospital and vice versa.

● Limited access to specialized care: This is due to a shortage of specialists available.

● Lack of 24\7 access to healthcare: This is caused by limited access to specialists.

In this section, I analyzed 3 competitors in the same market. Below is an overview of their strengths and weaknesses:

COMPETITOR: Hôpital Virtuel

STRENGTH: Enhances healthcare to persons in remote areas only.

WEAKNESS: limited brand recognition and faces problems with internet connectivity

COMPETITOR: MediTogo

STRENGTH: Possession of a friendly user interface for patients.

WEAKNESS: faces issues with scalability

COMPETITOR: Togo Telemedicine

STRENGTH: bridging the healthcare gap in rural areas.

WEAKNESS: Limited service scope

❖ The target market for this product shows strong potential due to the unavailability of any app tailored specifically to the provision of healthcare to persons with chronic conditions or disabilities.

❖ The top 5 customer needs/pain points in this market are the high cost of medical care, limited access to specialized care, lack of 24\7 access to healthcare, etc….

❖ Competitor analysis reveals opportunities to differentiate by:

● Ensuring the reduction of subscription fees to the bare minimum by collaborating with NGOs, sponsors, etc….

● Making sure there is constant availability of specialists to attend to patients.

● Creating an avenue for general practitioners to provide healthcare advice to persons without chronic conditions who might just require second opinions thereby increasing the scope of service.

Based on the findings from the competitor analysis, the next actionable steps include:

❖ Partnership Development: Identify and reach out to NGOs, sponsors, and healthcare funds to create partnerships that can subsidize or reduce the subscription fees for patients.

❖ Specialist Network Expansion: Build a recruitment and retention plan to ensure a constant and readily available pool of healthcare specialists. This could involve partnerships with medical schools, professional organizations, and freelance specialists to create a dynamic and responsive network.

❖ Second Opinion Feature for General Practitioners: Develop a product feature that allows users to consult general practitioners for non-emergency second opinions. This feature could include real-time chats, video calls, or a Q&A forum, where patients can quickly access advice without needing specialist intervention.

❖ Product Development & Testing: Work with the development team to build and integrate these new features (e.g., second opinion platform and specialist availability alert system) into the product roadmap. Conduct beta testing with a select group of users to refine the features before a full-scale launch.

❖ Marketing & Awareness Campaign: Launch a targeted campaign that highlights these unique selling points (e.g., lower costs, access to specialists, second opinion consultations) to differentiate from competitors