pivoting for success - evolving with the healthcare market
Post on 15-Jul-2015
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2
SoMe
2006 - Facebook opened to >13 yr olds
Healthcare
Doctor autonomy coming to an end
Economic Factors
# pharma reps plummeting during ‘08/09 economic crisis
Sermo: The Early DaysMarket Environment
3
Founding Vision
“Safe haven” for verified, licensed physicians
Value Prop
Secure, private online/virtual destination to discuss any
medical topic, or simply engage in peer-to-peer dialogue
Approach
Grow fast, industry/pharma will pay to access
Sermo: The Early DaysStrategy
Mid 2011 Checkpoint
5*Source: Manhattan Research, Taking the Pulse® v11.0, 2011 |
Strengths
Market Leader - 125K physician members (20% penetration)
SoMe proven business models (MR and sponsorship/promotion)
Weaknesses
High churn
Loose value prop (discussion forum)
Weak cash position and high burn
Addressable market only 1 in 4 doctors
Membership flat lined
Mid 2011 CheckpointContinued
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Opportunities
Positive trends in engagement
Continued decline in pharma reps
Health tech gaining momentum
Threats
Viable competitors (e.g. Doximity)
Sermo’s Founder & CEO on his way out
“Second Screen”
2012 Pivot
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Strategy
Get to critical mass
Provide clinical value
Collaboration is a key pillar
Solution
Productize into concrete clinical tools and resources, to offer
doctors crowdourced insights and expertise
10Source: Oxford Dictionary |
Communitynoun (com mu ni ty)
1. Definition
a feeling of fellowship with
others, as a result of sharing
common attitudes, interests, and
goals
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Community 1. Definition
a feeling of fellowship with
others, as a result of sharing
common attitudes, interests, and
goals
noun (com mu ni ty)
Source: Oxford Dictionary |
12
Community
1. Definition
a feeling of fellowship with
others, as a result of sharing
common attitudes, interests, and
goals
2. High Functioning Communities
trust, respect, collaboration, sense
of purposenoun (com mu ni ty)
Source: Oxford Dictionary |
13
Community
1. Definition
a feeling of fellowship with
others, as a result of sharing
common attitudes, interests, and
goals
2. High Functioning Communities
trust, respect, collaboration, sense
of purpose
3. Result
ownership + accountability =
high levels of engagement
noun (com mu ni ty)
Source: Oxford Dictionary |
1
5
Concrete thinkers, resistant to change
Black-and-white, ingrained beliefs and behaviors.
Data-centric, evidence-based decision-makers
Adapt treatment protocols in response to repeatable
substantiated peer-reviewed research and experience.
Stressed but bound to their calling
Despite frustrations, helping patients still drives them.
Common bond – “we are in this together.”
Inherently distrusting, conspiracy theorists
Privacy, security and MD license verification
are paramount.
Competitive, Type A+
High sense of self, driven for recognition/status.
Obsess Over Your Target Persona
Q2 2014 Checkpoint
24
Achievements
280K members (40% penetration)
2.5X engagement rate
True differentiation
Community with a Purpose
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