Experts say understanding diverse customer groups and journeys is key to Health tech growth, especially in the booming direct-to-consumer market.
A panel of experts says understanding multiple customer groups and journeys will be critical for Health Tech companies looking to capitalize on market growth.
They say the sector—which generated £34 billion in 2022—is changing quickly, with new opportunities emerging in different countries and in the burgeoning direct-to-consumer (D2C) market.
Their comments were made at a roundtable event hosted by Nottingham-based marketing collective The Boda Group and national law firm Shakespeare Martineau. BioCity founder Glenn Crocker chaired the event.
Deborah Knight, from Kaptive CX, believes that targeting different customer segments could help to overcome long-standing marketing challenges.
“One HealthTech company I worked with had three distinct audiences – hospitals, private doctors and patients,” she said.
“Patients were critical in generating demand for the service by proactively looking for feedback on their medical conditions and the treatments available.
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“The same is true with pharmacies. Trying to target pharmacists is a challenge because the UK network is very fragmented – but you can go straight to the end-consumers, namely, the patients who go into pharmacists and generate demand.”
Phil Smith, of 4D Biomaterials, said that targeting distinct customer segments has reassured investors in an uncertain market:
“Our challenge is, how do we talk to the med tech people and demonstrate vertical focus and how we are going to deliver while keeping the breadth relevant?
“By focusing on three strategic projects in different markets, we’ve been able to cope well with the seismic shocks that could damage our relationships with investors. We’re able to show them that we’ve got other things going on but we’re not spread too thinly that we’re not focused.”
Speaking after the event, Deborah, whose customer success consultancy Kaptive CX is part of The Boda Group, said:
“The HealthTech landscape is changing quickly, both in terms of product innovations and routes to market. That’s brought huge opportunities, especially in the growing D2C segment, but businesses will now need to understand multiple customer journeys so they can position their brand and products in the right way, and build long-term trust and loyalty.”
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Roger Harcourt, Partner and Head of Nottingham office at Shakespeare Martineau, who works with healthcare businesses, said:
“We work with highly ambitious HealthTech businesses, and events like this really demonstrate the level of expertise and innovation in the sector. The message from the panel was clear: communities that foster innovation and entrepreneurship will be key to engaging the next generation and driving growth. It was evident from our roundtable that there is a genuine appetite for HealthTech business and advisers to come together to help foster the regional ecosystem in this sector – and, at Shakespeare Martineau, we’re keen to be part of growing that.”
The roundtable was held in Nottingham and included founders and representatives from start-ups and established businesses from across the East Midlands, such as Nuom, Streets Heaver, Biostatus, Kaptive CX, 4D Biomaterials, Intelligent Omics Ltd and Future Health Technologies.
