Marketing is once again about to enter a new era. The writing is on the walls and the wheels are already in motion for the next big shift in how businesses will interact with their customers. This tectonic change will bring about considerable transformations in the tools, teams, techniques and technologies employed by both big and small firms.
Many Medtech firms have successfully relied for growth on competitive advantages such as large distribution networks, brand recognition, pricing leverage with suppliers, competitive acquisitions, economies of scale, etc.. In many cases, several major players have been able to entrench themselves with near monopolistic power across various lucrative healthcare segments. While such strategies have provided a certain degree of immunity and revenue assurance, they cannot and will not protect from new, emerging types of threats. This short article touches on three of the biggest threats which established Medtech firms, especially large & mature ones, are probably already facing or about to.
Are chatbots “inevitable” and is their proliferation something we can take for granted? It’s easy to get carried away and to think that their success is a foregone conclusion. Standing in the way of the rise of the chatbots, however, I can see at least 7 major hurdles that will need to be addressed.
Andrew Hyncik and Pascal Malengrez are International Strategic Marketing & Product Development leaders who amplify classical medtech marketing with digital startup thinking.