According to the independent and professional investment information and credit rating agency, ICRA Limited (ICRA), the long-term outlook for the Indian hospital sector is stable with annual revenues likely to grow at 12-14 per cent over the next five years on account of rising demand and medical tourism. The hospital industry in India stood at Rs 4 trillion (US$ 61.79 billion) in 2017 and is expected to reach Rs 8.6 trillion (US$ 132.84 billion) by 2023. India’s unorganized primary healthcare system is presently worth $30 billion and is growing at least 25 percent a year.
Apart from the size of the market, another striking fact is the hunger for innovation by entrepreneurs and patients alike. This is why multi-specialty chains and diagnostic laboratories are turning out to be game changers in this domain.
Also, unlike many restrictive Indian industries, from insurance to real estate and telecoms, there are no limits on foreign ownership in healthcare.
Healthcare Is The Most Lucrative Destination For Moneybags In India
The healthcare sector in India is all set to be the next boom area in the economy. With a growing population interested in personal health and hygiene, government efforts that prioritize health policy and spending and a significant, if underutilized, population of medical professionals, the health economy in the country is proving to be a magnet for private equity and venture capital investments. Goldman Sachs, Warburg Pincus, Sequoia Capital and the Government of Singapore Investment Corp are among investors that pumped $520 million into India’s basic healthcare industry this year, compared with $137 million in 2011, according to Thomson Reuters data.
In my previous blog posts, I’d explained how the Indian Government has emerged as a key market force, with funds focused specifically on healthcare. The national budget for the year 2018-19 has allocated funds specially for healthcare entrepreneurship and innovation. Add to this, limited grant funding, philanthropic & other public-sector funding agencies, investors of all types (high-net-worth individuals and angel investors, venture capital funds, commercial private equity funds, impact investors), initiatives like tax rebates for new businesses, incentives for investors who support early-stage organizations and a growing spate of public-private partnerships and academic institutions, it is easy to see why the medical sector in India is poised for significant bolstering.
Why Is It So Hard For Organised Healthcare Providers And Start-Ups Alike To Succeed In India, Inspite Of Obvious Market Potential Here?
Driven by several hundred million young women and men, India’s consumer story is one of the world’s most compelling in present times. While India is the fastest growing major economy in the world today, companies are still struggling to enter this market or to stay afloat here.
My previous posts spoke about how you could not just survive, but also thrive in Indian markets, by taking a leaf out of the Marketing Manual of India’s best marketer, Prime Minister Narendra Modi (read posts here: http://wp.me/p6tQjj-3o, http://wp.me/p6tQjj-49, http://wp.me/p6tQjj-5Y and http://wp.me/p6tQjj-6I ).
As a business owner in the Indian market, you need to stay profitable. To do so, you need to source locally and sell via e-commerce. This is where your competitive advantage lies. Just as you are digesting this rather unsettling fact, here comes another one – in India, more than just profitability, what is more important strategically, is how you REALIZE profitability.
A common mistake many business owners looking to play the Indian market make, is to apply Western business metrics that work best in homogenized settings, to measure marketing effectiveness in a country as diverse & complex as India. As a business owner, do recognize that the Indian market is still an indigenous (swadeshi) market that is extremely cost-conscious, fiercely competitive, one that is dominated by disruptive start-ups, where consumers have low disposable incomes (do not be fooled by rising statistics for this indicator – family & business in India are still notoriously tightfisted when in comes to spending) and are easily adaptable to low cost technology. So how you measure your business’ success in the Indian market is something that requires careful thought.
Yeah, no one said this Indian ride would be easy! But I assure you it is worth it. You can actualize profit through three focussed marketing strategies.
To learn how you can create these focused strategies to actualize business profits in India, reach out to me on my website at http://cobblestonesconsulting.com or leave your coordinates in the comments section below.
How can you incorporate all this in your business plans and actions? Do you have the market knowledge and marketing expertise to handle treacherous Indian market conditions? Can your business gain with the help of professional & trustworthy business advice and/or hands-on tactical help?
Feel free to reach out to me at http://cobblestonesconsulting.com for Market Research & Business Consultancy advice. I’ll be happy to serve you.
You have decided to enter the Indian market, much encouraged by the initiatives of Prime Minister Narendra Modi’s government. You have engaged the consumer, segmented the and market and now stand poised to take the next step, when media gets buzzing with the GST bill. In the fast changing Indian markets, this is just a reminder to you.
GST = Get your Strategy Together!
A very important third step in Modi’s Marketing Manual is CREATE. Read about it more at http://wp.me/p6tQjj-3o.
Case in Point:
The Prime Minister is a firm believer in the power of technology. Since taking office in May 2014 the Prime Minister has sought to increase the usage of technology in the working of the Government. He launched the Digital India initiative, an all-encompassing programme, to invigorate the working of the government with latest technology and provide solutions to people’s problems through the power of technology. The Prime Minister has started a unique initiative PRAGATI, a technology based multi-purpose and multi-nodal platform where projects are monitored and people’s problems are addressed. On the last Wednesday of every month, the Prime Minister himself sits down with top officials during the PRAGATI sessions and covers substantial ground in a wide range of sectors. This has made a very positive difference in the lives of many Indians.
Like PM Modi, do you have an Automation, Technology & Engagement Strategy (A.T.E. Strategy) in place to capture a large market share?
Here are a couple of pointers to get you started:
It is common knowledge that the proven channels that helps businesses top the ranks in digital marketing ROI and which offer them a cost-effective way of reaching out to customers are, email marketing, closely followed by social media listening. Automation technologies for data storage and sharing as well as for measurement & analytics can help businesses perform better and deliver results no one expected.
Do you have an integration mechanism ready for this in your marketing strategy?
Navroz Mubarak, peeps. May this New Year be filled with success, prosperity & happiness.
Twenty eight hours had passed since Prime Minister Modi had delivered his annual Independence Day address from the ramparts of the historical Red Fort in the capital. He had given the mantra ‘Start-up India, Stand up India’ to the nation, urging entrepreneurs to make India No.1worldwide, in start-ups.
Immediately following this announcement, the National Bureau of Enterprise Promotion (NBEP) swung into action. They called Adhvaan for a meeting and gave them a clear brief for their latest assignment: Given the strong manufacturing and finance capabilities by both start-ups and established business houses, how could Indian businesses navigate the treacherous consumer terrain in digital world? What proven strategies could be used to reach and keep customers in real time?
Adhvaan was a business strategy group, which had in their team, experienced analysts who were walking repositories of business knowledge and application.
The Head of Adhvaan called for an initial presentation to be made to him in the coming 5 hours. The two chosen leads for this project christened ‘Stay Firm India’, had their work cut out for them.
30-something Alka was a Consumer Behaviour expert. A tough-talking woman, Alka was known for being up-front in speaking her mind and keeping up with her male counterparts in witty banter as well as taking action to get what she wanted professionally. A fast-talking, frank woman, it was difficult to beat Alka in strategy arguments. Her seductive and soft-looking demeanour masked her business acumen to the peril of many. Known in the team as ‘The Hawk Lady’, Alka was considered “one of the gang” rather than an object of sexual desire. She could hold her own in a wit-driven argument, have the same professionalism levels as her male counterparts, and keep her cool under stress. Inspite of her A-league education and aristocratic background, Alka had learnt to appreciate the working-man’s ideals by working her way up the ranks in business. A hard-working professional, she passionately fought for the good of the consumer. And Indian businesses listened intently to Alka, who was widely regarded for her excellent analytical business skills and incisive consumer behaviour insights.
Her counterpart in the ‘Stay Firm India’ project was the wily Garud. He was a respected thespian who with his blackish silvery locks, wiry frame and earnest, boyish charm was often the go-to man for many business start-ups looking for business information.
Older than most of his colleagues, 49-year old Garud was a pro at Business Strategy, especially on company responses to market changes. Very wise and intelligent, Garud was a guiding light of knowledge to his team and his clients who depended on his advice to navigate their company and careers. A logical, focused team player Garud was good at planning and enjoyed performing his duties, always thinking issues through before acting. He had a pronounced tendency to apply rules, reason and the greater good of all in his decisions. Utterly unflappable in the face of serious problems or danger; his colleagues knew that no matter how terrifying or hopeless things got, he would never lose his cool and would not stop working on a solution to save the day.
Garud and Alka made a prefect team. The logical Garud was offset by the more emotional and humanistic Alka. The main difference between the two was that while Alka would often leap to correct decisions intuitively and work her steps backward to the problem, Garud’s solution to problems often had a balanced, well-thought out and inductive approach.
|In perfect tandem, Garud brought up a question that all business owners wanted an answer to: ‘How can companies sell more to Indians?’
Any company can sell more in the country, provided it monitors and measures Real Time Sales Value Maximization, Realization per Sale and Reach of Sales.
REAL-TIME VALUE. REALIZATION. REACH.
To illustrate this paradigm, Alka chose the brand while Garud threw his weight behind
|Walk into any swanky retail outlet in India and near the billing counter you will see a stack of brilliant hues – you have stumbled upon the Chumbak display of accessories, apparel, home & decor and gifting items – each with a unique design and chaotic colour palette.
Chumbak was born out of love for India and the love of travel. Chumbak started with fun magnets and became a lot more than just fridge magnets including key chains, T Shirts, bags, pens, books and other merchandise.
How this quirky brand managed to become a shopper favourite is the story for another day…..
|Starting as an online T-shirt shop to buy ‘Slogan and Quotes T-shirts’ 3 years ago, today Bewakoof sells
· more than 3000 style trends in women and men casual apparel,
· a mind-boggling array of mobile phone covers,
· counts over 20 lakh Facebook fans as its loyal customer base and
· is merchandising for seven movies.
The irony is that the story of this brand began with 2 IIT engineers who followed their heart, chose to refuse mindless high paying jobs to become entrepreneurs who wished to change how Indians consume fashion!.
How the Bewakoof brigade has become a game changer in so short a timespan is a story for another blog post…………