🧬Beating Competitors, Adaptive Sales, AI Market Segmentation, Data Monetisation, Open-Source AI, Future Of Mental Health Products, Eating The Frog, Moving Quickly
Welcome back to Health Innovators!
The place for business growth strategies, practical AI utilisation, operational excellence and useful case studies for entrepreneurs, executives and industry operators. Beyond the news, we help maximise your success and impact.
In today’s post;
Articles on taking on larger competitors and adaptive value propositions
AI prompts for market segmentation, data monetisation, operational excellence and funding opportunities
Collection updates on open-source AI, Big Tech in health and approaching funding
A piece on the importance of eating the frog
Discover why Meru Health is so damn good!
An infographic on a human-centred, health-data-driven ecosystem
Questioning how you can move with greater speed
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💡 What We Published This Week 💡
How To Take On Larger Competitors - Agility, Focus, Innovation
Most companies are entering the market with at least one large competitor already looking to serve that market. ‘Our solution is better’ doesn’t quite cut it as an effective strategy. This article dives into more detail about the strategies you can use to take on bigger competitors and win.
Adaptive Value Propositions - Drive New Revenue Growth
If you’re solution is valuable to multiple markets and verticals it’s smart to create an adaptive value proposition strategy. This enables you to engage a core value proposition across multiple domians in a systematic way. Get this right and you’ve got a signifiacnt revenue growth driver.
🧠 Practical AI 🧠
Advanced Market Segmentation
Prompt - Perform an in-depth market segmentation analysis for our healthcare services in [specific region]. Identify underserved patient demographics and propose tailored service offerings and marketing strategies to capture these segments
Operational Excellence through Lean Management
Prompt - Suggest ways to implement lean management principles to eliminate waste and optimise processes in healthcare operations. Provide examples of key performance indicators to track improvements
Patient Data Monetisation
Prompt - Explore ethical and legal avenues for monetising anonymised patient data. Suggest potential partnerships with research institutions or pharmaceutical companies, and outline the safeguards necessary to protect patient privacy
Innovative Funding Models for Growth
Prompt - Explore alternative funding mechanisms such as venture capital, strategic alliances, or public-private partnerships to finance large-scale innovation projects. Provide a risk-benefit analysis of each option
📚 Collection Updates 📚
What’s A Collection(C)? - a curated set of content around a particular subject or topic. Content we think you’ll love, constantly updated.
C - Are You A Health Startup Looking For Funding?
🔊 StartUp Health Masterclass with Lee Shapiro: How Founders Should Navigate Fundraising in 2024 - Incredibly knowledgable and practical conversation with an investor who has understood the changes in the market.
C - Open-Source AI In Health. An Important Debate
📰 Forget ChatGPT: why researchers now run small AIs on their laptops - the emergence of open-source small language models is no surprise. Agile organisations understand that large language models have limitations that are expensive and time-consuming to remedy for their specific requirements. Open-source small language models are adaptable and far more user-friendly. Yes, there are trade-offs but I still see this growing in popularity.
C - Big Tech Has Its Eyes Set On Our Health. What Impact Will They Have On The Sector?
📰 Here's what Big Tech actually wants with your medical data - an excellent analysis of why Big Tech companies are continuing to battle for your health and medical data. The next frontier for tech is health and their investors want to see where future growth is coming from
😃 Personal Growth 😃
On Eating The Frog
I love this saying. As strange as it is the meaning is to do the hardest, most uncomfortable thing first. The option is to face it head-on with a positive mentality and all the energy you’ve got ready for the day. Or think about it all day, distracting from your other tasks, playing on your mind and ultimately trying to do it once your energy is spent.
It could be having a hard conversation, finishing a challenging piece of work or dealing with a pressing issue. We know that leaving things never makes them go away and often problems compound, not subside.
Eat the frog. Get it done.
🏥 Company Spotlight 🏥 → Meru Health
Who Are Meru Health?
A mental health company specialising in long-term behaviour change.
Why Are They In The Spotlight?
Mental health platforms are notoriously challenging to get right and sustain genuine patient outcomes. While they understand mental health is a day-by-day process they structure long-term programmes so each user can go on the journey to regain control of their mental health.
In January 2024, Meru Health published a groundbreaking 2-year longitudinal study, becoming the first digital-based mental health company to release such long-term data.
The study showed that symptom reductions were maintained for up to 24 months after treatment.
What Are They Getting Right?
Bad mental health is rarely single-factor. We have stressors and anxiety challenges but evidence points to both diet and exercise as keys to helping manage the severity of mental health challenges.
This is where Meru is getting it right. Structuring customer plans around all factors of their health to help create a holistic solution. Transformation is a word that is thrown around a lot in health but that is exactly what Meru is striving for when a customer signs up.
What Can You Learn From Them?
I’ve always been of the opinion that mental health apps don’t work. Mental challenges are complex and (even AI-enhanced) apps are just not clever enough to break down the psycho-social barriers that wrap around mental health problems.
Meru understands this and provides a more holistic service for their customers. They include 1:1 video sessions, unlimited messaging and biofeedback with trained specialists.
I’m sure mental health companies will be looking more to AI to replace these services but I guarantee they won’t have anywhere near the same level of success as the holistic Meru strategy. I’d encourage mental health and behaviour change companies to look at how to scale a personalised and interactive service or prepare for the digital health graveyard
🖼️ Infographic Of The Week 🖼️
This figure represents a human-centred, health-data-driven ecosystem that places the patient at the centre, surrounded by four key quadrants.
These quadrants include administrative and financial data (who am I?), logistics and facility services data (where am I?), medical data (am I healthy?), and paramedical data (how do I recover?).
The figure highlights how these different data types interact and are integrated to ensure a seamless connection between the patient and healthcare providers.
The goal is to improve the quality and continuity of care through the effective management and flow of data across various stakeholders.
Our health systems are inherently interconnected. Greater collaboration is required across all domains to more effectively facilitate a human-centred ecosystem.
Source: Stevens, G., Hantson, L., Larmuseau, M. et al. (2022). A human-centered, health data-driven ecosystem. Discov Health Systems 1, 10. DOI: 10.1007/s44250-022-00011-9
❔ Question Of The Week ❔
Think of a 12 month goal you have put in place. What would it take to get that done in 4 months? How would you (and/or your team) have to work? Where can time immediately be cut? What sacrifices would you have to make?
What’s My Answer You (Didn’t) Ask?
Focusing on the most important elements of a big project can drive down your time to market. You underestimate how much complexity you put into a process because you want something to be perfect or have a vision you stubbornly stick by. It’s easy to capture yourself in a conclusion you have to meet. Spend some time really digging into the final outcome you’re trying to achieve and then remove all the noise and extra things you’ve added to the process to achieve just that focused outcome.
Your Answer?
Think out loud in the comments section below. I’d love to hear your perspective.
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Tom Skyrme
(@tomskyrme on Twitter/X and LinkedIn)