Importance of Consumer Insights for Brand Building by Medical Entrepreneurs

Abstract

The rapidly growing skin care market in India, is worth Rs . 36 billion, and has attracted the attention of leading global players. The number of dermatologists has almost doubled in the last five years. The field of clinical dermatology is expected to prosper even in the rural areas given the increased awareness and availability of knowledgeable/skilled doctors and advancement in painless dermal procedures. The consumers are spoilt for choices in brand preferences. In this competitive scenario, it is quite challenging for the new start-up medical entrepreneurs to get strong rooting in the consumer minds. Knowledge about consumer behavior will help them to design brand awareness strategies to develop long-term consumer relationship. The aim of this paper is to understand the importance of consumer insights for brand building in medical entrepreneurship. Major findings of the study are: Dry skin, Oily Skin, acnes, pigmentation sun burns are the common skin issues faced by youth today. Some of the common hair issues faced by them are oily scalp, dry scalp, dandruff & hair fall. Females desire affordable beauty packages and tattoos with access route to the clinic and clinic location as important considerations, without any compromise on quality. Online medium is the most preferred way to search for dermatologists. However, females are also more willing to spend extra for their beauty services for general reasons of belonging to the fairer sex and the desire to look and feel good as well as the increased potential and actual earning capacity and spending power. The paper concludes that the healthcare consumer expects quality care, bouquet services and one-stop solution from branded outlets and sources them through communications. Healthcare entrepreneurs also need to consider advertising and promotions, well within the regulatory framework as a tool for enhanced brand visibility, with core technical competencies and word-of-mouth referencing.