How can companies determine where to focus as they develop their pipelines and determine new growth opportunities? Kx Advisors’ 2020 Hot Indications List can help. In our 6th annual analysis of global R&D investment, our experts identified the top indications for industry focus.
Chris Waybill, Kx Advisors Principal, loves diving into the weeds of problems to build actionable solutions and lead by example. From building his own fireworks (and subsequently fire-resistant storm drains) as a child to studying mechanical engineering and materials science at Duke University, Chris’ passion for hands-on problem-solving has always been clear. After graduation, he worked as a project engineer at an on-site power plant for a hospital impacted by Hurricane Sandy. His time in the field became a building block in his understanding of business operations and project management. Like many Kx teammates, Chris found himself ready for a career pivot into something more fast-paced and growth-oriented and set out to join a strategy consulting firm.
Professional Development With Kx
Chris joined Kaiser Associates as an Associate Consultant, working on projects across several practice areas. He quickly uncovered a passion for using his quantitative skillset to unearth deeper, more tangible results for healthcare clients. Combined with a newfound interest in developing strategic frameworks to structure highly ambiguous problems, he was a natural fit to align with Kx Advisors. Now a Principal, Chris works directly with clients and drives business development through the leadership team. Chris says he “truly values the opportunity to be a partner rather than just a vendor for our clients.” The positive impact of Kx’s recommendations for our clients feeds into Chris’ hands-on approach and is one of the driving forces that excites him to come to work every day.
When Chris isn’t working on healthcare projects from Boston, he can be found recording songs for Spotify, singing backup for famous singers like Hugh Jackman, or enjoying extra time with his favorite healthcare professional: his fiancée.
Interested in Healthcare Strategy Consulting?
Chris emphasizes that much of consulting is telling a story, but with compelling and contextualized data. For those looking to launch a career in consulting, he advises they “strive to become natural subject matter experts” by reading vigorously, subscribing to industry publications and newsletters, engaging in dialogue with thought leaders, or even writing their own blogs. Have questions about our work? Get in touch with us at email@example.com.
How To Level Up Your Customer Segmentation Strategy: Behavioral Segmentation
Kx‘s customer segmentation delves deeper than any traditional segmentation by looking at underlying behavioral and attitudinal factors that can replace the standard identifiers. Your team can improve your process by expanding on the factors you include in your segmentation beyond demographics and traditional commercial indicators. Below are some of the behavioral segmentation variables your team can include:
Attitudes: These variables influence customers’ perception of products and their receptiveness to trying out a new product
Roles and level of influence: Customers’ roles can impact drivers of purchase or use, and prioritizations of these drivers, based on different roles/responsibilities and experiences of the user/purchasers
Experience and situational context: Analyzing these factors can showcase different unmet needs based on the type of user and provide context into what healthcare companies can do to drive increased adoption/purchase
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Developing Customer Segments With Sales Teams In Mind
While customer segments are a vital marketing tool, focusing on behavioral segmentation allows your sales team to provide a more personalized experience.Throughout this process, marketing teams must ensure that each segment is:
Specific: the segments are mutually exclusive and collectively exhaustive, and each customer can only fit in one segment
Meaningful: apparent differences exist among segments, and these differences are significant drivers of behavior and preferences
Actionable: markers for different segments support easy identification and targeting for therapy development teams
Creating digestible segments specifically for the sales funnel empowers the sales team to better secure business.
Kx‘s Four–Step Approach For Segment Profiles
Our experts uniquely leverage these variables to identify accounts that give the biggest share of wallet. Kx conductsthe segmentation through three steps:
Determine segmentation goals: Kx works with organizations on clarifying their goals and mapping their segments to match these goals, including identifying the segments that are most likely to drive profit and have the most significant lifetime value
Identify the markers for distinct segments : Defining key demographics is critical for the success of the segmentation process as it dictates the approach of anygo-to-market strategy. Our experts start with traditional indicators and slowly work through the in-depth behavioral indicators, identifying the deep and nuanced permutations within the target base
Develop and quantify segment profiles or archetypes: When Kx works with organizations on customer segmentation, our team builds out the different segment profiles, or “archetypes“ of customers. Our team performs in-depthqualitative research to understand the drivers of high product affinity within each segment, giving your sales team insights they need to message to their targets effectively.After setting the boundaries, quantifying each segment’s size allows your team to gauge which segments are the highest value for your team, and provide the most significant growth opportunities. To do so, we conduct quant research and K-clustering to identify combinations of variables that statistically show segments
Implementation: Perhaps the most challenging aspect of the implementation processis where the tie between marketing and sales matters most. The cardinal implementation rule for marketing teams is that all archetypesrolled out must be unique. With that in mind, the fewer archetypes, the better the sales team’s result as they can customize their approach and connect more effectively with their targets. Our team is skilled at designing tailored strategies for implementation and can support your team through the procedure
How Kx Can Help
Withproduct planning and launch strategyexpertise, Kx Advisors can guide your team through customer segmentation and targeting. Our team of healthcare experts will help you evaluate your base, identify your customer segments,effectively appeal to your ideal customer, and position your organization for long-term success.
How Medical Practices Can Keep Patients Safe: COVID-19 Best Strategies
As medical practices reopen to pent-up demand, they must adjust the patient experience to protect both patients and staff from COVID-19. Kx Advisors surveyed one hundred aesthetic physicians across the US to understand the obstacles they face in each step of the patient experience, analyzing the extent of COVID-19’s impact. Building on guidance from the CDC, our experts compiled best practices from these physicians on how they are addressing these pain points. These COVID-19 best strategies aren’t exclusive to aesthetic practices; many can be applied to other clinics and provider practice settings.
Our experts compiled these strategies into four main prevention methods that practices can use:
Reduced time: Practices can limit the time patients spend in the practice, reducing the risk of COVID-19 spread
Reduced carrier density: Practices can space out appointments, space out waiting room chairs, and eliminate physical check-out to reduce density in the practice
Transmission prevention equipment: With PPE for both physicians and patients, medical practices can keep staff and patients safe
Adapted infrastructure: Using an online scheduling program, installing plexiglass at check-in, asking patients to wait in their cars, and leveraging telemedicine can reduce additional risk
Practices also shared suggestions to industry partners on how companies can support them during this reopening period. Top items included product pricing adjustments, expired product replacement, marketing support, limited rep office visits, and help with product-specific guidelines for safe administration. Companies that serve medical practices can adjust their strategy to align with the above guidance and better support their clients.
How Kx Can Help
Kx Advisors is continuing to evaluate business models, deliver top-notch expertise, and make profitable recommendations to our healthcare clients. Our team of experts can help your organization assess how you can best support your aesthetic clients and adapt your corporate strategy to position you for long-term success.