Healthcare: Serving Hispanics: Creating a Corporate Roadmap for a Cultural Approach
26 Jul 2007|Added Value
A major national health insurance company and its subsidiaries sought new growth opportunities. The Company had determined that, given the relative size of the Hispanic populations in its regions, this segment warranted exploration. Programs serving Hispanics already existed but were not optimized on a corporate wide basis. The Company desired to know if investment in more targeted efforts could pay off.
The Company’s clients were a cross functional/cross geographic team including marketing, sales, and diversity. Cheskin’s task was to assess the entire corporate Hispanic market opportunity and determine the appropriate level of centralized strategic response.
Cheskin analyzed the healthcare value chain looking at the best catalyst for action – broker, provider, insurer, and/or consumer. This involved a two-part approach including a market assessment and an in-depth analysis of best practices.
Using publicly available data, client data, and our own modeling expertise, we were able to estimate potential target market size in each area and build a complex model that included a strategic assessment of viable strategies.
Relative to the opportunity, we researched best practices based on category knowledge, secondary research of best practices, and our own experience. We investigated the influence of culture in the category, looking in and outside healthcare including adjacent industries.
What the Client Received
We were able to clarify for the client the different ways to serve the market based on cultural knowledge. This understanding lent direction for communication, product development, distribution, and sales.
We developed a roadmap to approach the market focusing on what was needed in order to justify investment. We added an assessment of the Hispanic market as a whole, looking at all the pieces needed to serve the market well and provided a competitive map outlining what levels are currently effective at serving this segment.
The value to our clients lay in sizing the market to provide justification for investment. In addition, the client now understood how to invest in the opportunity and what the steps should be. As a result, the Company is now funding a comprehensive, corporate wide, Hispanic market strategy. Other divisions are also showing interest in the program. Given the size of the opportunity, further phases of research and consulting are planned.