Why is Digital Marketing Necessary for The Health and Wellness Industry
The Indian Health and Wellness sector is one of the largest and fastest growing sectors. Health would comprise of hospitals, clinical trials, outsourcing, medical devices, telemedicine, medical tourism, health insurance and medical equipment. Whereas wellness comprises of physical, emotional, spiritual, intellectual, environmental and social.
India holds a strong position in advanced Healthcare services such as organ transplants, cardiovascular procedures, cancer treatments, etc. with high success rate. The high growth of Healthcare sector is the result of government initiatives, and high private and foreign investments, which has promoted the Infrastructure for Healthcare Services in the country.
India is expected to rank amongst the top three healthcare markets worldwide in terms of incremental growth by 2020.
Today, everything revolves around the media and it is crucial for any type of company to keep up with the new media - health and wellness businesses especially.
Health and Wellness marketing is not only for clients to look for treatments, but also for healthcare workers looking for a job and future clients as well.
As discussed above, Health and Wellness is a fast evolving industry. Therefore, it is extremely important to keep up with the industry by adapting to the changes and keeping clients informed. This is a crucial step in the marketing process because keeping the information that is provided timely and relevant is essential for establishing credibility.
Health and Wellness marketing is important for various reasons. How well your service is marketed directly reflects on how well you know your service. It is important to know your audience because the marketing strategies vary depending on who the target audience is.
Health and Wellness marketing allows your practice to experience sustainable growth. However, initially, the audience needs to know how your specific practice is different and what is the best decision compared to the hundreds of other practices in their area that serve the exact same purpose.
Marketing is all about strategy. Strategy comes first and the tactics follow a close second. Creating specific healthcare marketing to your target audience will lead to the likelihood of success, as well as an increase in income, and the best possible medical care to all of the patients.
In order for any practice to be successful, it is important to successfully build up the trustworthiness and reliability of medical practices, clinics, and hospitals.
Wellness Services in India
The Indian Wellness Industry has continued to emerge from a niche lifestyle concept into a mainstream commodity with high growth prospects.
Many initiatives have been taken by Indian Government to promote Indian health and Wellness industry. It includes:
• “Make in India” initiative to attract more investments and opportunities in this sector
• Setting up Ministry of AYUSH to promote traditional Medicare of India
• Relaxed FDI norms in Healthcare and Wellness sector up to 100 % through automatic route for green field projects and up to 100 % under the government route for brownfield project investments
• Incentives in the form duty scrips will be provided to healthcare service exporters under Foreign Trade Policy 2015-20 in the range of 3-5% on net foreign exchange earned, etc.
The Indian Wellness Industry is estimated to be worth over $3.72 trillion, representing more than 5% of all global economic output (Global Wellness Industry Report 2018).
As per the recent estimates of Ernst & Young, the Indian wellness industry is estimated to grow at a CAGR of nearly 12% for the next 5 years. It is expected to reach Rs. 1.5 trillion by 2020. The rise in disposable incomes, changing lifestyles, etc. are some important factors driving the growth of wellness services.
In India, wellness is a concept which has been around since ancient times. Traditional medicinal and health practices like Ayurveda, as well as yoga, have advocated the concept of mental and bodily wellness.
With the progress of time, wellness as a concept has taken up a multi-dimensional definition, encompassing the individual’s desire for social acceptance, exclusivity and collective welfare. Highly influenced by changes in society and in the lifestyles of individuals, this change has also been accelerated by extraneous factors like globalization and a greater awareness of the need for wellness among individuals.
Wellness players, thus, have responded to this change, shifting their focus from traditional offerings like curative healthcare and value oriented mass products to new generational offerings like preventive healthcare, luxury products, as well as personalized services.
As the prospects of the industry continue to look very bright, the players are adopting ways to sustain growth and thrive.
Today, India’s wellness market is estimated at Rs. 490 billion, and wellness services alone comprise 40 per cent of the market.
Lack of proper training and unskilled manpower are hurting the industry. There is a huge need for skilled manpower in the industry. Due to this, India’s beauty and wellness industry is not able to scale up.
Moreover, most Indian health and wellness brands are not able to promote their products in the international market; whereas lots of multinational products have come to India and have scaled up. They have been able to capture the market in India because they have a process to run a business and promote the same. India is lagging behind in its digital marketing sphere especially for this Industry.
India’s Ayurvedic industry is unable to reach out to the potential market due to its limited scope for expansion. Similarly, the spa and wellness industry faces shortage of skilled workforce. In fact, employers face difficulty in retaining the existing manpower. Moreover, the products are not packaged well to attract international consumers. Hence, India needs to learn, adopt new trends and then promote the industry.
Earlier, spa treatment was meant for elite class, but slowly, it has been become a part of the lifestyle of the upper, as well as the middle class people. Also, spa has now become a part of the wellness forte.
Today, among all spa services existing in the market, there is a growing popularity of medical spa in India. Medical spa is completely treatment based and many hospitals are providing the medical spa treatment in India. Many hospitals, including Seven Hills and Fortis, are providing this treatment.
There is a huge gap in the promotion of India’s traditional and allopathic medicines.
The main challenge for India’s Ayurvedic medicines is that there are very few hospitals and doctors available to recommend it, whereas the naysayers are numerous.
With the passage of time, wellness as a concept has taken up a multi-dimensional definition, encompassing the individual’s desire for one’s own well-being, uniqueness and collective welfare.
Majorly influenced by societal changes and individual’s lifestyle trends, this transformation has also been boosted by external factors like globalization and a greater awareness of the need for wellness among individuals.
Players in the Health and Wellness Industry have reciprocated by shifting their focus from traditional offerings like curative health care and value-oriented mass products, to new-generation offerings like preventive health care, luxury products and personalized services.
Building a strategic digital marketing plan for the same can grow your reach and help cater to a wider audience.