Practo Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Practo analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Practo marketing mix, help the brand succeed in the market. Let us start the Practo Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Practo Product Strategy:
The product strategy and mix in Practo marketing strategy can be explained as follows:
Practo is a leading mobile app and interface which connects consumers to doctors and medical clinics. In the B2C market, Practo offers solutions to the patients by connecting them with verified doctors to seek medical advice online, read medical articles, book medical tests, order medicines or view their medical records. The online consultation offered is free as well as paid. In the B2B market, Practo offers database management softwares and cloud services for storing the data to the business customers such as doctors, clinics and hospitals.
The various products offered for this segment are Practo Profile, Practo Consult, Practo Health Feed, Practice Management Software Ray, Practo Reach, Hospital management software Insta, Patient relationship management system Qikwell and Business intelligence and predictive analytics software Querent. This covers the marketing mix product strategy of the brand Practo.
Image: company website
Practo Price/Pricing Strategy:
Below is the pricing strategy in Practo marketing strategy:
Practo offers paid as well as free services to the B2B and B2C customers. The patient can seek either free consultation or paid consultation from the doctors online.
They can also order medicines online which are priced 20% cheaper. The major source of revenue for Practo is from the B2B market with its cloud services and health management softwares which have been priced competitively to attract more customers to shift to their services. Practo services are offered as a free trial initially after which the customers can choose to continue using these services on a monthly subscription basis.
Practo Place & Distribution Strategy:
Following is the distribution strategy in the Practo marketing mix:
Practo can be accessed from anywhere through any device with an internet connection such as Windows, Android, iOS, Mac with dedicated application are also present free-to-download from Google Play store and App store. Practo is headquartered in Bengaluru but has operations in 22 major cities in India and several other cities in countries such as Brazil, Indonesia, Philippines, and Singapore as a part of its marketing mix place strategy. The website and app is available in English language only but its database management softwares support multiple languages.
The Practo portal can be used both by doctors and patients alike.
Practo Promotion & Advertising Strategy:
The promotional and advertising strategy in the Practo marketing strategy is as follows:
Practo has majorly been promoted through digital media with active presence on social media platforms such as Facebook, Twitter, LinkedIn, YouTube. Practo is currently promoting itself by positioning as ‘Your Home for Health’ which aims at signifying simplicity which has been offered by the platform to the consumers and other stakeholders. It promotes itself to the B2C segment through social media, TV adverts and offers free profile creation of doctors and provides free-trials of its softwares for the B2B customers.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Practo.
People:
Practo has 1350 employees which are responsible for its service operations such as engineering, operations, business development, marketing, sales etc. Practo operates as a low contact service for its B2C customers and as a high contact service for its B2B customers who are exposed to the front end (service delivery) and the back end of the service (service operations). So, if the customers have any questions related to the products offered, support services, they can resolve it by either searching through the FAQs or can contact their branches for further information.
Process:
Practo service is effectively a people processing service. The service delivered is intangible and high on experience attribute. The process involves the doctors, clinics to verify their respective identities first to avail the services of Practo after which the patients can search through the listings to find a relevant doctor and seek advice from them. In case of detailed advice, they can opt for paid consultation. Further if they wish, they can order medicines also from the portal or book a medical test with clinics online. In case of management softwares, the clinics and hospitals can ask for a demo or a free trial of the products with sales person visiting the customer to provide the same after which it can e changed to subscription based service.
Physical Evidence:
Practo has several physical locations in various cities across Asia such as Delhi, Bengaluru, Chennai, Hyderabad etc., in various countries such as Philippines, Indonesia etc., which can be visited for the service encounter. The majority of the process takes place through the online portal only. Thus a major focus has been to make the portal user friendly for various customers and reduce the dependence on physical locations. This covers the Practo marketing mix.
About Practo:
Practo is an online healthcare platform which is operated by Practo Technologies Private Limited that is used by doctors, patients, clinics and hospitals. The company was founded in 2008 to address the issue of lack of healthcare IT infrastructure in India for maintaining reliable database and providing end-to-end solutions for the entire ecosystem.
Practo offers its services which cater to both business-to-business market as well as business-to-consumer market. Practo has been backed by various international investors such as Sequoia Capital and has expanded to 5 countries with consumer and software business and 10 countries with enterprise software business with more than 200,000 healthcare providers listed on their platform which includes doctors, clinics and hospitals.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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