25A - What's Next?

What's Next for Prescription Place?

Case Study

Part 1

Prescription Place needs to begin marketing to its target market segment. Our software will be patented for protection from competition for a while.

Interviews:

I was at the DMV and decided to make use of my 2 hr+ wait time. The first person I interviewed was a gentleman in his mid-forties who was taking prescription medications for his nerve pain. I asked him what he thinks we should be doing that we aren’t planning to do, and he said to provide credit or gift cards to new subscribers to insure savings and to promote the business in the beginning. He thinks customers will want instant gratification and knowledge of cost savings. This could be facilitated through a Visa or Amex gift card. Another idea would be to give away gift cards for other stores. This could be done via sponsorship, etc.

The next person I interviewed at the DMV was a lady in her 70s. She was taking expensive prescription pills to combat hair loss. She suggested offering a bigger subscription discount for senior citizens, especially since they may have difficulty navigating the website after signing up. We talked about this issue some more and came to the conclusion that the profile user interface for senior citizens should be specially designed with bigger font and easier navigation.

The last person I questioned at the DMV about Prescription Place’s concept and direction was in his early thirties. He had epilepsy. He expressed his interest in the venture and gave thoughtful suggestions to gain subscribers fast. He suggested building out social media presence to market to my target audience. I also shared future aspirations for the business and he suggested marketing with Whole Foods (for holistic/supplemental search inquiries).

Reflection:

I was surprised to receive such useful feedback from the people I interviewed (within my market) at the DMV. I found the marketing suggestions to be especially useful for the trajectory of the venture. I would build out Prescription Place’s social media presence as I launch the company.

Also, I think it would be smart to attract subscribers and sponsors through a reward system. I could reach out to businesses asking for coupons, gift cards, rewards, etc. in exchange for sponsoring them on our platform. This would attract people interested in saving money. We want to capture this market if individuals who coupon and go the extra mile to save money.

Part 2

A radically different market for Prescription Place to pursue would be a B2B market.

Prescription Place could sell software that tabulates data and low-cost data to pharmacies and/or insurance providers in order for these entities to offer discounts for certain medications.

Interviews:

I went to CVS Pharmacy and interviewed a pharmacist. I asked him what he thought about my radical venture concept and he said he wasn’t sure if it was feasible. I explained that offering medications for the lowest price possible to consumers as a pharmacy will generate revenue in the long run because it will attract more customers. To be successful in this market, the pharmacist recommended having a solid backing of scientists for ethos and logos.

The next professional I interviewed was at Walmart pharmacy. She liked the concept of Prescription Place and thought that it had potential to grow a loyal customer base for the pharmacy. She suggested creating a membership card exclusively for my company that could be utilized at partnering pharmacies, who would receive a percentage of membership dues. This was a different approach in itself.

Reflection:

I found this part of the assignment to be a fun exercise in creativity. It was good to think of a radically different strategy and ask the community for feedback on it. If I were to try to sell to this different market of pharmacies, I would like to target multiple pharmacies and have them sponsor the service. Members could revive a card provided through their pharmacy or insurance provider which would give them access to the same medications for lower out-of-pocket expense.

I think this market will be more attractive than the original market of B2C. I see more potential to make money with B2B since pharmacies already have customers and prescription contracts. There’s more advantage as a small start up business to keep costs low with this strategy.