What Can You Learn From Logic? Part 3: Understanding Market Share
Understanding your market share is an essential step forward for vendors of healthcare information technology. With a high-level overview of the market with respect to your technology, you can uncover new market opportunities and create a more effective sales and marketing strategy.
HIMSS Analytics' Logic platform can help you pull together this high-level overview using data garnered from our proprietary relationships. It provides insight into what technology healthcare organizations are using, how they're using it and what decision makers have planned for the future.
In our "What Can You Learn From Logic?" series, we've talked about some of the key insights Logic can offer to vendors of health IT, including buying plans and industry news. But we've only scratched the surface of the valuable information available in Logic.
The third thing you can learn from Logic is:
Using data from Logic, custom reports are available to highlight a high-level snapshot of technology data, including the vendor market share, the prospective buyer scores of healthcare organizations and the historical adoption of that technology.
Recently, we pulled together a technology snapshot for clinical solutions at U.S. hospitals. We included three Logic technologies relating to the clinical process, including clinical decision support system, clinical documentation and infection surveillance system.
Using Logic, we were able to show the market share for the top 10 vendors of clinical solutions — that is, which solutions are installed at U.S. hospitals currently. We also looked at the prospective buyer scores of organizations most likely to buy one or more of these technologies for the first time. For example, 16 organizations have exhibited buying signals at a 4 or 5 star level for infection surveillance systems, indicating a trend in that area.
Furthermore, we also looked at data involving the historical adoption rates of these solutions. None of the three clinical solutions we looked at were 100% adopted throughout the U.S., which means there's a certain amount of greenfield for this technology.
That's a lot of data. But what does it all mean? And more importantly, how can vendors use this information to their advantage?
A technology snapshot from Logic can be created for any health IT solution. It gives you that high level market overview that you need to make better, smarter sales and marketing decisions.
Information about your market share tells you who your biggest competitors are. Paired with adoption rates and prospective buyer scores, this information can unveil new opportunities in the market. Which organizations are looking for your technology? Which organizations have technology that integrates well with your tools?
In our clinical solution snapshot, for example, the data revealed that infection surveillance systems have had historically low adoption rates but have been growing over the past few years. If you're a vendor of infection surveillance systems, this is a great opportunity to start selling in, developing partnerships or pushing out new marketing campaigns.
Ultimately, your options are wide and varied. This information is meant to help you start asking the right questions, make initial decisions and spark more informed conversations. Use the data within Logic as a kick off for your sales and marketing strategies, and then dig deeper.
A Smarter Strategy with Market Share Insight
Taking a technology snapshot of your own solution can give you the competitive edge you need to dominate the vendor market. By taking advantage of the vast, invaluable pools of data contained within the Logic platform, you can jump on better opportunities, close more sales and stand out from your competitors.
Logic can show you where you are — so you can make smarter decisions about where you're going. Interested in what else Logic can tell you? Visit our blog to catch the next post in our "What Can You Learn From Logic?" series.