Understanding Your Health & Wellness Tourism Market Potential
Are you ready?
Many new health and wellness tourism startups contact us after visiting the Center for Health Tourism Strategy website. They are concerned about their readiness and level of preparation to launch their business and to compete. We agree that most have legitimate cause for concern. Often, their preparation has been insufficient and their planning, discovery, data collection and decision making has been poorly developed and insufficiently analyzed, if at all.
Often this arises due to three things:
- Ignorance - they don't know what they should do
- Lack of time - they are not able to complete the competitor analysis and market analysis because of time constraints, either because they are employed in another job elsewhere and are dabbling at medical tourism to see if they can make a go at generating a little pocket money from referrals, or because they are busy putting the cart before the horse in a rush to find providers and sign contracts to receive referral commissions.
- Lack of capital - The cost to complete a competitor analysis is not without expense. A thorough competitor analysis requires planning, data collection, analytical skills, creation of goal oriented strategies, a sounding board to bounce decisions and further clarify ambiguous results.
While not every point may be pertinent to your specific project, you can use our 20-page sample outline that describes how we have approached competitive analysis and market penetration decision for our clients for the past 35 years. You can use the 20-page outline for a Do-It-Yourself analysis. If later on, you decide that you too are constrained by time, skill or how to analyze the data you've collected, you are most welcome to contact us for assistance on some or all of your project.