Situation
Our client, a Fortune 500 PBM, sought to gain a detailed strategic and tactical understanding of twelve competitors (a combination of direct competitors and smaller regional players) so that it could effectively develop a competitive positioning strategy. Our client was concerned with how competitors were evolving and changing over time, and how these changes might affect each competitor’s product and solution portfolio. Maia Strategy provided its Competitor Barometer services, a quarterly competitive monitoring audit that provides an analysis of a competitor set while closely studying key strategic initiatives.
Methodology
The Competitor Barometer starts with a “baseline” competitive analysis of each competitor. The research conducted each quarter monitors how competitors change strategic course and then, at key intervals, is compared in a cross-competitive summary analysis. Maia Strategy conducted ongoing secondary research monitoring, as well as selective primary research with competitors’ customers, employees, and partners.
Analysis
Maia’s research revealed that key competitors were making strategic investments in smaller PBM players and healthcare-related technology companies, while expanding cost-savings service offerings (such as narrow networks) for plan sponsors. The cross-competitive analysis disclosed “rising star” regional players ripe for acquisition.
Impact
Maia’s Competitor Barometer was used to support M&A decision-making, new product/service investment, and competitor “battle card” development, while ensuring our client was not blind-sided by competitor activity.