In our previous blog, we got to know about PristynCare.But the most unique and innovative E-hospital brand “Mfine” made it easy for today’s tech
World to consult a doctor online. It commenced in 2017. Expansion of the health-tech assiduity is being driven by the vacuity of affordable healthcare paired with sustainable mobility. The medical technology business is growing due to changing terrain, better healthcare delivery and backing styles, and a changing case profile.
As we all know, in today’s digital world, where every brand and company mainly focuses on Marketing
their products. Last month, Mfine onboarded Bollywood actor Sonu Sood as its brand ambassador announcing the company’s at-home telemedicine and consult services and COVID-19 antibody tests.
Interested in new-age digital marketing, then you should check out IIDE’s Free MasterClass on Digital Marketing 101 by our CEO and Founder, Karan Shah
In this, we are going to discuss the Marketing Strategy of Mfine and their Strategies
So let’s jump into the topic.
Founded in 2017, Mfine is an on-demand, digital primary healthcare platform that offers professional diagnostics and health check-up services that will be availed from the comfort of a home, office, or maybe a spa. Since its inception, Mfine has redefined the first healthcare sector.
Driven by the eagerness to provide care, impelled with an unwavering specialization in quality, and steered by ground-breaking artificial intelligence, Mfine’s endeavor has always been to make good health more accessible, reliable, and hassle-free to all or any. With the assistance of Mfine, users can instantly consult doctors online and obtain health checks at home – all through the tap or click of a button
MFine raised $ 17.2 million in serial B in 2019. To date, it’s raised $ 44 million. the company, however, didn’t disclose details about valuation. With over 4,000 doctors from 600 reputed hospitals covering 35 specialties on the platform, MFine provides users with on-demand access to quality medical aid.
Buyer Persona of Mfine
- Healthy Lifestyle.
- Prevent Health Issues.
Interest & Hobbies
- Cooking healthy meals
- Time Constraints
- Quality of Care
Social Media Presence
Marketing Mix of Mfine
The marketing mix is a crucial tool used in marketing to help a company decide how to sell its product in the market. It consists of four components, often referred to as the 4 P’s: Product, Price, Place, and Promotion.
Here’s a brief overview of the 4 P’s for mfine:
- Product: mfine offers a digital health platform that connects patients with doctors from reputed hospitals. The service is designed to satisfy the healthcare needs of its users.
- Price: The pricing strategy of mfine is not explicitly mentioned in the search results. However, it’s important to note that the price of a product or service is typically determined by various factors such as costs related to research and development, manufacturing, marketing, distribution, and the perceived value of the product or service.
- Place: mfine’s services are offered digitally, making them accessible to anyone with an internet connection. This ensures that their services are easily accessible to potential customers.
- Promotion: mfine has used non-traditional modes of advertising like cab and bus branding to reach its target audience around the city. They also utilized localized forms of advertising, such as cinema, radio, print, and outdoor ads, especially when targeting specific geographies.
Marketing Strategy of Mfine
1. Segmentation, Targeting & Positioning
The marketing strategy of MFine is rooted in its confidence in its market positioning, which is well-received by both patients and service providers. As stated by Prasad Kompalli, the company is witnessing an increasing interest from hospitals keen to understand the collaboration and join the initiative.
MFine’s most sought-after categories include Gynaecology, Dermatology, Paediatrics, and Cardiology. The platform provides a safe space for individuals who may feel uncomfortable discussing their health-related issues, offering private consultations.
The brand segmentation of MFine is meticulously designed with a target audience encompassing anyone with health concerns. They have a tiered consultation fee structure catering to a wide economic spectrum, from the middle class to the affluent. The platform is designed to serve all age groups without any restrictions, working with doctors across specialties to provide the most suitable care for every individual based on their budget.
Currently, MFine collaborates with sixteen hospitals, including notable ones like Cloudnine Hospitals, Astor CMI, and BSSH. With operations primarily in Bengaluru, the app has facilitated over 22,000 consultations, partnering with 70 doctors and 25 hospitals. MFine is optimistic about its market positioning and is witnessing an influx of interest from hospitals eager to join the initiative.
Kompalli shares a positive outlook on the demand side, stating that as they enable more specialties like Paediatrics and Gynaecology, they observe a rapid uptake by users. This strategy underscores MFine’s commitment to providing accessible and quality healthcare services.
2. Marketing Campaigns
For its rearmost crusade, MFine – an AI-driven on-demand healthcare service, puts forth its testament of the ‘ stylish way to cure health is through care ’ in an amusing yet effective manner. The crusade takes forward the study – I’m OK, thanks to MFine – while pressing the convenience of getting lab tests done at home.
The crusade is grounded on the sapience that – No matter how delicate your loved ones
can get concerned about their health requirements, with the help of MFine’s prompt services, care is always at your doorstep.
The Crusade uses two memorable characters – a hubby, played by Naresh Gosain, who’s a savorer at heart, and his woman
who’s a vigilant guardian who keeps him from consuming anything sweet. As the hubby tries to sneakily eat his favorite sweets, the plot of both flicks rests on the curveball thrown by the woman with the help of MFine’s At Home Lab Test Services.
In the first film, the doorbell rings and the hubby gleefully springs to open the door in the stopgap of getting his food. Contrary to observers ’ prospects and the hubby’s surprise, he finds a phlebotomist staying outdoors to collect his lab test sample. In another film, the hubby furtively opens the refrigerator door to satisfy his appetite to eat sweets and rather finds out that he’s due for a lab test from MFine the coming morning.
Both flicks show the ease and convenience of reserving MFine’s lab test service without having to step out of the comfort of home.
They only have one campaign so far
3. Social Media Marketing
Social Media Marketing forms a crucial part of the marketing strategy of MFine, as it is for any company or organization. It serves as a platform for audiences to familiarize themselves with the brand and its offerings, and to gauge public opinion about the company.
MFine has established a strong presence across various social media platforms to maximize its reach and cater to the needs of its audience. They utilize their social media handles to gather feedback, make public announcements, and even for recruitment purposes. This strategy underscores MFine’s commitment to leveraging social media to engage with its audience and meet its organizational objectives.
Following are the Social Media platforms of Mfine:
- Facebook Fan Following: 252k Followers
- Instagram Followers: 121k Followers
- Twitter Followers: 1,499 Followers
- Linkedin Followers: 98k Followers
- YouTube Following: 66.2k Subscribers
Among all the social media platforms Mfine has more followers on Facebook as there are many good videos of them on the platform and also gives quick health tips
Instagram has the second most followers after Facebook, both platforms share similar videos but the engagement is more on Facebook
4. SEO Strategies
Search Engine Optimization (SEO) is a pivotal component of the marketing strategy of MFine, contributing significantly to the enhancement of its organic traffic. The well-structured SEO strategies of MFine have propelled their organic traffic to substantial levels, broadening their reach and recognition. The effectiveness of these strategies is evident in the robust monthly organic traffic that MFine enjoys. This strategy underscores MFine’s commitment to leveraging SEO to boost visibility and user engagement.
Marketing Strategy of fine – SEO Strategy
5. Influencing Marketing
The marketing strategy of MFine is significantly enhanced through its partnership with Sood, which is dedicated to raising awareness about MFine’s diverse services, including online consultations and at-home health checks. As an avid user of MFine, Sood is eager to highlight the brand and the advantages of having access to quality healthcare services on-demand via a mobile application.
He shared his personal experience with the app, stating that he was able to consult a doctor from the comfort of his home when he was in pain, avoiding potential exposure to infections. He appreciated the follow-up care provided by the doctor and the improvement in his condition within a few days of the consultation. He also mentioned that his mother is now using the app for her medical consultations. This strategy underscores MFine’s commitment to providing accessible and quality healthcare services.
. Everyone out there
Assumes Sonu Sood is an influential personality which makes people trust him more
6. E-commerce Strategies
The marketing strategy of MFine is centered around its digital platform, which facilitates a range of health services including doctor consultations, medicine purchases, lab test bookings, and AI-assisted self-check-ups. Operating within the e-commerce space, MFine’s objective is to simplify access to health check-ups and enable users to request at-home lab tests, effectively transforming their platform into a ‘hospital in your hand’.
They collaborate with esteemed institutions to onboard highly qualified doctors, thereby ensuring patients receive top-tier medical assistance. This strategy underscores MFine’s commitment to leveraging technology to deliver high-quality healthcare services.
7. Mobile Apps
“MFine: Your Healthcare App” is the app where you can find all the required information
About your issue. And you can do self-checkups and consult a doctor. You can buy medicines
By talking up their subscription you can get discounts and access to their chronic care plans
They also have “CareApp – For Doctors Only” which is only for the doctors working in MFine. It is a dashboard of a doctor basically from which the doctors do their jobs
8. Content Marketing Strategies
The marketing strategy of MFine is comprehensive and multi-faceted, leveraging various platforms for content creation. Their YouTube channel features informative videos, presented in an engaging and appealing manner, which have amassed a total of 300 million views. They also provide personalized content, offering advice on prevention and wellness.
On Instagram, they utilize the platform’s reel feature to deliver concise content, catering to the audience’s preference for shorter, time-efficient material. Furthermore, they maintain numerous blogs focusing on topics such as Women’s health, Mental health, and a wide range of health-related subjects from A to Z. This strategy demonstrates MFine’s commitment to providing valuable health information across multiple platforms.
Top Competitors of Mfine’s
The digital healthcare sector is highly competitive. Here are a few top competitors of Mfine in India as well as internationally:
- Top Competitors in India
- Visit Health
- Connect and Heal
- API Holdings
- Top Competitors Internationally
- Visit Health
- Connect and Heal
- API Holdings
These companies, like Mfine, are making significant strides in the digital health sector.
Failed Campaigns of Mfine’s
While Mfine has been successful in many of its endeavors, it has also faced some challenges. Here are a few instances where Mfine’s campaigns didn’t resonate as expected with the audience:
- Massive Layoff In May 2022, Mfine had to lay off around 600 employees, which was about half of its workforce. This move was due to financial difficulties that the company was facing. The layoff was a significant setback for Mfine, as it affected the company’s reputation and morale among the remaining employees.
- Failed Partnerships While not a marketing campaign per se, Mfine’s attempts to partner with various healthcare providers have not always been successful. Some partnerships fell through due to disagreements on terms, leading to a loss of potential growth opportunities.
These instances serve as reminders that even the most promising companies can face challenges. However, they also provide valuable lessons for Mfine to learn from and improve upon in their future endeavors.
The marketing strategy of MFine is anchored in its mission to deliver quality healthcare to consumers on a large scale. The vision that drives the marketing strategy of MFine is to make superior healthcare more accessible, dependable, and effortless for all, fueled by a passion for providing care, underpinned by a stringent focus on quality and steered by innovative artificial intelligence.
There is a need for the company to initiate its marketing campaigns to gain visibility. Competitors have leveraged platforms like IPL for brand promotion, which has given them an edge over MFine in terms of public preference. Therefore, the marketing strategy of MFine should also consider such high-impact platforms for advertising to enhance its public appeal.
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