Lybrate’s Growth Strategies to Establish their Presence in Doctor Appointment Booking Market
Among today’s mobile healthcare technology service providers in India, Lybrate managed to earn a reputation of being one of the few best appointment management and booking platforms in the market. The inception of Lybrate goes back to the year 2013, and they are on the right track since then- helping the population to connect with health experts and thus improve the reach of modern healthcare in India.
“ We have tasked ourselves to create India’s first ‘Health-for-all’ platform that’s easy to use and economically viable like healthcare should be.”
However, today, to go mainstream and keep up with the pace is truly hard. The competition is elevating day by day, for instance, Lybrate have to keep pace with Practo, and that’s the key to get the largest slice of market share. This document talks around the major factors that influenced Lybrate’s growth and also, strategies that help them stay in the picture.
Also, Read about the Brief overview of ZocDoc Business Model and Revenue Streams here
Addressing an Actual Problem
One common thing about all successful businesses is that they all find a real problem or a demand, make the public know about it and then offer an achievable solution for the same. And that’s same with Lybrate as well. They address a real issue- a survey conducted by Lyrate proves that 52% of Indians are exposed to serious health risks due to intensive self-medication. And the real problem isn’t self-medication, but the lack of availability of doctors in far-flung areas.
Lybrate helps improve the reach of modern healthcare by connecting India’s finest health experts with patients through an app. A clever and efficient solution that anyone with a smartphone and network access can take advantage of. However, as of now, several similar businesses are sprouting and we will see where Lybrate is taking its game in upcoming sections.
Business Model is the Solution
In our perspective, Lybrate’s business DNA is functioning similar to a social network. Till now, Lybrate lists over 80000 doctors specialised in multiple streams of medicine. This diversity is a great factor to accommodate a large number of users with a variety of health issues. The business model works as- the patients are not asked to pay for getting expert opinions from the doctors, besides, the doctors can join the platform for free as well. The revenue model is designed in such a way that Lybrate will deduce a certain portion of what doctors get from each successful appointment from their Doctor Appointment Software, fair enough, isn’t it?
In addition, the health feed feature of Lybrate helps users to be more aware of the significance of good health and well being. Each health tip published in Lybrate’s feed will come under any of its 400 categories, which help users to find opinions and tips based on their unique interests.
Getting Funds and Utilizing it
Lybrate has 2 rounds of funding so far. They raised $1.2 million from the series A round from Tiger Global, Nexus Venture Partners and Chairman Emeritus of Tata Sons’ Ratan Tata in July 2015. Initially, Nexus has invested a massive $1.23 million as a seed investment in the year 2014. Anyhow, Lybrate fundamentally spends this investment amounts to develop their product, recruiting quality talent, augmenting technology and scale-up operations.
Marketing Strategies to Bring Vision to Fruition
The positive impact of Lybrate in Indian healthcare economy is huge, the major reason behind this is that for every 1700 patients in India, there is only 1 doctor available. However, apart from the quality of service they offer, Lybrate has never underestimated the importance of marketing and promotions anywhere in their journey.
Right from building the Lybrate platform, Saurabh Arora- CEO and the previous facebook employee was certain about the strategies he wanted to experiment on. The major plan was to go mobile, which was a massive success, for a significant percentage of the Indian population, at least from urban parts of the country, use mobile devices often to fulfil a majority of their personal requirements. And guess what! Similar to other big fishes in the pond, Lybrate too utilized the advertising possibilities to a great extent. However, now, they are planning to expand their marketing and promotion options to non-digital means to widen its reach.
“The combination I would say is Autonomy. The first thing about Lybrate is that there are no two people for the same job. As an organization, we are resource-constant. So, there is only one guy for one job which makes him responsible and liable towards his responsibilities” – Saurabh Arora
Lybrate believes human resource is the most valuable resource in a business. And it’s in fact true. The concept is as follows, In Lybrate, they mostly hire a single person to handle a specific task, and he will be completely responsible for it. This way Lybrate ensure everyone in their organization is contributing to the growth of the same. Lybrate follows this resource-consistent approach and is so far very effective.
As of now, Lybrate is planning to cover rural areas and non-metros within the coming 2-3 years. Besides this, they also look forward to incorporating more doctors from different streams. Introducing new features and functionalities to diminish the communication gap between patients and doctors is also an option in consideration. However, in future Lybrate will look more into expanding their business, optimizing their marketing plans and reaching more users who need it most.
Take Agriya’s ABS for a spin today! Find out what we are best at
● Intuitive UI/UX
● Calendar Synching
● Customizable Patient History
● Actionable Analytics and Reports
● Cloudflare Integration
● Secure Payment and Transactions