Having a broad go-to-market (GTM) strategy provides several valuable benefits for Enlitic. Targeting multiple customer segments, and geographic regions simultaneously enables the Company to:
- Create cross-selling and up-selling opportunities as the Company establishes relationships with customers, it can offer complementary products or services, increasing overall sales and customer loyalty.
- Reduce the Company’s reliance on a single market by diversifying revenue streams and mitigate risks associated with changes in economic conditions.
- Reach a larger pool of potential customers, expanding its addressable market leading to increased sales opportunities and revenue potential.
- Gain competitive advantage over competitors who may focus on narrower markets and capitalize on numerous opportunities that competitors might miss.
- Enhance brand visibility and recognition by reaching a wider audience, and becoming more recognizable and trusted, contributing to overall brand equity.
- The broad GTM strategy facilitates entry into multiple regions and helps navigate diverse regulatory environments and cultural nuances.
Enlitic has a sales and growth approach where the company initially targets the data standardization or deidentification needs within the healthcare market and then gradually expands its reach to other segments. The strategy involves establishing a strong foothold in a limited scope before scaling up to offer additional products and services.
Enlitic is working with customers to develop a data monetization strategy, whereby Enlitic takes an active role in monetizing data in collaboration with healthcare providers. By standardizing and deidentifying data on behalf of the customer, Enlitic will broker the sales of data to those companies in need, namely AI vendors and pharmaceutical manufacturers. Building on the capabilities of ENSIGHT, Enlitic will create a revenue sharing model with the customer and provide access to this real-world evidence to vendors in need.
Expanding on the current capabilities of ENDEX to include additional modalities will open up Enlitic to stronger market opportunities, broader sales revenues and consideration for data migration capabilities will be considered. Inclusion of diagnostic imaging reports is also on the roadmap to enable more comprehensive records for use in the real-world evidence database and data monetization strategies. ENCODE for anonymization was released in 2023. The roadmap includes ENCODE to capture lost billing due to imaging code discrepancies and ENSIGHT to allow customers to gain valuable information from their data and allow seamless sharing.
Enlitic is also looking to expand its staffing capabilities, adding sales directors in the U.S. market to increase coverage. Marketing will also expand as it adds event staff to manage the increased presence at tradeshows, a primary source of lead generation.
Enlitic strategic advisors’ role extends far beyond conventional advice, as they play a pivotal role in identifying and capitalizing on new opportunities. By leveraging their industry acumen and market intelligence, strategic advisors assist Enlitic in recognizing emerging trends, and unexplored niches. Moreover, these advisors provide invaluable product feedback, serving as a bridge between the company and its target audience.