Segment 8 (2020) Differentiation - Thursday, November 12 - 8:30 to 9:30 AM Eastern USA

[Paul Terlemezian]

Overview: The market seeks the commoditization of successful products to reduce price and increase access. How does one differentiate? Which factors related to differentiation are you seeking to improve in what you offer or what you acquire?

1. Capabilities
2. Cost
3. Convenience
4. Terms and Conditions
5. Risk
6. Intangibles

Panelists:

• Axel Antonio https://www.linkedin.com/in/axel-antonio-314180ba/
• Josh Felix https://www.linkedin.com/in/joshfelix/
• Pete Mastin https://www.linkedin.com/in/petemastin/
• Mary Ritz https://www.linkedin.com/in/mary-ritz-phd-934a699/
• Hal Schlenger https://www.linkedin.com/in/halschlenger/

Moderators:

• Larry Doiron https://www.linkedin.com/in/larrydoiron/
• Michael Dziak https://www.linkedin.com/in/michaeldziak/

Remarkable Speakers:

• Michelle Prince https://www.linkedin.com/in/michelle-prince-dm/

[Hal Schlenger]

Hal Schlenger will be using the  broken and expensive healthcare system (including health insurance) as the foundation for a discussion about the value of differentiation.  Or do we benefit more from a commoditized solution.

1. Why do people want a single-payer solution?
2. With 5 large insurance carriers (BUCAH) and numerous smaller carriers, why hasn't competition driven down the cost of healthcare and health insurance?
3. If healthcare costs occur primarily due to illness, what incents people's behavior about their health (lifestyle, sleep, diet, etc)  to control costs?  It's not a free FitBit or a $50 Amazon gift card.
4. Is 'the convenience factor' of "just show my insurance card and it's taken care of" a moral hazard? Has convenience led to costs higher than the value of the time saved?
5. Elephant in the room:  Healthcare now consumes 18% of GDP (https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics...) and we don't try to do everything we can for people; we can't afford to. Is  the ACA's "Minimum Essential Coverage" our commoditized offering?
6. BTW:  What is the best option for insurance: high or low deductibles?

This discussion will likely show how that there is a commoditized MVP (minimally viable product) offering that is differentiated by options that meet the employer and/or individual's needs.  

[Paul Terlemezian]

Hal - what can we help you learn about differentiation?

What do you hope those who attend your breakout might learn that would help them create more value for their clients?

[Hal Schlenger]

Paul, we will discuss how to gain attention for a differentiated product/service in a market that seems to have settled in on commoditization.  For example, adding a feature to software that people didn't ask for.

Steve Jobs is quoted saying, “Some people say, "Give the customers what they want." But that's not my approach. Our job is to figure out what they're going to want before they do. I think Henry Ford once said around 1910, "If I'd asked customers what they wanted, they would have told me, 'A faster horse!'" People don't know what they want until you show it to them. That's why I never rely on market research. Our task is to read things that are not yet on the page.”

It's not enough to be different. How do you convey value in your differentiation?

[Paul Terlemezian]

Well-stated Hal - and if we are effective in understanding what others need - yet ineffective in understanding how to help them gain access to what we offer - we are ineffective...

[Michael Dziak]

I am thrilled to have been selected as a co-moderator for this important segment.

 Given all the restrictions, anxiety and adverse effects of the pandemic, have you noticed any ‘silver linings’?  I have. My COVID silver lining is that many employers, managers and workers are making telework a permanent part of their new normal, transforming the future of work.  

 In thinking about our Georgia LEARNS Segment on Differentiation, what ‘silver linings’ have you seen in your world and how could you apply this radical shift to differentiate your value proposition from all the others? I look forward to a lively discussion on this!  

[Paul Terlemezian]

It will be fascinating to learn which of these "silver linings" continue...

[Pete Mastin]

Very much looking forward to Participating! 

[Mary Ritz]

Thank you, Paul, for the opportunity to be a part of this community.  In this session - I'm interested to learn how a small business owner who moved from another country/continent differentiates herself in an already saturated and sophisticated market?  How does she enter, and differentiates her brand in a sustainable way?  

[Michelle Prince]

Looking forward to this discussion shortly!