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Healthcare Marketing in a Down Economy
Written by: Candace QuinnArticle Overview: Bad debts are rising. People can't afford elective procedures, they are losing their benefits, they are losing their jobs. Our volumes are dropping and marketing is being asked to do more with less. How do you respond. Focus on the critical few... those with high margin and strong relationship building potential. This is a marathon...not a sprint.
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Free Download - Healthcare Reform: beyond Quality and Cost Cuts: The Brand By Candace Quinn |
Healthcare Marketing in a Down Economy
Is the economy making you ask yourself, "How much should we be spending on our marketing efforts? How do we know we are maximizing our position? What might we do differently to stand out in the market place? Could we focus some efforts to do more with less? If you have these questions, you are not alone!
The economy has everyone challenged today. Bad debts are rising, elective procedures are on hold, and the unemployed ranks are rising. Your market share may be holding, but the bottom line seems to be shrinking.
Where do you start? Cut the marketing budget? Increase it? Stay the course? Change your focus? Before you answer these questions, consider the following:
What do you know about your current patients and most loyal followers? What do they need from you right now?
In many markets, what those most loyal to you need is assurance that you are there with them during these hard times... that your mission includes them... that whatever they face, you face it with them.
This is a great time to look at your outreach activities, and expand them...give away screenings and help those on cholesterol lowering medications afford their liver function tests...keep those free cholesterol checks out there....find ways to be relevant to those most likely to bounce back with the economy.
Consider walk-in clinics that offer free blood pressure checks, reduced rates on flu shots, etc.; try to provide those items good for the individual that are also good for the general public. For example...flu season...consider flu testing to help stop the spread.
This is the time you can take those most loyal to your organization and lock them in for life... and those who are somewhat loyal will come over to very loyal.
As for the marketing budget, focus on the critical few, and use the resources to capture those few service lines with the most potential. Don't spread a few dollars around everywhere hoping for the best. Even if you take your budget and spend it on your strongest service line, and/or the one with the most potential, you'll come out ahead at the end of the year.
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Article Tags: advertising, brand positionsdown economy, economic downturn, healthcare marketing, reform
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About the Author: Candace Quinn RSS for Candace's articles - Visit Candace's website  Ms. Quinn is a nationally known, Healthcare Brand Strategy consultnat and has over 25 years experience in the senior and chief marketing role for major health systems and hospitals around the country. As an early pioneer in the field of healthcare marketing, she has developed competitive strategies for small stand alone hospitals as well as major academic medical centers: for systems as small as two hospitals to regional systems as large as 9 hospitals; for integrated delivery networks with annual revenues of $1Billion to ones with revenues in excess of $2Billion. Additionally, she has consulted with numerous hospitals, including serving as an interim CMO, reviewing the marketing operations for 42 hospitals in a large integrated delivery system, and conducting marketing assessments, market assessments, and brand assessments. Among her accomplishments while serving these organizations is the successful launch of several integrated brand strategies. Using a disciplined, inclusive approach, she has helped organizations successfully identify their competitive brand position, articulate that brand promise, and create award winning advertising strategies embraced by employees, physicians, management and trustees to launch the same. Candace is a frequent speaker and an experienced facilitator. She received her Masters in Management from Kellogg Graduate School of Management and holds an undergraduate degree in business administration from Rockford College. Learn more about Candace and her consulting firm, Brand=Experience at www.brandequalsexperience.com. Take a look at her product BrandCheck and see how she and her team can help you position your organization for Healthcare Reform. Click here to visit Candace's website   The Role of an Interim Chief Marketing Officer BRANDEXPERIENCEWHATS YOUR BRAND Has healthcare advertising gone too Far Healthcare AdvertisingEmotional v Rational The 5 Ds of Brand Strategy Creation |
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