The fractured and fragmented Indian healthcare industry is undergoing profound change. The $85 billion industry is not just consolidating, it is dramatically reshaping itself in unexpected ways.
Health insurers are trying to cut medical costs by playing a more direct role in medical services, arguing they can save money by shifting patients to cheaper, more accessible locations for routine or non-life-threatening emergency medical services.
The blurring of traditional industry boundaries and the creation of business models begs several fundamental questions – what are health companies becoming, how will they define themselves, and how will it impact their brands?
The questions they have to answer are: What is our new purpose in the world, where are we going, and how will we get there?
For many healthcare brands, the subject of “core statements” – Purpose, Vision, and Mission are tangled in confusion. To help bring some clarity and structure we find the following set of definitions as a guide.
Purpose: Why do you exist?
Vision: What do you aim to achieve?
Mission: How do you plan to achieve your vision?
While each is a separate driver of strategy the three should be integrated. Based upon the development of these core statements you can begin to align and develop Values and Brand Positioning in a coherent and holistic framework.
A few tips to bear in mind when developing core statements: be powerful; be inspirational; make it short and memorable. Remember, the human attention span is less than that of a goldfish.
They should also be built for the long haul. Purpose, the anchor statement, should be inspirational but unattainable – always just out of reach. The core statement reflects the brand and instead of slapping on some catchy line, brands need to invest proper time and resources to meticulously craft a perfectly curated core statement. One that never goes obsolete.
Our view is that health organizations would benefit dramatically by revisiting and evolving their core statements to be in line with their new place in the shifting world of healthcare in the country. And surely, the benefits and results that come out as a direct consequence of this change will be definite but extraordinary.
All of this isn’t as simple as we seem to make it sound. Healthcare companies alone cannot achieve the desired results. They need an experienced marketer and public relationship manager, one who is extremely reliable. Remember, familiarity breeds contempt and the best marketers know this. Choosing the best however, lies completely in your hands.
Just as healthcare has undergone a revolution, so has branding. It has been infused with technological advancements and analytic tools that help executives to answer critical questions about branding investment. These wide variety are slowly becoming the norm rather than a trend. So anyone who doesn’t use them run the risk of being held down.
Healthcare executives and marketers are experiencing unprecedented pressure to justify marketing spend and provide strategic clarity for marketing and sales initiatives.
So, it begs a couple of big questions. What should executives measure and track as it relates to brand performance in healthcare; and what new technologies and analytic tools are being used to prove ROI?
Here’s how progressive healthcare executives are being empowered with modern marketing approaches.
1. Brand Performance Indexing
This first step starts with a quantitative online market survey conducted with customers and non-customers to benchmark your brand against the competitive set.
Nowadays there are a lot of indexing services available and comes bundles as part of a good marketing package if you choose the right marketer.
2. Buyer Intent
While the BPP Index is critical to monitoring and guiding your strategy—–understanding buying intent and the drivers of preference are critical to understating how strong your brand is relative to the competition
This real-time report will allow you to gauge your true competitiveness and guide short term marketing strategies.
3. Attribute Tracking
Establishing and prioritizing brand attributes are at the cornerstone of your healthcare value proposition and content strategy.
Analyzing brand attributes by segment (buyer types) should be assessed quarterly or bi-annually. Brand attributes should be prioritized and incorporated into your keyword strategy to underpin your content and CMS analytical approach.
4. Conversion Rate Optimization
With a solid understanding of the buyer intent and brand attributes, you’re now in perfect condition to increase sales conversion rates by developing content-based campaigns that will not only resonate with your audiences but also establish leadership and build brand visibility.
The trick here is to make sure your CMS (like Adsync) is optimized and reporting conversion effectiveness. Without this system in place your marketing efforts will be unfocused and, ultimately, ineffectual.
This is where most marketers fail. They are just not able to bring these two disciplines together. The last step in this system is to tie your sales system to your CMS to ensure a closed loop system—integrating sales performance. You’ll be amazed at the learnings and results. This is the definition of modern marketing—and if you don’t have a well thought out plan to achieve this level of accountability, you’re in a vulnerable spot. This spot can easily and very quickly into something that requires a lot of resources, time and expenses to patch up.
5. Customer Brand Experience
So often, organizations leave out the all important feedback loop. The customer brand experience can be assessed with quarterly surveys, “blind shopping” and, most importantly, a complete understating of the effectiveness of your brand at each touch point.
Touch Point Mapping can also help organizations visualize and drive the ultimate customer experience. Organisations that offer this are few and far in between since most marketers don’t even know about this method. Also, marketers who are good at this are even more rare.
Is your organization taking advantage of the latest technology and analytical approaches to drive and measure brand performance? Do you have a plan to become a modern marketing organization?
If not, you may want to start by considering our top 5 recommendations. Most don’t and that’s okay because we’re here for you. Adsyndicate are long term experts in all forms of marketing and we have certified experts functioning in just about any marketing sector you could imagine. We are the best at what we do and our extensive list of satisfied clients are a testament to that. Contact Us today!