Many buzzwords are thrown around in the marketing field. One of the newer ones is precision marketing, a term to describe a data-driven, individualized approach to marketing that seeks to create loyal customers through highly targeted campaigns based on customer segmentation. Its goal is to retain existing customers rather than acquire new ones.
This makes sense, given that creating a new customer costs five to 10 times as much as selling to a customer you already have. In hospital marketing, your customers are patients, and you want them to return to your providers for years of treatment rather than go elsewhere.
Is precision marketing a viable strategy for hospital marketing? Or, is it yet another new buzzword with few practical implications?
Examining Precision Marketing in Detail
The major foundation of precision marketing is using data to help drive desired patient retention outcomes. For this reason, precision marketing is most often executed using digital marketing campaigns.
Digital marketing gives a hospital access to technology that can not only reach a large number of people in a small amount of time (using a smaller percentage of a marketing budget), but can also segment these individuals and target demographics with a laser focus.
For example, a hospital that seeks to retain obstetrics patients know that the typical customer for that department is female aged 20 to 35. Using social media and digital ad buys, a hospital can focus on that demographic and spread the message about the obstetrics practice. A hospital can also use a combination of surveys, social media, email marketing, and ad retargeting to directly target and illicit data from current and previous patients to not only learn more about their behaviors, but also build loyalty through repeated outreach and touchpoints.
The idea is that a personalized approach using data is preferable to mass-market appeals, especially with such a personalized and emotional field like healthcare. Customers are getting turned off and desensitized to marketing messages, which necessitates a more personalized approach.
Incorporating Precision Marketing into a Hospital Marketing Strategy
How does a hospital take advantage of this marketing method?
A hospital must first invest in a digital strategy. Precision marketing is best used in conjunction with a fully involved, multi faceted digital marketing campaign. Only digital provides the tools to combine data collection with coordinated, personalized reach to the individual.
Additionally, a hospital must invest in data collection and analysis. There must be a more concerted effort to build in-depth profiles about typical patients and demographics. Profiles should be as precise as possible. This allows the marketing department to build customized and personalized messages to be distributed via social, email, ads, direct mail, and more.
Furthermore, a hospital should invest in technology that allows advertising dollars to be spent in a more targeted manner, instead of a mass-market approach. For example, banner ads can be useful, but what is more useful is ad retargeting – ads that target visitors to a hospital’s website and then follow them around on the Internet for up to 120 days or beyond. These are more effective in connecting with current or previous patients and encourage visitors to revisit a website – which dramatically increases their chances of seeking the hospital for services in the future.
Taking the hospital marketing game to the next level means learning to adopt what works from precision marketing and using it to fill out a hospital’s digital efforts. Adopting the approach of data collection, analysis, market segmentation, and personalized approaches using a digital framework of message delivery could be a potent combination for hospitals in today’s age.
Contact TotalCom to learn more about precision marketing in hospital marketing campaigns.