Despite several investments in technological tools and tech-stack there lies a certain gap in the capitalization of the data. According to the 2017 survey on hospital technology, it was found that 56% of organizations lack access to comprehensive, enterprise-driven information. As a result, healthcare service providers end up devoting a major portion of time and attention to fulfilling day-to-day operational demands. Consequently, the long-term strategic marketing plans take a back seat which acts as an obstacle to for aiming growth and expansion. To leverage the required benefits in the prevailing gaps, the concept of Healthcare Marketing Analytics was highlighted.
What is Healthcare Marketing Analytics?
It refers to the study of Healthcare data for evaluating the performance of the marketing activity. Using the data analytics attributes the healthcare providers can understand the consumer actions, establish refined marketing campaigns, and optimize their Return on Investment (ROI). Moreover, healthcare marketers can now interpret wide data sets, convert them into actionable intelligence, and improve the decision-making processes. Thus, it is right to say that Healthcare Services, Hospitals, Beauty and Wellness Companies, and Medical Practitioners use this advanced technology to streamline and automate their marketing plans by preparing data-driven reports and dashboards.
How does Healthcare Marketing Analytics work?
Ideally, Healthcare Marketing Analytics is more than a fancy tool it indeed is a strategized and standardized tool backed by certain basic norms called steps. It begins with the identification of what elements need to be measured for accomplishing the goals. Here, the metrics such as ROI, Click Rate, Conversion Rate, etc can play an important role. The next step calls for using a balanced assortment of advanced analytics tools and techniques. It includes creating reports on past performance, analyzing the present, and predicting the future for the healthcare market. Furthermore, it requires assessing the analytical capabilities and defining the prevailing gaps to determine the analytical spectrum, and developing a strategy to bridge the healthcare marketing gaps. By deriving the learning from each of the steps then holistically, marketing analytics is applied to enhance marketing campaigns.
4P’s of Marketing and Healthcare Marketing Analytics
The widely accepted 4 P’s (Price, Placement, Product, and Promotion) of marketing have their application in Healthcare Marketing Analytics too. Medical practitioners, doctors, institutions, and others use these four essential components with Data Analytics to improve their strategy and reach.
Price Factor in Healthcare Marketing Analytics
Oftentimes the prices which include Doctor’s Consultation fees, Testing, and Diagnosis charges weigh heavily on the patient’s mind which restricts them to visit the Doctor in the first place. This means people look for affordable and efficient treatment. Though the user-friendly insurance plans have certainly made the process cost-friendly yet on the ground level price act as the first instinct. This is where Healthcare Marketing Analytics uses its intelligent tools to help professionals and service providers fix the right prices depending on the varied data sets.
Placement Factor in Healthcare Marketing Analytics
The affordability of the services does not merely make it effective; it also calls for working on accessibility. Unless the patients can access and experience the services there is no point in keeping the prices optimal. Thus, Healthcare Marketing Analytics helps the key decision-makers in the sector identify the location where services demand is higher and but no facilities are available. Based on such data aggregation the project possibilities are analyzed and the medical facility centers are established accordingly. It also benefits the service provider by attracting new patients and thereupon increasing the revenue sources.
Product Factor in Healthcare Marketing Analytics
Experience speaks louder than anything else. The same applies to Healthcare Industry too where no compromise with the services and products can be expected. In general, for first-time patients, the reviews and feedback from previous patients are the first points of consideration. On other hand, the revisit from the patient is only possible if a good experience is delivered in the form of treatment, diagnosis, testing, etc. Using Healthcare Marketing Analytics the service quality can be improved as the patients’ experience and feedback are thoroughly studied using advanced and intelligent Machine Learning tools.
Promotion Factor in Healthcare Marketing Analytics
The right price, quick accessibility, and quality service all stand irrelevant if people lack awareness and knowledge. As a result, by understanding the market need the service providers use promotional strategies like SEO, SMM, and other such tools to help patients reach out to them with proper prior knowledge. Healthcare Marketing Analytics helps these service providers to understand what interface their targeted market uses at most and least. Based on these analyses the marketing campaigns are established so that the information reaches the right person through the right means.
Metrics used for Healthcare Marketing Analytics
Data analytics and Big data are often correlated with better ROI which is a combination of multi-dimensional sources but aimed at the common objective of improving services and revenue. In the healthcare sector, the marketing efforts are purely inclined toward attracting and retaining patients. As a result, there are some important KPIs that help service providers measure their marketing performance.
|Patient Acquisition Cost||This refers to the total cost involved in acquiring and maintaining the patient base. Using the metric the servicer provider whether the Returns from Patients in the form of fees or other charges are adequate with respect to the investment made for the purpose.|
|Customer Service Response Time||This metric usually trips the healthcare entities up and this is the way that makes them stand out stronger in the crowd, The lesser the Customer Service Response time is better is the retention and satisfaction level of the users/ patients.|
|Engagement Rate||It is termed the soft metric as it does not define the clear ROI. However, it helps significantly in understanding the pulse of the market by analyzing the active engagement rate. More the people visit, interact, and stay on the online interface of the service provider the better the engagement rate is and so is the conversion rate.|
|Creating Premium Content||These days the curiosity of the people is what the healthcare sector targets their content. This content is informative in nature which helps the patient to pay attention to the symptoms, visit the specialist, or mentally prepare themselves for the treatment. Hence, the service providers focus on delivering premium content in their relevant market for attracting patients.|
|Campaign Evaluation||It refers to the report that defines the success rate of the Healthcare Marketing Campaign. The marketing campaign industry is purpose and cause drive, which means it could be for a specific service, product, operation, or treatment of specific ailments, etc. The purpose here is to create awareness and attract a wider user base.|
The Core implication of Healthcare Marketing Analytics is certainly improving the marketing strategies for the Healthcare Service providers. However, the approach for the same varies depending on the precise objective of each institution. As a result, it can be said that the data generated and analyzed using smart marketing analytical tools cater to every marketing need in the healthcare sector.