The Emerging Importance of Analytics in Medical Marketing
Which marketing campaigns have resulted in the best ROI for your practice? Who should be your primary target audience? Which Key Performance Indicators (KPI) will show if your practice’s medical marketing is actually successful?
Answering those question all involve metrics (and some marketing vocabulary). It is clear that big data is becoming ever more important to the medical industry. In fact, some researchers have suggested that better use of data could save the U.S. medical industry more than $300 million annually.
Benefits of Leveraging Data in Medical Marketing
- Increased profits – By finding the right market and observing campaigns that work best, hospitals and medical practices alike can improve their profit margin.
- Less waste – This is not only about waste when it comes to an unsuccessful marketing campaign. Analytics are also necessary for determining staff adjustments that can reduce unnecessary overtime.
Identifying Trends and Targeting Patients for Superior Care
While using data to sell medical services to patients may sound clinical (pun intended), it also leads to better patient care. Actionable data allows you to remind patients about needed checkups, encourage personalized screening for at-risk patients, and promote services offered by your facility that someone may not know about simply because they came in one time for some small care need—what amounted to “getting a Band-Aid.”
Imagine a female patient who comes to your practice with an infection. Antibiotics are prescribed, and you may never see that patient again. But what if her medical history revealed that she is over 40, has a family history of cancer, and has never had a mammogram. Now you have a target for a medical marketing campaign that might bring in a new client, but also save her life.
Analytics allow your marketing, including email, direct mail, social media, and other campaigns, to work in harmony. And the result is more than just dollar signs – it is also a benefit to patients.
The Problem with Analytics—and a Solution
The main problem the medical industry has with analytics is that there is simply too much data to sift through. What is useful, and what is a waste of time? And who has time to even go through the important data? That’s why every hospital and medical practice should have a medical marketing partner to care for these needs, so you can spend your time caring for your patients.