When marketing for healthcare, a strong value proposition is essential to engage prospects. As doctors, hospitals and other healthcare institutions compete against each other to lower costs and improve the quality of their services, it’s important to focus on value selling – and aligning with your prospect’s value proposition.
Value selling is particularly important for healthcare IT, according to a recent article in the Harvard Business Review (HBR). “As each innovation wave generates more data, disruption-cycle times will shorten, thereby forcing all players in the healthcare ecosystem to address inefficiency as they compete on quality and value creation,” the article stresses. “Those who fail to act will be washed away by the tide that lifts all other boats to greater productivity.”
Here are five tips for emphasizing value in marketing for healthcare:
1. Research The Larger Value Of Your Products
It’s not enough to create products with long-term value. Successful healthcare marketing requires that you also be able to articulate your products’ true value and differentiate your offers from competitors, according to a case study by ZS Associates. If you’re having trouble, conduct research into how your products would impact logistics and operations across the continuum of care, and use that information to demonstrate value.
2. Assess Your Prospects’ Decision-Making Processes
At many healthcare organizations, decision-making processes for buying products and services are well honed and highly focused. Hospitals and health systems are attempting to differentiate themselves in three areas: care, access and cost, according to an article on Sales Training Connection. When you’re marketing for healthcare, it’s essential that you understand the value propositions your prospects have embraced, and choose marketing strategies that demonstrate the value of your technology and solutions.
3. Focus On Attacking Economic Inefficiencies
Show prospects how working with you would generate an immediate, tangible return on investment. The HBR article advises that you be clear about the source of this ROI, since, “in most cases the revenue comes from another healthcare stakeholder who may be able to undermine the business.”
4. Develop A Value-Based Message
Once you’ve researched the value of your products and demonstrated strong ROI for your prospects, your healthcare marketing efforts should focus on developing a value-based message and ways to articulate value elements specifically for each individual prospect or customer.
5. Back Up Your Message With Data
Whether your prospects are looking for value in terms of better care, improved access, lower costs or a mixture, they need proof that your solution is able to deliver. When it comes to providing this proof, analytics tools are key to demonstrating value. According to a report from the IBM Institute for Business Value, top-performing healthcare organizations rely on analytics for a variety of purposes, including healthcare marketing and sales. Sixty-five percent of these top performers use analytics for sales and marketing, compared to forty percent for the other healthcare organizations in the survey.
A strong value proposition is essential when you’re marketing for healthcare. Following these five tips will help you attract prospects and stand out in today’s competitive healthcare marketplace.
Is your healthcare marketing delivering the leads your company needs? Schedule a free lead generation ROI assessment with an Inveniologist™ at Invenio Solutions®.