First, here’s my recommendation for a 2009 mantra:
“Early to bed, early to rise, work like hell—and advertise”
- L. J. Peter
Political change, economic volatility and competitive rivalry will surely bring the unexpected this year. Everyone will feel the pain—customers, employees, business partners and competitors. Be prepared to move quickly based on emerging market indicators and monitor what’s working (or not) in terms of your business tactics. Be agile.
Healthcare
It appears health reform is set to take off in 2009. The new administration has made this their top domestic priority under a battle cry of “How can we afford it…how can we afford not to?” With America’s aging demographic, soaring unemployment, expanding uninsured population, and unprecedented levels of uncompensated care, there’s broad agreement on the need for major health system overhaul (visit - www.dividedwefail.com).
Recessionary conditions also mean that healthcare companies that are able to demonstrate an ability to lower costs will continue to thrive. Leading this watch-list are those promoting medical travel, chronic care management, limited benefit individual medical plans, and retail medicine. Personal healthcare budgeting is shifting along with the number and complexity of delivery choices. There’s a healthcare squeeze on consumers and it will only get tighter.
Expect to see the Health 3.0 movement continue to advance through web-based consumer connectivity, personalized health care delivered in clinically relevant settings, and financing mechanisms structured around consumer-centric business models. The new digital customer will be an activated consumer with any time—any place—any device connectivity, supported by “information everywhere” tools. They will have the confidence and smarts to be empowered healthcare purchasers. Be proactive.
Marketing
Making sure your business can turn it up in a downturn relies on a marketing strategy built on data, differentiation and dialogue.
Customer segmentation allows companies to know your most profitable customers. It enables smart marketers to define what messages and vehicles are most effective in reaching your best prospects. Understanding demographic, lifestyle and value-based attributes provides an important competitive edge (see “It’s the Customer, Stupid” at http://www.lindsayresnick.com/healthcare_strategy/2006/11/index.html).
Search engines are defining brands, changing sales processes and influencing just about everything in our lives. Newspapers, magazines, and traditional television audiences are shrinking. They’re being replaced by social networks, wikis, blogging and online video content. It’s a media insurgency, and consumers have grabbed an important new role. They are now broadcasting opinions, turning fads into trends, and getting information from customized information outlets where monologues are turned into dialogues. Tomorrow’s marketers will quickly figure out how their efforts fit into the new media revolution.
Healthcare is a price-driven, fragmented marketplace where differentiation is king. A sustainable growth strategy takes targeted outreach, value positioning and tactical savvy. Figure out how to articulate your value proposition in a way that separates your company from healthcare’s “sea of sameness.” Then, select in-market tactics (direct response, new media advertising, grassroots PR, etc.) that will be most effective for getting in front of the right people at the right time. Start a relationship with your prospects and build a customer base of brand loyalists. Be memorable.
Everyone agrees 2009 will be a tough year. Companies will be hard pressed to balance budget pressures with customer acquisition and retention expectations. Competitors will work hard to steal your customers. But, where there are challenges there’s opportunity. Keep a sharp eye on trends that impact your business, and keep a closer eye on your customers. Keep products and services relevant so they can withstand economic pressures. And, keep your marketing data driven, differentiated and built around a relationship with your customers. Of course, a little luck will go a long way! Be innovative.
HAVE A HAPPY HOLIDAY AND A HEALTHY NEW YEAR.
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