So far we've seen how important price is to consumers, how where you conduct your business has an effect on your success, and how to start strategizing a robust promotion strategy. If you've been following along each week since we started this blog series, you've probably started to realize that the order of this blog post has been in reverse order. We've designed this blog series that way so that you familiarize yourself with the more complex marketing strategies first. With that in mind, let's dive into the first P in the marketing process, Product (or service).
Without a product you have nothing to market, that's why it's the first P. A product can either be a tangible good or an intangible service that satisfies a need or want of consumers, or in our case, patients. It is imperative that you and your workforce have a clear grasp of exactly what your organization is offering.
From the perspective of a healthcare entity or practice, in most cases, it's obvious what you offer to potential patients...healthcare services. But here's the kicker, what does your organization or practice do differently or better than other practices, aka your competitors? In order to successfully market your product or service, you must know those two facets before you can successfully market it.
Once your product or service has started to be successfully marketed, you need to take it one step further by being able to effectively identify and understand your consumers or patients. Look into things like their demographics and psychographics. Below we've detailed different questions to ask yourself to better understand your consumers and/or patients.
- What's the most common race of your patients?
- What's the average age of your patients?
- What's the average level of income of your patients?
- What's the average educational level of your patients?
- Where do the majority of your patients live?
- What activities do your patients partake in?
- What opinions do the majority of your patients hold?
- What interests do your patients have?
Demographics and psychographics help marketers better understand how they should market their product and/or service. Healthcare organizations are very similar and should approach marketing their services in a similar fashion while also respecting the PHI of their patients.