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 this 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).
Talk to any marketer during the planning phase of a marketing campaign and it's likely that they will eventually say something along the lines of, "Marketing is about putting the right product, at the right price, at the right place, at the right time." This makes it critical to evaluate different locations in order to find the ideal spot to more easily attract and retain clients or patients. Your office or practice's location can have a huge impact on patient engagement.
Now that we've defined exactly how important pricing affects patient engagement in our previous blog post, it's time to investigate how promotion can have a positive impact on a healthcare organization. Any form of marketing communication strategy or campaign targeted towards customers, patients, or prospects falls under the 2nd P of the marketing mix, promotion.
In the world of healthcare, patients are a practice, hospital, pharmacy, or other medical organization's consumer. When comparing the differences between a consumer and a patient, it's clear that they aren't the same when looking at both parties under a microscope but from a high-level perspective, they are almost identical. When marketing a company, professionals focus heavily on E. Jerome McCarthy's 4 P's of Marketing adaptation of Neil Borden's Marketing Mix; Product, Price, Place, Promotion.