As a healthcare marketing specialist, I know how challenging it can be to articulate your value to your target customers. I often see what people think are effective value propositions, but they're just sales-based marketing buzzwords that require a dictionary, an encyclopedia, or a concordance to understand.
I recently spoke with Scott Alexander, CEO of Jairus Marketing, an innovative healthcare marketing firm that tactically helps healthcare companies build brand awareness, market demand, and sales opportunities.
Our discussion sparked this two-part blog, which will focus on the challenges of creating the right value propositions for your healthcare business and provide concrete, actionable tips for implementing messaging best practices at the highest levels of your company.
A recurring theme in our value proposition discussion is how to translate strategic plans into tactical execution. It's crucial to understand that value props aren't just about the "widget" or the product itself; they're about the audience and what truly matters to them. Scott’s firm has extensive experience in this area. Healthcare companies hire Jairus to develop and execute marketing campaigns aimed at cardiologists, administrators, VPs of cardiology, and similar audiences.
There is a huge need to translate healthcare product features and benefits into compelling value propositions that resonate with various audiences. Most companies typically know their product inside and out—they understand its features and benefits. However, they often find it difficult to convey why the features and advantages should matter to a cardiologist, a healthcare provider, a distributor, etc. This communication gap can significantly limit the success of a marketing campaign.
Iterative value propositions are crucial for adapting to the market's evolving needs. Typically, a refined approach is needed.
That process often begins with the presentation of a sales pitch. This exercise helps pinpoint when the focus is too heavily on product features rather than why those qualities matter to the audience. Market research, qualitative conversations, and prospect engagement will help translate features into meaningful value propositions. What resonates with the audience? This approach will enable you to understand what truly matters to your targets while informing the development of more effective healthcare marketing strategies.
That said, there is no denying a significant shift towards digital marketing due to the decline in healthcare trade shows and conference attendance, down almost 50% since COVID-19. With limited access to captive customers, companies need alternative ways to reach their target audiences. Digital marketing is the most apparent solution, allowing campaigns to be set up quickly and messaging to be executed on a variety of platforms.
Digital campaigns allow healthcare businesses to test multiple value propositions with their target audience and obtain quantitative insights about which propositions resonate most. The ability to initiate these campaigns within about a month, as opposed to the six-month process typical in the past, is a game-changer for refining healthcare marketing strategies efficiently.
In my next blog, we will discuss tailoring value propositions for different audiences and provide actionable advice on value proposition strategies for mid-market healthcare executives.