In healthcare’s highly competitive marketplace, your brand has to be something extraordinary. It must evoke a positive rational as well as emotional response from all your stakeholders including patients, physicians, employees, and donors. There is a reason people choose one healthcare brand over another. Knowing that reason – knowing how well your brand is delivering or not – is a necessity. The power of a brand is in its ability to drive the bottom line.
More often than not, healthcare CFOs are frustrated with marketers claiming “credit” for brand strength based on awareness, preference, and market share growth, but without clear evidence linking the brand to revenues. Many marketers use growth of any measure to lobby for increased budgets. Without quantifiable financial ROI, well-meaning marketing and c-suite executives can go round and round to little effect. Healthcare CEOs are looking for accountability. Are your marketing activities contributing to growth?
Marketing leadership has huge demands on their time. The pressure to perform is immense and resources are scarce. The job of connecting brand initiatives to the bottom line can be just as large as the marketing initiatives themselves. However, if the benefits of tracking are more efficient marketing, more clearly defined forecasting, and the ability to get the resources to accomplish business objectives, then it is clearly worth the effort.
To implement robust ROI metrics into your marketing delivery system, please contact Gabrielle DeTora at firstname.lastname@example.org.
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Originally seen on HealthLeaders.