Marketing models have been helping marketers across industries conduct more efficient and effective campaigns for many years, and the healthcare industry is no exception. While many marketers rely on demographic characteristics to segment audiences, marketing models make it possible to go deeper and target the best prospects based on characteristics associated with a high likelihood of response.
Marketing models may not be new, but they are still a mystery to many marketers. In this blog post, we’ll explore the two most common types of marketing models available to the healthcare industry today.
Healthcare Marketing Model Type # 1: Industry Marketing Models
What is it?
An industry marketing model is a pre-built model that is based on industry averages. These models are typically developed for popular service lines, sub-service lines, or facility types such as primary care or urgent care. These models may sometimes be referred to as “national models” because they may be based on national datasets. Because the models are based on theory and industry averages, they don’t require any of a healthcare organization’s own patient data to develop and are available for immediate implementation.
How is it used?
Industry marketing models are used to score and rank consumers based on their likelihood of responding to a specific marketing campaign. Once you’ve decided the minimum score or rank that you will require for inclusion in your target audience, you can identify the exact list of prospects for your campaign. The goal of the marketing model is to help you target only those most likely to respond (which reduces campaign costs).
Is it for me?
Industry marketing models are a great option for organizations who cannot share patient data with an analytics vendor or don’t have a big enough sample set of data for a reliable study. Because they are pre-built, they are also typically more affordable than custom model options. Finally, these models are a good option for healthcare marketers who don't have time to wait for a custom model and need a prospect list quickly. However, healthcare marketers should keep in mind that these models are based on averages, so they are unlikely to have the same level of accuracy as a fully custom version.
Healthcare Marketing Model Type #2: Custom Marketing Models
What is it?
A custom marketing model is a more advanced type of model that uses your actual patient data to define the characteristics associated with your ideal audience. An analyst studies your patient data in combination with other variables (such as consumer psychographics, demographics, and behaviors) to determine the characteristics that are highly correlated with the outcome you seek. These models are tailored to your organization’s unique region, patient base, target service lines or facility types, and/or any marketing goals that you have (e.g. primary care patient retention vs. primary care patient acquisition). Since the model is being developed specifically for you, it does require some implementation time before the model is ready to use.
How is it used?
Like an industry marketing model, custom marketing models are used to define your target audience for a campaign. The goal is to improve the ROI of the marketing campaign by reducing campaign costs and increasing responses.
Is it for me?
Custom marketing models give marketers the ultimate level of flexibility, control, and results. Many marketers begin by developing models for a few key service lines then later develop additional model breakouts tailored to more specific goals. These models do require the use of your actual patient data and some development time, but for organizations that are ready to dive deeper they are a great option.
The Bottom Line
Marketing models give marketers the power to develop campaign audience lists that have a higher likelihood of producing conversions than lists developed based on demographics alone. Whether you choose an industry or custom model, the goal is the same: to improve the efficiency and effectiveness of your campaigns.
Not using marketing models to define your target audience? Buxton can help. We offer custom marketing model solutions as well as audience list rental and targeting services. Learn more about our marketing options.
