All posts in “Marketing Strategy”

Healthcare Marketing & U.S. Latino Population

strategyAs the U.S. Latino population and its purchasing power continue to grow, it represents both opportunities and challenges to healthcare marketers.

According to the 2014 U.S. Census, the Latino population in the U.S. already numbers 55 million people, which represents (17% of the country’s total) and is expected to grow to 119 million by 2060 (29% of the country’s total). Latinos are the nation’s youngest segment with over half of the population under the age of 29, which is very significant when creating strategic healthcare marketing campaigns.

Growing participation in employer group plans and private and public market exchanges has increased the share of Latinos covered by health insurance to approximately 80%.

By the middle of this century, more than a quarter of the total U.S. population will be Latinos, most will be younger than the general population, most will be insured and making decisions about the purchase or use of healthcare services.

So, when thinking about creating focused marketing strategies that target the Latino population, the following factors should be taken into consideration.

Demographics

Consider the following data when planning a focused marketing strategy:

  • 64% of U.S. Latinos are of Mexican origin, 9% Puerto Rican, 4% Cuban, 3% Dominican, 3% Salvadoran, and 18% other
  • 53% of Latinos are Millennials or younger
  • 33% of Latinos are below the age of 18
  • 60% to 65% of U.S. Latinos have been born domestically

These date points are important to consider when marketing to a domestic-born Millennial Latino, which is very different than to an older foreign-born Latino.

Language Preference

Communicating with the Latino population does not necessarily mean that all the enrollment or member materials need to be translated into Spanish. Here are some factors to consider

  • Language proficiency and preference varies widely as it depends on age, place of birth, educational level and state/city of residency
  • Latinos from 18 to 33 who speak only English at home or say they speak English very well is approximately 76%
  • Healthcare literacy in both languages is important to ensure that the Latino member properly understands and manages h/her healthcare benefit

Digital Media and Mobile Devices

Of all the racial and ethnic groups, Latinos index higher than any other group in use of social networks, on-line streaming, use of Smartphones and other mobile devices. Among the data points to consider are the following:

  • 77 % of Latinos own a Smartphone
  • According to Nielsen’s Mobil Media Marketplace, Latinos 18-49 years of age lead the market when it comes to app downloads and usage
  • Younger and more affluent Latinos can be reached via online advertising

Finally, healthcare strategic marketing initiatives that actively engage the Latino consumer should consider the demographic breakdown, language preferences and use of digital media as the foundation for its campaigns. Of course, these are only the basic factors in creating a meaningful marketing strategy to this growing consumer segment.   The cultural complexities and ongoing assimilation of the Latino consumer will continue to evolve in the coming years, which brings both opportunities and challenges to healthcare marketers.

Rock & Roll: Business and Marketing Strategies

rock_n_roll_rond-1I recently read Rich Cohen’s article “Mick and Keith’s Guide to Business Success” that appeared in the Wall Street Journal on Saturday/Sunday, May 7-8, 2016.   Highlighting business and marketing strategies that have served the Rolling Stones well throughout their long musical career, this article provides the reader with ideas, history and reflections that can assist all of us in developing and revising our own business development.  It is also interesting and fun to read.

So what can we learn from a rock & roll group that has been around for the past 50 years?

Branding or “Choose the right name.”   Picking your business name is important as it tells your consumer who you are and what you do. Sure some names may sound great during a midnight-creative session, but will that name stand the test of time? We know that a company name may evolve over the years – two examples that are Apple Computer now known as Apple and Starbucks Coffee to Starbucks.

Market Segmentation or “Know what the market wants from you.” Do you know how many competitors you have with similar products or services?  How do you differentiate your business from your competition? When the Rolling Stones released their first single back in the 1960’s, they had to figure out how to differentiate themselves from the Beatles. Instead of copying the Beatles’ style, the Rolling Stones became and promoted a more edgy, sexy style attractive to a certain market.  Over the decades, that style has evolved to reflect changing musical tastes.

Creative Flows or “Beg, borrow, steal.” You know your products, services and your competitors’ offerings. Is there something that you can “beg, borrow or steal” from your business environment that can strengthen your offering?   Anticipate changing trends in your business environment and begin to “beg, borrow and steal” from companies that are disrupting their industries with new products, services or delivery systems.

Change is Good or “Never stop reinventing.”   Each new day brings an opportunity to improve your business strategy and maintain your individual elasticity to express your passions, dreams and direction. Each new day your business strategy needs to respond to the ongoing changes in the market that your serve.   Respond by reinventing your business strategies and your ability to stretch your passions and dreams.

Finally, there is plenty of advice on how to create, fix or manage your business strategies, here at AGG Consulting, we will point out some useful tools that are currently available and release a few marketing and business development tools of our own. Check back in a few weeks, download or give us a call at 773-343-9006 for a free consultation.

Marketing strategy and your sales cycle

strategyWhen you plan your marketing strategy, do you consider how your marketing materials support your sales activities or sales cycle?  Do you know which materials provide the best results at each phase of your sales cycle?

Eccolo Media’s “B2B Technology Content Survey Report” shows the importance of the different types of materials throughout each stage of the technology sales cycle  – from blog articles in the pre-sale phase to case studies in the final purchase phase.

Although this survey report focuses on collateral materials used to “evaluate a technology purchase”, this report provides a beginning place to consider what works best for your organization.  According to the report participants, the top marketing materials were brochures (57%), emails (52%), white papers (52%) and case studies (42%).  Do you know what your customers say about your marketing materials and how effective they are in supporting your sales cycle?

So, when you develop your marketing strategy and select which collateral materials to develop, consider the following:

Product or Service:  How complex is your product or service?  How long does it take to sell your product or service?  The longer it takes to make a sale, the greater the need to create an extensive library of marketing materials that support your sale and appeal to different customer segments.

Customer Feedback:  Once you finalize your sales and marketing campaigns, ask your prospects and customers for their feedback.  Depending on the complexity of your sales cycle and product, you may consider hiring an outside marketing research company to conduct confidential interviews.  Other options include digital surveys, focus groups or informal conversations.

Value Proposition: Once you decide which marketing materials to develop, ensure that your messaging is aligned across all materials.  Your value proposition needs to be the cornerstone of all your messaging — from product brochure to e-newsletters and case studies.  If you don’t have a value proposition, develop one by asking yourself what does your company provide to your customer and what does the customer get (value).

Performance Metrics:  Ensure that you are able to measure the impact of your marketing strategy and collateral materials on your sales results.  Ask your prospects, customers and sales team about how these materials helped them throughout the sales process.  Take a look at your sales results.

Finally, enjoy the results – targeted marketing strategy and increased sales.