Measure and Monitor ROI of Your Marketing Spend in Healthcare
In the competitive landscape of healthcare technology, establishing and maintaining a strong brand presence is crucial. Marketers, sales executives, and leadership know that having strong brand awareness is important, but the effectiveness of marketing spend is hard to measure.
Establishing a brand awareness baseline and reassessing every 6 to 12 months is a simple, yet powerful way to monitor the impact of your marketing investment.
Why Conduct a Brand Awareness Study?
As new innovations emerge and regulations evolve, healthcare tech companies must ensure that their brand remains top-of-mind for potential clients and stakeholders. Conducting a brand awareness study is an essential strategy to achieve this goal.
UNDERSTANDING MARKET POSITION:
- A brand awareness study helps healthcare technology companies understand their current market position.
- It reveals how well the target audience recognizes and recalls the brand compared to competitors.
- Insights from these studies can guide strategic decisions to strengthen market presence.
IDENTIFYING STRENGTHS AND WEAKNESSES:
- A brand awareness study identifies which aspects of the brand resonate with the audience and which areas need improvement.
- Understanding these strengths and weaknesses enables companies to tailor their marketing messages and strategies effectively.
MEASURING CAMPAIGN EFFECTIVENESS:
- By establishing a baseline, companies can measure the impact of their marketing campaigns over time.
- Regular studies provide data to assess whether marketing efforts are improving brand awareness and perception.
Establishing a Baseline and Regular Assessment
- SETTING A BENCHMARK:
• Conducting an initial brand awareness study establishes a benchmark against which future studies can be compared.
• This baseline provides a clear picture of the starting point and highlights areas needing immediate attention. - REGULAR MONITORING:
• Repeating the study every 6-12 months helps track changes in brand awareness and perception over time.
• Consistent monitoring ensures that marketing strategies are aligned with current market conditions and audience preferences. - DEMONSTRATING MARKETING EFFECTIVENESS:
• Comparing data from successive studies can demonstrate the effectiveness of marketing spend.
• Positive trends in brand awareness metrics can justify the investment in marketing and provide evidence of ROI. - STRATEGIC ADJUSTMENTS:
• Regular assessments enable companies to make data-driven adjustments to their marketing strategies.
• This agility ensures that the brand remains relevant and competitive in a rapidly changing healthcare landscape.
Challenges in Showing ROI for Marketing Spend
INTANGIBLE NATURE OF BRAND AWARENESS:
- Unlike direct sales, brand awareness is an intangible asset, making it difficult to measure its immediate impact on ROI.
- The effects of brand awareness often manifest over the long term, further complicating ROI calculations.
ATTRIBUTION ISSUES:
- In healthcare technology, multiple touchpoints and a long sales cycle make it challenging to attribute revenue directly to marketing initiatives.
- Marketing activities often work in conjunction with other initiatives, making it hard to isolate the impact of individual campaigns.
Benefits of Working with a Third Party
for a Brand Awareness Study
OBJECTIVITY AND UNBIASED PERSPECTIVE:
- Third-party firms offer an unbiased perspective, free from internal biases that may influence the results.
- Additionally, market research companies can conduct double blinded studies where the respondent is not biased by being asked directly by the company about their strengths and weaknesses. The responses can also be anonymized.
EXPERTISE AND EXPERIENCE:
- Third-party firms specialize in market research and have extensive experience conducting brand awareness studies
- They employ proven methodologies and analytics to ensure comprehensive and reliable insights.
TIME AND RESOURCE EFFICIENCY:
- Conducting a thorough brand awareness study requires significant time and resources, which may be limited in house.
- Outsourcing the study allows the internal team to focus on core business activities while leveraging the expertise of the third party.
CREDIBILITY WITH STAKEHOLDERS:
- Results from an independent third-party study are often perceived as more credible by stakeholders, including investors, partners, and executive leadership.
- This credibility can enhance trust and confidence in the findings and recommendations.
Benefits of Using Eliciting Insights for Developing Brand Awareness Studies
When it comes to choosing a third-party firm for your brand awareness, Eliciting Insights stands out as a leader in the healthcare space. Here’s why:
Years of Experience:
Eliciting Insights has extensive experience in the healthcare industry, understanding its unique challenges and opportunities. We can drill into healthcare specific topics and provide you with the level of detail you need to optimize your marketing process.
Proven Track Record:
Eliciting Insights has a proven track record of helping healthcare businesses refine their strategies and optimize marketing spend.
Tailored Approach:
Eliciting Insights customizes its analysis to meet the specific needs of your business, ensuring relevant and actionable insights.
