Should you change your marketing strategy when your competition does something new?
Know when to pivot and change your strategy despite the competition.
Staying ahead of your competitor is not a one-time occurrence. Marketing strategies change rapidly, and as new trends and technologies develop, you need to be ready to pivot and reassess your strategy to stay ahead of your competitor. But that doesn't mean you need to make a change when your competitor does something new.
In fact, your healthcare consumer should influence your strategy, not your competitors. If you focus on finding your consumer's pain points and resolving them, while also keeping an eye on the competition, you should be in good shape. If you share a target audience with your competitor, you're going to have to be better at anticipating and addressing your consumer's needs than your competitor is.
There are many factors that can affect your need for a change in strategy. These include:
- Changes in marketing trends. Stay on top of marketing trends but don't immediately adopt new trends without doing your homework. Determining which trends will benefit you early on will give you more time to develop a strategy accordingly.
- Fluctuations in your budget. Because your marketing budget will likely change year after year, it's a good idea to look at your strategy annually.
- You aren't attracting enough new business. Marketing to your current healthcare consumers while trying to attract new ones can often be a balancing act. When new business starts to slow, you can be reasonably sure that your marketing tactics are not as effective as they could be.
- Your website has become stale. If you can't remember the last time you updated your website, it's likely that you need a redesign. Be sure to occasionally run an audit on your website to be sure it's current and you are providing your consumers with a good user experience.
- You have launched new services. As your healthcare organization adds services, your strategy will likely need to be updated. Your service line content provides value to healthcare consumers in your community. It can help them make a decision about where to go for their medical care.
- Your strategy is more than two years old. Think back to when you first created your marketing strategy. How has your organization changed since then? If you implemented it more than two years ago, it might be time to change it.
Above all, know your competition. Find out who your competitors are and what they are doing. What are their differentiators? Their weaknesses and their strengths? This will help you determine where your organization has an edge.
Call in the healthcare marketing experts
Updating a marketing strategy can take a significant amount of time. That's why projects like this are often good candidates for outsourcing. Coffey's team of healthcare marketing experts can work with you to develop a strategy that works for your organization and helps you reach your healthcare marketing goals.