If you have watched TV in the last 10 to 15 years, you have likely witnessed a celebrity in any number of humorous situations talking about the perks of having a Capital One credit card. The commercials always end with one of the most famous advertising taglines, one that TV viewers all over the country (including my 12 year old daughter) know and associate with the brand: “What’s in your wallet?” The question, while simple, is extremely powerful, as it gets the consumer thinking about their credit card and whether or not they’re maximizing the benefits that come with it. Questions such as “Is my existing card working for me? Do I have the best options available? Are there better returns I could be seeing?” and subsequent consumer audits have led Capital One to enjoy massive customer acquisition and revenue growth over the years.
As we head into 2023, hospitals and health systems all over the country face a similar question asked by leadership: “What’s in your budget?” Often, this is followed by pressure to trim budgets by a certain amount—up to 20% in some cases.
In November, I had the privilege of attending and speaking with an agency partner of ours, Carolyn Drozynski of Media Storm, at Greystone.net’s Healthcare Internet Conference in Miami, Florida. This is a fantastic conference to attend, as HCIC is packed with leaders in the digital healthcare world sharing successes, challenges, strategies and upcoming initiatives. Over the course of the conference, three main themes for 2023 emerged:
- Budget cuts
- The need to be innovative in a cost-efficient way
- Hospitals are ready to get back to business and regain patient volume while providing the best possible care
Carolyn and I presented on the importance of diversifying your organization’s digital marketing portfolio to maximize results. We also emphasized how leveraging digital and paid social platforms can educate consumers and keep your brand top-of-mind for potential patients and caretakers. As you hone in on your campaign objectives and evaluate the search landscape, you can—and should—apply the self-reflective questions posed by the Capital One ads to healthcare digital marketing budgets. Is your existing marketing plan working? What solutions can you deploy to improve returns?
Consider this: Dentsu’s Yearly Consumer Sentiment Survey found that 43% of consumers use specialized search engine sites like healthgrades.com and our associated properties when researching health and wellness information—compared to 27% who use social media or 15% who rely on provider-related websites. Is your health system leveraging these types of specialized search engine sites in your annual plans? If not, can you scale back on other strategies to create room in your constrained budget for these sites?
Working with a limited marketing budget can be challenging, but investing in Healthgrades is a smart financial move. As a Healthgrades partner, you can tap into the largest audience of people looking for a doctor online and meet your patient acquisition goals. Our highly-targeted marketing solutions reach high-value healthcare consumers who are ready to make a healthcare decision—and our conversion metrics consistently outperform industry benchmarks for digital advertising.
There’s never a wrong time to analyze your ad dollars and marketing mix. With that in mind, what’s in your budget?
Get in touch today to learn how Healthgrades can help you make every dollar count.
