Companies in the healthcare industry invest approximately 10% of revenue in branding and marketing, which is slightly more than companies in other industries, according to a Duke University study. The trick is knowing when, where and how to spend it most effectively to generate the biggest ROI.
A Consumer-centric Approach is Important for B2B Marketers, Too
Healthcare B2B and B2C marketing used to be completely separate. B2B marketing was focused on selling medical equipment, devices and services to hospitals, while B2C targeted the consumer of healthcare products and services. Today, B2B marketers are much more cognizant of the end-user experience, and for good reason. Consumers have more information at their fingertips and more providers to choose from than ever before. In response, B2B healthcare marketers are tailoring branding activities and lead generation campaigns to consumer buying habits more often and have begun integrating digital tools already used extensively by B2C agencies.
That said, healthcare B2B marketing is still a few years behind the rest of the B2B marketing space. According to the Marketing Content Institute, healthcare marketing agencies rely on print newsletters almost twice as much as B2B marketers overall (43 percent vs. 28 percent). Conversely, they use blogs and LinkedIn much less (58 percent vs. 72 percent for blogs; 56 percent vs. 74 percent for all marketers). Shifting their mix toward digital content, tools and processes will help align their efforts with modern consumer preferences.