Market Analysis for Healthcare Digital Marketing
Want to know what the “next big thing” is for healthcare digital marketing? To predict where your industry is going next, you’ll first need to know where it’s been. A healthcare market analysis looks at industry trends to understand shifts in patient and provider behaviors, and which healthcare practices are boosting their digital presence, and which are falling short. Think of a market analysis as a general “state of the union” for your practice’s field and the important metrics for benchmarking your practice against the overall industry and top competition. This analysis provides a general overview of the state of the market that will help you better determine internal strengths and weaknesses, as well as opportunities and risks within the external marketplace. The end result will help you evaluate demand for different types of services, determine the unique value proposition for these services (and your practice as a whole), and shape the next steps for you digital marketing program.
Case Study: Market Analysis for Online Search Terms
The healthcare marketplace is a pretty broad field. When conducting an analysis of this marketplace, you’ll want to balance information about general trends (e.g., changes in the number of insured because of the Affordable Care Act) with information that’s specific to the immediate challenges facing your practice. For example, let’s say your healthcare practice provides urgent care and you want to increase your practice’s organic search rank. In order to develop an effective digital marketing strategy, you will first need to conduct a market analysis for urgent care search terms.
Here at Cardinal Web Solutions, we conducted a market analysis for an urgent care client and discovered the following industry trends:
- Online searches for “urgent care” have risen steadily in the last four years, with query volume up to 72 percent.
- “Urgent care” is the preferred online search term, with more prospective patients using this term in comparison to “walk in clinic” or “immediate care”.
- The term “urgent care” is most commonly searched in conjunction with “urgent care hours,” which has seen a 350 percent increase over the last four years.
- The second most common query is “urgent care near me,” which has increased 1,840 percent in the last two years.
- Popular, long-tail keyword options focused on urgent care for children include “children urgent care” and “child urgent care” rather than “urgent care pediatrician” or “pediatrician urgent care.”
Understanding Marketplace Analysis Findings
So, what do marketplace analysis findings mean for developing digital strategy? In the above example, the team at Cardinal Web Solutions made a number of strategic communication recommendations, including developing messaging that highlights convenience and location. This marketplace analysis also lead to additional recommendations for future research, such as the distance prospective patients are willing to travel in order to receive care.
When conducting your own marketplace analysis, organize findings around actionable solutions and don’t be afraid to conduct additional research, should new questions present themselves. An effective market analysis will lay the groundwork for future research and message development.