How To Focus Your Marketing to Drive Preference and Market Share
Among the core concepts that drive HealthStream Research's analyses of client data is our Brand Equity Hierarchy, comprised of Awareness, Image, Preference, Market Share, and Loyalty. This Discovery Paper will focus on the quantifiable power that Preference has on Market Share. Is the connection there? Absolutely! Hospitals will enjoy greater market share if they also possess high preference among their consumers. Moreover, this Discovery Paper will not only show how preference drives market share, but will also show how you can improve consumers' perception of your quality - which in turn drives their preference. [More]
Precision Marketing: An Efficient and Effective Approach to Advertising
Advertising is a critical part of branding for most hospitals—for any organization that wishes to stay in business, actually. This discovery isn’t about whether you should advertise, but how you should advertise. Many hospitals do advertise; we all know this to be true. However, what does this mean to the consumer? Do they remember the advertising? Does it influence them to choose a specific hospital? Yes, many remember—and yes, there are optimal ways to reach and influence your audience. By tailoring your advertising approach, you can prioritize your branding efforts for maximum effectiveness and efficiency.
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Preference vs. Market Share - How Critical is Convenience?
The importance of focusing on preference and market share is almost impossible to be overstated. On average, the top hospitals in HealthStream Research’s databases improved their preference shares from 27% to 32%. As a result their market shares improved from 28% to 33%! Clearly, preference and market share must be dealt with in tandem to achieve the greatest results. [More]