Value Based Marketing

What is Value Based Marketing?

Quite simply, value based marketing is the method where a business or practice gets the most impact from its marketing strategies. By using the cost-effective and sensible marketing, your business can attract the most potential patients or clients and persuade them to call for your services.

Value based marketing means achieving the biggest result with your marketing budget, no matter how lean it may be.

Minimum Expense with Maximum Value

Value based marketing is all about effective use of technology to engage current and prospective patients/clients on a much larger scale. A mix of Internet advertising, fresh content on websites and use of software applications with social media enables physicians and health providers to advertise and promote services with relatively small cost.

The trick to value based marketing is that it must be consistent and focused over the long term, honing in on the services that your business/practice provides. By doing so, you can strengthen your brand and resonate with patients, achieving recognition with little cost and effort.

Benefits of Value Based Marketing

Just as reimbursements for physicians are transitioning from fee for service to quality value based medicine, marketing is shifting from a cost based model to value based pricing and quality.

To be perceived as relevant and providing value, highlight:

  • The factors that differentiate you and your services from competitors
  • The way that you position yourself
  • What you offer that others do not (e.g. telehealth, office hours, etc.)
  • The support and coverage you provide
  • The worth of your services to your patients

Creating a Value Based Marketing Strategy

The services and any products that you offer that attract patients are not only the ones that provide better performance overall but also encompass higher perceived value.

This means that you must describe your products and services in terms of key benefits, not on features. A good example of this is a car that doesn’t just have a powerful engine and sleek body but provides status and attracts the opposite sex to you. Look at erectile dysfunction commercials. The company doesn’t just say it is a pill or explain how it treats ED but rather promotes the idea that “You will be ready when the moment approaches”. It implies that you are a stud and not a male failure. Can you describe your products and services in a way that is both relevant to your customer and very desirous? How does it compare with your competitors?

Most businesses or practices do not have competitive positioning data covering the key services that you provide.

Value based marketing enables your business or practice to attain a comprehensive approach to increase perceived value, strengthen brand, increase visibility and establish authority in your field…all with in a value-based budget.

Reprinted by permission of copywriter Barbara Hales. For more discussions on health care reform, subscribe to The Medical Strategist newsletter at: http://www.TheWriteTreatment.com.

About Barbara Hales – Copywriter Barbara Hales is a specialist in the Medical and Health market that helps clients improves lead generation and sales. After working in the healthcare field as a physician for thirty years, she turned her focus to marketing and writing, where she gets measurable improvement on healthcare promotions.

Sign up for her FREE newsletter: The Medical Strategist at http://www.TheWriteTreatment.com.

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