Increase Bottom-Line Results Through Purpose-Driven Marketing
January 20, 2017 Jason Brown purpose-driven marketing
The healthcare industry continues to flood the marketplace with messages of shorter ER wait times, technological advances, advanced treatments and new access points. While some of these approaches are still effective today, healthcare marketers may be missing a major opportunity to dramatically improve the bottom-line results of their organization if they don’t practice Purpose-Driven Marketing.
Start With What You Believe, Not What You Want To Sell Me
Purpose-driven marketing advocates that instead of simply focusing on the products and services your health system delivers to the market (i.e. cardiovascular, urgent care, pediatrics), your organization’s Purpose (what you believe) should be the focal point of your communications. Simply, purpose-driven marketers believe that people don’t buy what you do, they buy why you do what you do.
Purpose-Driven Marketing Drives Real Results
This philosophy cannot be easily dismissed: purpose-driven organizations are, in general, the companies we all admire. Think Apple. Tesla. Unilever. PepsiCo.
But does this admiration translate to financial performance? Unequivocally, yes.
Purpose-driven organizations consistently outperform the stock market by a wide margin. For example, a 10-year growth study of 50,000 brands reveals that the 50 highest-performing businesses are the ones driven by brand ideals. The Stengel 50 grew three times faster than their competitors.
Imagine the power of a marketing program that can drive culture, improve employee engagement, create advocacy in your markets and drive service line volumes.
Of course, purpose-driven marketing isn’t a replacement for service line promotions. It serves as the umbrella for these initiatives.
For example, you may buy Apple because you relate to the brand’s world view (“We believe in challenging the status quo.”), but it’s also important for Apple to promote its new iPad or iPhone.
Healthcare Systems Are Natural Candidates for Purpose-Driven Marketing
“But we’re not Apple…we run a health system. Will this work for us?” Purpose-driven marketing will work for any organization with a purpose. And, if you’re reading this, that includes your healthcare system.
Think about it: You are in the business of saving lives and restoring health amongst men, women and children of all ages. Of all industries, healthcare is perhaps the most natural candidate for purpose-driven marketing.
And, here’s the best part. You don’t have to go back to night school or attend a fancy seminar to get started. It only takes 18 minutes. And it’s free. (I would submit it’s also educational, inspiring and funny!) Watch the video of Simon Sinek’s Ted Talk (“Start With Why”) below. If you haven’t seen it before, I promise you it’s worth every minute.
If you are interested in seeing how this approach has been applied to health systems, please feel free to contact your BPD account manager (for existing clients) or reach out to me directly at 561-276-7701 or [email protected]
Jason is CEO & Chief Strategy Officer of Brown Parker & DeMarinis, an internationally-recognized healthcare advertising agency that works with hospitals to drive patient volumes across service lines, improve payer mix and develop new physician referral patterns.