Data or Bust: The Power of Precision Marketing

Precision Marketing: Turning Service Line Marketing into an ROI Machine

Full transcript page here.

Does your Service Line Marketing need a level-up? Are your C-Suite leaders asking the Marketing & Communications team to prove ROI? Well reader, this is the episode for you.

Precision Marketing goes beyond Service Line Marketing to use third and first-party data to identify a list of individual consumers with a given propensity to segment and engage with targeted paid media. With machine learning at its core, Precision Marketing enables marketers to hyper-target service line messages to those who are most likely to need specific services—think hip replacement, neurosurgery, TAVR, or knee replacement.

The Power of Data:

Data is the lifeblood of Precision Marketing. In our latest episode of The No Normal Show (linked above), Anne DiNapoli Block, Managing Director of Data Solutions & Analytics, and Micha Siegel, Precision Marketing & Data Strategist at BPD highlight the importance of combining various data types—demographic, psychographic, and clinical—to create a comprehensive view of each individual. This holistic data integration allows marketers to predict healthcare needs based on a person’s lifestyle, preferences, and medical history. By understanding these intricate details, marketers can craft highly personalized and relevant campaigns that resonate deeply with their audience. And more importantly, move them to take an action—like scheduling an appointment or consultation.

Maximizing Marketing Efficiency:

One of the standout advantages of Precision Marketing is its ability to make marketing dollars work harder. Traditional marketing methods often cast a wide net, hoping to catch a few relevant consumers along the way. Precision Marketing flips this approach, zeroing in on specific individuals rather than broad demographic groups. This targeted approach not only enhances effectiveness but also ensures a higher return on investment (ROI), making every marketing dollar count.

Ensuring HIPAA Compliance:

A crucial part of the discussion about Precision Marketing is how to navigate the complex landscape of data privacy and legal compliance.

It is important to note that no PHI data from any healthcare system is used in BPD’s approach: all data is de-identified and anonymized. This approach helps healthcare organizations ensure that neither electronic health record (EHR) nor medical data are required. Instead, we leverage data at a national level, ensuring that protected health information (PHI) remains securely within medical record systems and EHRs. The shared data only includes basic consumer information similar to what is available through public data or purchased consumer lists.

Harnessing AI and Machine Learning:

The integration of artificial intelligence (AI) and machine learning (ML) is revolutionizing precision marketing. These advanced technologies accelerate data modeling processes and enhance targeting accuracy. Machine learning algorithms analyze vast datasets quickly, uncovering powerful patterns and insights. This not only boosts current marketing efforts but also positions Precision Marketing as a future-ready strategy, adaptable to the evolving healthcare landscape.

Measuring Impact with Precision:

Measurability is a game-changer in Precision Marketing. This closed-loop system enables a detailed view of the consumer journey, from initial exposure to engagement and action. Thorough tracking provides clear insights into marketing effectiveness and return on investment. Understanding who interacted with what content and their following actions allows for refined and more impactful marketing strategies.

As we embrace the power of Precision Marketing, we ask: how might you leverage this technology to generate better returns on your marketing programs? Let us know by contacting us at nonormal@bpdhealthcare.com.