No matter what product or service an organization offers, it’s vital to know as much as possible about the people who are likely to make a purchase. The right business intelligence is a tremendous advantage for delivering advertising and communications that produce substantial results. Fortunately, today’s marketers have access to more data about consumers than ever before.
Market segmentation is the means to turn all that information into an actionable strategy. By dividing the audience of consumers into discrete groups, a business is able to formulate and direct its marketing efforts in ways that capture people’s attention. An informed approach to getting in touch with potential buyers is key to driving growth, especially in a complex industry like life sciences.
How market segmentation works
“Demographics have a strong influence on purchasing decisions.”
Market segments are created by grouping potential customers according to a wide range of relevant criteria. Organizations may be addressing a broad array of needs or desires with their products or services. For instance, a company might strive to appeal to both people who like owning top-of-the-line items and others who are looking for an exceptional value.
A number of factors come into play in determining what kind of marketing push is most appealing to any particular individual or business. Demographics, including age, gender, income level, household size and geographic location, have a strong influence on people’s purchasing decisions. In turn, business consumers may be split up according to their industries and size.
When a company knows its base of prospective buyers well enough to break them down into categories, leaders are able to make wiser decisions. Analytics are increasingly making it possible to discover how specific types of advertising and messaging impact customer behavior in various segments. With these insights, the organization can thoughtfully invest a limited budget in initiatives to build an appealing brand and develop efficient marketing campaigns.
Applying segmentation to healthcare professionals
Marketing to care providers and hospitals comes with special challenges. It can take a long time for doctors, administrators and other stakeholders to arrive at a purchasing decision. Along the way, they will need to learn a great deal about a pharmaceutical or medical device and what benefits it can offer their patients.
To appeal to these audiences, life sciences organizations must be attuned to their priorities and areas of interest. Segmentation is a major asset for optimizing the way marketers make contact with professionals. Like any group, the behaviors and choices of physicians and others involved in buying medical products are often complicated.
One of the most important influences in whether a marketing message will catch a doctor’s interest is his or her area of specialization. A neurologist and a podiatrist have widely disparate areas of focus and administer very different treatments. In addition, the demographics and healthcare needs of the patients a physician serves depends upon his or her institutional affiliation and geographical area.
Maximizing the effectiveness of life science marketing communications
Life sciences businesses rely heavily on making direct contact with the people who use their products. A well-directed physician email marketing campaign is essential to getting the word out about an innovative device or pharmaceutical. Individuals in the right segment are more likely to go on to investigate collateral like white papers, research clinical trials and eventually advocate for a purchase.
An organization must have current data about healthcare professionals to make that initial connection a success. Doctors often move from one hospital to another, so up-to-date email addresses are a vital start. In addition, the business gains a leg up if it has access to a database with information like a physician’s areas of interest and past use of specific treatments.
Armed with these insights, marketing departments develop narrowly focused segments based around the unique needs of physicians. The language, data points and calls-to-action included in emails can all be tailored to appeal to the right audiences, laying the groundwork for a productive relationship.
Advanced business intelligence and segmentation have transformed the way businesses of all kinds conduct marketing. Robust data and clearly defined categories sheds light on the complex purchase journey of healthcare professionals, empowering marketing campaigns and opening up fresh opportunities.