As the healthcare industry continues to change rapidly, it is more critical for providers and hospitals to stay ahead of the curve. One method to do this is by conducting a healthcare competitive analysis. It will help you understand your competition and how to differentiate your brand to remain relevant in the industry.
This blog post will discuss a healthcare competitive analysis, why it is essential, and how you can conduct one yourself.
Steps Involved in Conducting a Healthcare Competitive Analysis
A competitive analysis will help you to understand your competitors’ strategies and how they are positioning themselves in the market. Some steps on how you can conduct a healthcare competitor analysis are as follows:
1. Define Your Objective
In 2021, the global healthcare industry was worth an estimated $12 trillion. The healthcare industry is proliferating, and with this growth comes increased competition. Defining the objectives is the first step in conducting a competitive healthcare industry analysis. What are you trying to achieve? Are you looking to improve your brand awareness? Increase market share? Expand into new markets?
2. Research Your Competitors
Around 14 percent of US adults are employed in the healthcare industry. That’s a lot of competition. To stand out, you need to know everything about your competitors—their strategies, their audiences, and how they’re marketing themselves.
Start with a list of your top competitors. If you’re unsure who they are, try doing a Google search for keywords related to your business. For bariatric healthcare providers, for example, your competitors might be other weight loss clinics in your area.
Read this article on the 5 Ps of bariatric healthcare marketing to learn more about targeting your audience.
3. Analyze Your Data
It is crucial to have an understanding of how your organization ranks in comparison to your competitors. This data will help you determine how well you are doing and where there is room for improvement.
For example, weight loss marketing ideas you can track and analyze include:
- Number of website visitors
- Number of leads generated
- Conversion rate
- Social media engagement
4. Create a Strategy Based on Your Findings
Marketing strategies are not one-size-fits-all. Depending on your findings, you’ll want to tailor your strategy to address the specific needs of your target market. If you find that the target market is underserved, you’ll want to focus on creating awareness for your brand.
For example, suppose you’re a small, independent hospital competing against large, well-established hospitals.
5. Monitor and Adjust As Needed
Track and monitor the progress of campaigns and objectives to ensure you’re on track. Regularly revisit and update your analysis as the healthcare landscape changes. Doing so will help you discover new opportunities for growth and keep your brand relevant.
Bariatric Audience is an online marketing agency that specializes in bariatric marketing. Contact us to understand the competitive landscape of the healthcare industry so that we can help you create a marketing strategy that will make your brand shine in the crowd.
