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Marketing to the Mature Marketplace
10 Pathways to Success in Challenging TimesPresented to the Academy of Doctors of Audiology
Friday, November 5th, 2010
Marriott River CenterSan Antonio, Texas
Copyright 2010, by Don Marsh. All Rights Reserved.
Embracing Change in Challenging Times
“Observe always that everything is the result of a change, and get used to thinking that there is nothing Nature loves so well as to change existing forms and make new ones like them.”
Marcus Aurelius (121-180 A.D.)
Meditations. iv.36
Mature Marketplace Growth in Numbers
In 2000, the Mature Marketplace totaled 70 Million Americans; 115 Million in 2010 40 Million 65+; 75 Million 50 - 65
1 in 3 Americans will be Over Age 50 Average Lifespans: 77 for Men; 84 for Women
Couples at Age 65 50% Chance at least one will live to Age 92 25% Chance at least one will live to Age 97
Fastest Growing Segment of the Population?
Understanding the Numbers
1 of Every 4 People Ever Born is Alive Today 2 of Every 3 People Who Ever Lived to Age 50
are Alive Today Each Day in America, 7,000 People turn Age 50 Mature Marketplace is Wealthiest Segment
77% of Nation’s Assets 50% of Nation’s Disposable Income $7.3 Trillion in Buying Power
Finding Success in Challenging Times
In Challenging Times, Long-Term Success Will Come: One Conversation One Patient One Relationship at a Time
Section 1
Inside the Mature Marketplace
5 Key Concepts
What Motivates the Mature Marketplace Autonomy/Self-Sufficiency Connectedness Altruism Personal Growth Revitalization
Segmenting the Mature Marketplace
The “Matures” Born Before WW II
Extremely Patriotic Self-Sacrificing Debt-Free
The “Boomers” Born After WW II
Instant Gratification Self-Entitled Debt is Way of Life
Physical Changes
Eyesight Less Responsive to Cool Colors
Because of Yellowing of the Retina that Occurs with Aging, Ability to Distinguish “Cool” Colors Decreases
Use Warm Shades as Accents in Office Décor andand on Collateral Materials
Increased Glare Sensitivity Limit Harsh Overhead Lighting, White Paint on Walls Print on Dull or Matte Finish Paper Stocks, Instead of
Gloss or Enamel Coatings
Cognitive Changes
Verbal Memory Declines More than Visual Memory Impact on Testimonial Letters vs. Lifestyle Photos
Personality Little Change with Aging Patterns Formed in Young Adulthood
Impacts on 75+ Patient Impacts on 50+ Patient
Left Brain vs. Right Brain Thinking
With Aging, Left Brain (Logic) Thinking Declines, While Right Brain Thinking (Instinct) Increases The Right Brain is Better at Recognizing Relationships
and Visual Processing With Right Brain Thinking, Impressions are Formed Visually
and Instantaneously It is Through the Right Brain that the Benefits of Buying
New Products are understood
Mature Marketplace Purchase Behaviors
To Replace Something Old & Obsolete To Maintain Lifestyle To Give Gifts To Accumulate Enriching Experiences
Section 2
Defining Yourself in the Marketplace
Starting Point in Challenging Times
Consistency of Message What You Want Your Practice to be Known For
A.K.A. “Positioning” or “U.S.P.”
Positioning Endures
1927
Positioning Endures
1951
Positioning Endures
1986
Interactive Exercise #1
In 25 Words or Less, Tell Us What You Want Your Practice to be Known for
What Patients are Looking for
Technology – 50% Personal Service – 44% Lowest Price – 6%
Results of Nationwide Patient Focus Group Programs
The Competitive Advantage Question
In Challenging Times like These, What is Your “Competitive Advantage”?
The Competitive Advantage Answer
Each and Every One of Your Patients
Section 3
The Relationship Imperative
Two Kinds of Buyers
Transactional Buyers – Make Purchase Decisions Based on Price or Convenience, but not on Loyalty
Relationship Buyers – Make Purchase Decisions Because of the Relationship You’ve Created
Relationship Buyers do Return, Transactional Buyers do not Return
LTV and 3 Stages of the Patient Lifecycle
LTV (Life Time Value) Total $$$ Earned from Patient Relationship
3 Stages of the Patient Lifecycle 1st-Time Patients Repeat Patients Patient Advocates
Relationship Marketing Goals
Keep Patients Longer Impact of New Technologies
Lowering Median Age of 1st Time Wearers Reducing Length of Purchase Cycles
Increase Patient Share Overall % of Patient’s Purchases
After-Market Products Batteries ALDs Extended Warranties
4 Rules of Relationship Marketing
Requires Individual Knowledge of Your Patients Must be Interactive Does not Need to be High-Tech Based on Perceived Value and Personal Service
Industries Using it Then…
Airlines Credit Cards Telephone Services
Industries Using it Now
Everyone
Who Was “Joe, the Corner Grocer” and Why is he the “Father of Relationship Marketing”?
Leverage Point in Relationship Building
First Point of Contact
The Staffing Equation
One of the most Important Human Needs is “Identity” Treat your Staff as part of Your Business Empower them to Become Experts at what they do Create an Office Environment where Everyone knows
how Important they are to Your Overall Success
The Staff Training Question
Some Practice Owners ask, “What if I Train my Staff and they Leave?”
The Staff Training Answer
The Better Question is, “What if I Don’t Train my Staff and they Stay?”
Front Office Design
Glare Sensitivity Visual Stimuli Olfactoral Stimuli
Creates Positive Cognitive Association
Continuous Loop TV Family Friendly Environment
26% of Grandparents have Regular Care of Grandchildren
Features vs. Benefits
Features are the Physical Characteristics of Your Product
Benefits are How Those Characteristics Improve Product Performance
Interactive Exercise #2
Think of the Product You Want to Sell Most Write 3 Features of that Product Write 3 Benefits of that Product
Interactive Exercise #3
Imagine You Are 18 Years Old and About to Leave for College Write a Short Letter to Mom & Dad, Asking to Borrow
$10,000 for Your 1st Year’s College Tuition
Features vs. Benefits vs. Values
Features are the Physical Characteristics of Your Product
Benefits are How Those Characteristics Improve Product Performance
Values are the Emotional Translation of how Products Improve Patients’ Lives
“Values-Based” Communication
3 Ways to Influence Human Behavior Addressing Human Needs is Least Powerful Addressing Human Wants is More Powerful Addressing Human Values is the Most Powerful
Use an Exchange of Values to Create Environment of Trust and Confidence
When Patients talk About their Values, it Leads to Understanding what Makes their Lives Unique
Values are like Fingerprints; Each is Similar, but no two are Identical
5 Mature Marketplace Needs
Necessities for Everyday Life Food/Water Affection Safety Shelter Survival
5 Mature Marketplace Wants
Luxuries not Always Attainable New Clothing Larger Home Personal Items Unlimited $$$ Resources Vacations
5 Mature Marketplace Values
Translated from Key Concepts Family Health Peace of Mind Friends Leisure Time
Section 4
10 Pathways to Success in Challenging Times
Put Your Plan to Paper
Fewer than 50% of Hearing Professionals follow Written Marketing Plan and Marketing Calendar
Sample Marketing Overview
Practice Description Marketing History List of Objectives How to Attain Objectives
Marketing Communications Plan Overview/Your Practice Name Here -
Summary – Account is in private practice in (Your Town). Previous marketing effortsinclude newspaper ads, community outreach and newsletters mailed twice a year. Newmarketing efforts to include consumer and physician outreach, Target Marketing tocurrent database and Free Media, to further position account in the marketplace.
Objectives Š To initiate a marketing program that builds on the goodwill and identity of(Your Practice Name) as a service-oriented provider. Use local media to further positionaccount in the marketplace. Create presentations for consumer and physician audiences.Create new Web site and integrate that with Web marketing program.
Priorities –
1) Provide samples of Target Marketing materials, i.e: Trade-Up letter. (DM)
2) Mine current database, as much as possible, to determine Purchase Drivers and thencreate Retention/Target Marketing program accordingly. (YOU/DM)
3) Provide assistance in developing Web site for practice. Secure links to other Websites via Web marketing program. (YOU/DM)
4) Create office brochure and possibly patient & physician newsletters. (YOU/DM)
5) Develop schedule for monthly dissemination of news releases and contact area media.(see Item #8. (YOU/DM)
6) Obtain CD of consumer and physician PowerPoint presentations. Create schedule fornew seminars accordingly. (YOU/DM)
7) Research available opportunities for cross-marketing to area medical professionals.(YOU/DM)
8) Locate media “Source Book”, to develop media contacts. See Item #5 (YOU/DM)
9) Investigate possibility of hiring part-time marketing support person. (YOU/DM)
Provide articles for dissemination in patient, hospital and organization newsletters. (DM)
Sample Marketing Calendar
3 Areas of Activity Patient Acquisition Retention Marketing Free Media/
Community OutreachYour Practice Name Here Patient Acquisition Retention Marketing Free Media______________________________________________________________________________________________________________________
January Target Marketing I *** Trade-Up letter ** Revise Web site___________________________ Consumer Education Seminar Frequent Buyer's Club Locate Source Book
February Competitive Users Campaign Target Marketing II *** Staff Highlight___________________________ Cross-Marketing * News Release
March New Technology Ad/Open House Patient Newsletter New Technology___________________________ Physician Newsletter/Education News Release
April Competitive Users Campaign Frequent Buyer's Club Revise Web site___________________________ Consumer Education Seminar Consumer Education Seminar
May Better Hearing Month Ad Check-Up B4 Summer promo Better Hearing Month___________________________ Target Marketing II News Release
June Physician Newsletter/Education Patient Newsletter Begin Modifying Web site___________________________ Competitive Users Campaign Half-Year Check-up Contact Hospital Liasons
July Consumer Education Seminar Frequent Buyer's Club Effect of Hearing Loss___________________________ on Family NR
August Competitive Users Campaign Target Marketing II Contact Service Orgs. ****___________________________ Staff Highlight NR
September New Technology Ad/Open House Patient Newsletter Revise Web site___________________________ Physician Newsletter/Education New Technology NR
October Competitive Users Campaign Frequent Buyer's Club Revise Web site___________________________ Consumer Education Seminar IHS News Release
November Wanted 10 People Ad Check-Up B4 Holidays promo Effects of Hearing___________________________ TargetMarketing II Loss on Family NR
December Physician Newsletter/Education Patient Newsletter Holiday OutreachHear Better 4 Holidays Ad Holiday Thank Yous Holiday Outreach NR
_______________________________________________________________________________________________________________________ ___________ __________________
NOTES: * is weekly; ** is monthly; *** is quarterly; **** is contacting Speakers' Chairpersons.Target Marketing I is prospect-based; Target Marketing II is patient-based.Target Marketing II does not begin until database is mined.
Rhythms of the Purchase Cycle
Conduct Community Outreach or Patient Education Programs Before Major Holidays
Reach Secondary Influencers Before/After Major Holidays
Avoid or Minimize Campaigns 30 Days Prior to Elections Holiday Periods
Writing the Perfect Sales Letter
Be “Conversational”; Write as if You are Speaking to that Person
Remember the “You” Use Adverbs for Men, Adjectives for Women “50 Word Rule” Always use a P.S.
Guidelines for Layout
Minimum 12 pt. Type “Flush Left/Rag Right” Alignment Indent Each Paragraph Maximum 2 Sentences, 3 Lines per Paragraph Personalized Salutation Backwards is “Proof Positive”
Sample Layout
“Johnson Box” “Jump” to 2nd Page “Serif” Typeface
Announcing our Special Trade-Up ProgramOn New Digital Hearing Technology
(---date---)
Mr. John Jones1234 Main StreetYour Town, State 56789
Dear ------------:
We’re pleased to announce a brand new Trade-Up Program you can participate inas a Preferred Patient at (practice name). This new program allows you to take advantageof the latest advances in Digital Technology and save $$$ at the same time.
We’ve recently introduced the latest version of our fully digital hearinginstrument. Our results tell us this new instrument, with its many advanced features,makes better hearing simpler, easier and almost automatic.
To help you experience the benefits of the fully Digital hearing instruments, weare offering a limited time Trade-Up offer. This chart shows the percentage of youroriginal purchase price we’ll apply toward your new digital hearing instruments:
Here’s how our Trade-Up Program works:
Age of Current Instruments Trade-Up Value
Less than 1 year (--)%1-2 Years (--)%2-3 Years (--)%3-4 Years (--)%4-5 Years (--)%Over 5 years (--)%
Our records show your current instruments were purchased in (---month, year---).
This new digital hearing instrument features (#) channels that can be programmedindependently for better hearing in a variety of listening environments. It also features
More –
Pathway #1: Retention Marketing Programs
Fewer Marketing $$$ Required Mine Your Database
RFM Modeling
Create Sales Letters to Target Each Segment Address “Secondary Influencers” Infuse New Offers
Value-Addeds
Pathway #2: Tested-not-Sold Programs
Leverage Initial Contact with Regularly Scheduled Follow Up Program Immediately Afterward 7-10 Days 30 Days
With Each Follow Up, Introduce New “Value-Added” Concepts to Incentivize Return Visits 3% of TNS Patients Return; 30% buy Elsewhere
Critical TNS Factors
Why Patients Don’t Buy Expectations on Price
40% Look Elsewhere
Immediate Ability to Pay 50% Still Looking to Improve their Hearing
Why Patients Do Buy Convenient Appointment Times Speaking Directly with Hearing Professional Questions Answered During Consultation Test Results Explained in an Informative Manner
Pathway #3: Patient Referral Programs
Leverage the Relationship Earned with Patients Importance of “Cohorts”
Offer Non-Traditional Rewards Gift Certificates to Restaurants/Theaters Soft Testimonials to Improving Lives
Develop Collateral Materials to Support Conversations with Patients/Family Members
Pathway #4: Trade-Up Programs
% of Previous Purchase Applied to New Purchase
2 Options for % Scale Altruism “Hook”
Census Bureau Study 5% Move per Year;
50% Stay in Area
Announcing our Special Trade-Up ProgramOn New Digital Hearing Technology
(---date---)
Mr. John Jones1234 Main StreetYour Town, State 56789
Dear ------------:
We’re pleased to announce a brand new Trade-Up Program you can participate inas a Preferred Patient at (practice name). This new program allows you to take advantageof the latest advances in Digital Technology and save $$$ at the same time.
We’ve recently introduced the latest version of our fully digital hearinginstrument. Our results tell us this new instrument, with its many advanced features,makes better hearing simpler, easier and almost automatic.
To help you experience the benefits of the fully Digital hearing instruments, weare offering a limited time Trade-Up offer. This chart shows the percentage of youroriginal purchase price we’ll apply toward your new digital hearing instruments:
Here’s how our Trade-Up Program works:
Age of Current Instruments Trade-Up Value
Less than 1 year (--)%1-2 Years (--)%2-3 Years (--)%3-4 Years (--)%4-5 Years (--)%Over 5 years (--)%
Our records show your current instruments were purchased in (---month, year---).
This new digital hearing instrument features (#) channels that can be programmedindependently for better hearing in a variety of listening environments. It also features
More –
Pathway #5: Focus Group Programs
Invitation to Patients and Spouses Neutral Settings Work Best
Sales Benefits Introduce New Technology/Treatment Options
Marketing Benefits Immediate Feedback from Target Audience
Focus Group Agenda
Welcome/Introductions Gather Opinions on Advertising Samples Presentation on New Technology/Offers Open-Ended Q & A Book Appointments Afterward
90-Minutes in Total/Several Sessions per Day
Pathway #6: E-Marketing Programs
AARP™ Study Shows Mature Marketplace Fastest Growing Segment (63 Million in 2010) 18 Hours/Week 74% are Looking for Products and Services Locally
64% are Looking for Healthcare
Standard Website Content
Home Page Staff Highlights Products and Services “Hearing News You Can Use” Testimonials
Video Testimonial; Testimonial from Spouse “5-Minute Hearing Test” Contact Page
Self-Qualifying Questions
Variations on the Website Theme
Definition of “Branding Site” Who You are and the Products/Services You Offer
Definition of “Power Page” Example: (Your Town) HearingAids.com
Information Becomes part of E-Database “Click Here” Brings them to “Landing Page”
The “Patient-Centric” Website
“Landing Page” Value-Addeds Coupons, Other Offers Interactive Elements
Be “Transactional” Appointment Setting Event/E-Newsletter Sign-Ups
Be “Personal” Establish “Patient Portals” Communicate with Audiologist
“Cross-Promote” Site Guide Visitors to Other Pages
Using the New Social Media
Facebook ™ More People Over 50 than Under 21
LinkedIn ™ 2/3 with Hearing Loss are Under 65
Yelp ™ Learn what the Community is Saying
To Blog or not to Blog WordPress ™ Templates
Monitor Your Site’s Success
Google Analytic ™ or other Tool Learn the Most Popular Pages
Add Offers Update Information
Conversion Rate 2% or Higher
Bounce Rate 50% or Lower
Opt-In Rate 3% or Higher
Pathway #7: Free Media Programs
Inverted Pyramid Style Newsworthiness Practice/Technology
New Office/Staff/Offers New Technology Conference/Event
Human Interest Hearing/Income Loss Hearing Loss & Family Patient Success Stories
Date Contact: (-name-)For Immediate Release (---telephone---)No Kill Date
(--Name--) Attends Conference onDigital Hearing Technology
(Your Town) ---- (---Name---), owner of (---business
name---), a (---city---) hearing healthcare business, has just returned
from a Conference on New Digital Hearing Technology, held in the
(City, State) offices of (Manufacturer Name).
Cont’d –
Digital Hearing ConferencePage two of three –
According to (---Name---), ”This Conference gave me
Maintaining Media Contacts
Locate Media Directory “Source Book” Library Chamber of Commerce Newspaper Ad Agencies
Combine both Print and Broadcast Contacts
Working with the Media
Prepare “Talking Points” in Advance Understand Their Workdays
Place Follow-Up Calls between 10:00 am – Noon
Present Yourself as an Expert, not a Salesman Fax/Mail/Hand-Deliver or Electronic Distribution For Major Campaigns, Create Press Kit
“Pitch Letter” Bio, Product Information, FAQs “Expert Testimony”, Patient Testimonials
Appearances on Radio/TV
Availability Hot Sheet Popularity of News or
Interview Formats 2000+ Stations in 2009
Use B-Roll Footage in Continuous Loop System
Beta/DVD Formats
Availability Hot Sheet
Topics: The Incidence of Hearing Loss; Contact: Its Common Warning Signs; (Name) The Impact on Family & Friends; Certified Audiologist, New Technologies Available to Help; (Practice Name) May is National Better Hearing Month; (Telephone)
To: (---Name---), ProducerThe (Name of Show)
Did you know that (---number---) people in (City) alone sufferfrom hearing loss?
Did you know that, thanks to recent advances in hearingtechnologies, there is more help available than ever before forthose with hearing loss?
Did you know that May is National Better Hearing Month?
(Name), certified Audiologist with (Practice Name), can inform and educate your viewerson the nature of hearing loss, its early warning signs, how it affects the overall outlook onlife of not only the hearing loss sufferer but family members and friends and the newtechnologies available to help.
(First name) brings with (him/her) a poised, professional manner that has helped(him/her)communicate these important subjects to her patients and their families. As partof National Better Hearing Month, (he/she) can provide your (viewers/listeners) the sameinformation.
Audience participation also can be part of (his/her) appearance.
Help your audience better understand about hearing loss, the 3rd most common medicalproblem in the world, by contacting (name) about appearing on your Show.
Pathway #8: Community Outreach Programs
Speaker Chairs of Service Organizations Kiwanis, Lions, Rotary, Optimists Clubs Usual Rotation, September - August
Usual Election Cycles, April - June
Appearances will Perfect Communication Skills
Community Outreach: Essay Contest
Hearing Aid Essay Contest Local Newspaper
Announces Contest/Rules Essays Submitted on
Behalf of Family/Friends Panel of Judges –
Newspaper and Practice Staff – Select Winner(s)
Follow-Up Story Placed Other Essays Submitted
Become Leads
Hearing Aid Essay Contest Announcement copy –
Do You K now Someone Who CouldUse the Gift of Hearing?
Body –
Statistics show that one in ten Americans suffers from some type of hearing loss. In the (city) area alone, that represents approximately (number) people.
Chances are, you know one of them.
In an effort to provide someone in our community the gift of better hearing, (Practice Name) is announcing a Hearing Aid Essay contest. In 250 words or less, tell us the story of someone you know whose life would be improved if only he or she was able to hear better.
Send your entries to (Name of Newspaper), attention (Name of staff person) @ (address). Or, you may fax them to (fax #) or email at (e-mail address).
All essays will be judged by a committee of representatives from the (Name of Newspaper) and (Practice Name). Three essays will be selected from all those received. Deadline for submission is (date).
And who knows? Maybe yours will be one of the essays chosen, letting someone you know receive the gift of better hearing.
Community Outreach: “Cause Marketing”
Involve Your Practice in Charitable Programs Goodwill, PR, PSA Benefits
Largest Segment of any Donor Population is 50+ Giving USA™ Report:
Individual Donors Represent 75% of all $$$ Raised
Encourage Patients to Become Involved Key Concept #3: Altruism
Intergenerational Giving
Pathway #9: Hospital Marketing Programs
Hospital Marketing “Senior Friends” Type Programs
Offer to Speak at Monthly Meetings Offer to Write Informational Articles Offer Discounts to Become “Preferred Provider” Offer Staffing Assistance
Pathway #10: Cross-Marketing Programs
Cross-Marketing to Area Medical Professionals Vision Care Foot Care Dental Care Chiropractic Care Family Counseling/Clergy
Expand Horizons on Physician Referrals
A Simple Equation for Challenging Times
Better Communication Skills = Longer Relationships Longer Relationships = More Sales More Sales = Greater LTV Greater LTV = Higher Profitability Higher Profitability = Successful Practice Successful Practice = Where You Want to Work
Marketing to the Mature Marketplace
Don Marsh6139 Blue Dawn Trail
San Diego, CA 92130
Tel/Fax: 858-792-6553
Cell: 858-354-7079
www. MatureMarketplace.com
.
