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Rescooped by Hamish Woodall from Social Media and Healthcare
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Why Social Media Can Help Us Get Absolute Value In Healthcare

Why Social Media Can Help Us Get Absolute Value In Healthcare | Building brand identity and equity. | Scoop.it

How will social media play out in healthcare? One potential and powerful way is illustrated in the book, “Absolute Value,” a must-read for marketing and strategy folks. While it doesn’t address healthcare specifically, it has interesting implications for our industry. Absolute Value explores the impact of increased information and transparency on consumer decision-making and the consequences for marketing. In particular, the authors examine how people access and use information in this day of search engines, immediate access to friends and family and easier access to information and a broader network of experts and reviews.

With the explosion of information, consumers have a better idea of what to expect from a given product or service – for example, looking at reviews at Yelp before going to a restaurant – and they do not rely as much on either marketing messages about specific products or the company’s brand. With more information consumers will have better expectations of products and services and rely less on marketing driven cues to guide their decisions.

How does this relate to health and how we make decisions about our health, health insurance and health providers? For one, price has been a misleading signal in healthcare. We know that high priced providers are not necessarily the highest quality providers. We also know we have a PR problem in healthcare. Consumers don’t trust many of the players, including insurance companies and brokers. Matt Halle of WellTok said that in a survey they did, they found that consumers “trusted the guys who make cigarettes more than they trusted insurance companies.” So companies can’t rely on brand equity as a sustainable strategy to drive market share.

Finally, Castlight’s IPO demonstrated a few things, not least of which is the continued appetite for cost and quality transparency in health services. Likewise convenience care centers attract people because of their convenience, accessibility and price transparency. As social media grows in the healthcare space, we’re likely to see more reviews and commentaries from consumers of their health experiences. This information will play a bigger role in consumers’ decisions about their health.

More about Absolute Value from us in the future. The first learning: social media will play a greater role in consumer decision making, even in health. It is not a fad and we need to get ahead of this trend.

 


Via Plus91
Hamish Woodall's insight:

Social media being a bigger part in society than ever now has its grasp on health care. Reviews are readily available about aspects of health care also on how symptoms can be treated at home. Decision making when it comes to health care now lies solely on consumers shoulders as they have the choice of a variety of health care professionals and the ability to choose the best one for them. building a brand image of having 'the best health care' needing to be used to ensure customer retention, which some aspects are incorporated with social media.

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Social Butterfly? Learn How to Use Your Social Media Skills to Build a Company's Brand - Social-Hire

Social Butterfly? Learn How to Use Your Social Media Skills to Build a Company's Brand - Social-Hire | Building brand identity and equity. | Scoop.it
RT @Tips4Recruiters: #SocialMedia and Building a Company's Brand http://t.co/5JyFb9JmqL via @Social_Hire
Hamish Woodall's insight:

How to build brand equity through the use of social media vehicles. This article describes how a person can use social media skills to build a company's brand.

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All India Bakchod (AIB): EXCLUSIVE Interview with Brand Equity

Watch Brand Equity's exclusive interview with All India Bakchod (AIB) - unplugged on their digital journey so far, what it takes for content to fly and their...
Hamish Woodall's insight:

Building brand equity through a digital journey that is expressed though social media vehicles, providing another dimension of promotion and enables the message of AIB, and thus building their brand.

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Rescooped by Hamish Woodall from IMC & Building Brand Identity & Equity Brand Positioning.
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Declaring War On Tradition: Why Guerrilla Marketing Is Here To Stay - Business 2 Community

Declaring War On Tradition: Why Guerrilla Marketing Is Here To Stay - Business 2 Community | Building brand identity and equity. | Scoop.it
Declaring War On Tradition: Why Guerrilla Marketing Is Here To Stay Business 2 Community The war marketers wage for customers' attention requires a similar approach, which is why guerrilla marketing is transitioning from a flash-mob fad to a...

Via Zakarie Murtagh
Hamish Woodall's insight:

This form of marketing is a non-traditional, 'outside the square' form of marketing. Its use is to provide variety when it comes to using a specific media vehicle in order to build brand identity and equity.

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Zakarie Murtagh's curator insight, September 20, 2014 7:36 PM

Great example about how Guerrilla Marketing can develop brand identity and brand equity through thinking outside the square and creating ideas and marketing communications that  invoke and excite the consumer to learn more about a product.