Start with these key takeaways from our SHSMD 2013 presentation on "Actionable Strategies for Applying Data Analytics."
The latest benchmarking study from the Society for Healthcare Strategy and Market Development (SHSMD) found that nearly half (43%) of hospitals/health systems have increased their CRM budgets in the past 2 years.
To help hospitals get the most out of their CRM investments — or discover the value of analytics if still evaluating whether to adopt these tools — True North EVP Eric Silberman and KishHealth System Director of Marketing/PR Theresa Komitas presented on “Actionable Strategies for Applying Analytics” at the 2013 SHSMD Annual Conference.
The presentation offered proven strategies for translating market insights and business intelligence into higher patient volumes, decreased costs, and competitive advantage.
Along with case studies illustrating real-world examples of data-driven marketing, the presentation provided seven steps for success:
- Keep it simple. Provide reports that highlight key data points in an easily digestible format that needs no further analysis.
- Get buy-in. Deliver insights for influential department heads, service line managers, and other key individuals who can advocate to leadership on your behalf.
- Be assertive. Rather than simply generating reports and handing them to leadership, schedule time to review the data and share recommendations.
- Defend your data. Anticipate challenges by asking an analytically minded peer to review your findings, and include disclaimers and key assumptions in the final report.
- Share the wealth. Work with department heads throughout the organization to help them better understand financial performance, patient profiles, and other key insights.
- Achieve quick wins. Before investing significant time and budget dollars into a large-scale CRM or data analytics system, experiment with one or two service lines — especially those with a shorter decision cycle. Seek outside expertise to fill any gaps in analytic talent or technology.
- Test, learn, and refine. Data-driven marketers constantly test new products, programs, and campaigns to validate assumptions, conserve costs, and confirm proof of concept; measure to evaluate effectiveness; and refine strategies based on performance
Click here to view the full "Actionable Strategies for Applying Data Analytics" presentation from the SHSMD 2013 Annual Conference.