In the healthtech marketing industry, there are dozens of terms that professionals and their client counterparts rely on to communicate goals, strategies, and ideas. With the influx of digital innovation in healthcare, new terms seem to emerge daily. Here are 5 essential terms for any healthtech marketer.
Core competencies are defining values, traits, or characteristics that set your healthcare business part from the rest. Every healthtech marketer should fully understand these strategic advantages, and utilize them as assets when preparing a marketing plan.
Every digital marketing professional should understand the meaning and relevance of a CTR, or click-through-rate. A CTR measures the ratio of clicks to impressions on a digital campaign, shown as a percentage. CTR should not be confused with the CR, or conversion rate, which is the percentage of the website visitors that take a desired action out of total website visitors.
Return on ad spend measures the amount of revenue per dollar spent on advertising. This metric is similar to ROI, but focuses solely on investments in digital advertising. This metric is important to keep track of when considering how your digital ad spending is affecting the bottom line, and when planning future marketing strategy.
Fee-for-service, or FFS, is a payment method that is currently the predominant healthcare delivery model in the United States. In an FFS system, healthcare providers are paid per individual service. This method places emphasis on quantity of care, rather than quality of care. Healthtech marketers should be aware of the payment methods that their clientele predominantly uses.
Value-based healthcare is a healthcare delivery method in which healthcare providers are paid based on patient outcomes. With value-based care becoming a relevant issue in healthcare reform movements in the United States, healthcare marketers should also be aware of and understand value-based care methods that healthtech clients are increasingly adopting.
While some essential terms remain relevant year over year, take the time to refresh your understanding of must-know terms and how they can influence a marketing strategy. Marketers in a dynamic field such as healthtech should consistently fortify their vocabulary to keep pace with the ever-innovating industry. Not sure how these terms fit into your marketing strategy? Give us a call today!