The most overlooked marketing investment

Investing in your customers. That’s what companies, like YouTube, who have their pulse on the consumer do according to a recent article in Digiday. YouTube is helping their customers develop the content that will help them realize their dream of becoming digital stars. But the concept of customer investment goes beyond the digital world. Investing in customers is a business strategy well described in “Who Do You Want Your Customers to Become?” an e-book by Michael Schrage being offered by the Harvard Business Review.

Schrage says businesses can keep growing by asking, “Who do our customers want to become?” and helping them get there by strategically investing in customer capabilities. Invest in customers, because, as Schrage puts it, “your future depends on their future.”

Health care is no exception.

Think of the demands placed on physicians by the Accountable Care Act. To be successful in the future, physicians will need to become:

• Customer service experts since patient experience will drive reimbursement
• Data analysts as the practice collects patient satisfaction data
• Healthcare systems thinkers as practice ratings are dependent on the entire office visit experience, not just the physician interaction

The demands on patients have also increased. Take the experience of Peter Drier who practically become a forensic accountant to track down an unexpected $117,000 in charges associated with his neck surgery as recently reported in the New York Times. Or Matt Might who, according to an article in the New Yorker, had to supersize his social media skills to assemble a group of patients across the globe to give his son’s illness a name.
With the advent of the health care exchanges, Payers who once operated in the B-to-B mode have now found themselves having to develop the type of direct-to-consumer marketing skills pharmaceutical marketers acquired in the 1990’s.

There is no shortage of investment needs when it comes to pharmaceutical customers. Of course there is all sorts of regulation against practice building and incentivizing use. However, by applying a little creativity and keeping the end game in mind—improved outcomes and a better patient experience—the smart pharmaceutical “investor” will be able to eke out a competitive advantage with some well placed customer bets!