The ROI of Multicultural Market

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Should healthcare companies be investing in multicultural? How to formulate their media plans? It has become common to discuss the changing demographics of America yet the advertising dollars targeted these markets haven’t followed to the same degree.

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The ROI of Multicultural Market

  1. 1. NEED OTHER LOGOS
  2. 2. The ROI of Multicultural Marketing It has become common to discuss the changing demographics of America yet the advertising dollars targeted these markets haven’t followed to the same degree.  Why should healthcare companies be investing in these areas?  How should they formulate their media plans?  Should companies be looking at multicultural as a separate bucket or target these different segments as part of their total market strategies? Our expert panel will take a look at some of the most targeted multicultural segments and discuss the ROI opportunities that exist by marketing to them. TODAY’S OBJECTIVE What is required to achieve Multicultural ROI? 2
  3. 3. What is Involved in Multicultural Healthcare ROI? Triangulate Internal/External Intel Treatment Adherence, Utilization Consumer Connections & Media Predictive Analytics Quality Data & Tracking Bob, Tom Multicultural Analytics Eric, Bob Glue that keeps it together: Cultural Know-how Total Market Perspective Pepper, Eric Insights Driving Business Healthcare Providers Brokers/Navigators Retailers Employers Nuances & Similarities Segmentation Targeting Tools Dashboards TM Inclusive Insights Product Design Network/Distribution Sales Customer Experience Systemwide Alignment Pepper, Tom 3
  4. 4. Risky Alternatives Doing Nothing Scattered Efforts  Adverse selection  Faulty tracking  Substandard treatment  Incomplete data adherence  Inconsistent Customer  Higher in-patient costs Experience Leaving business’ sustainability to chance. 4
  5. 5. Sample M/C Segment ROMI Possible to enhance overall Total Market growth by assessing what segmented marketing vehicles, messages, geographic focus, drive growth and ROI gains and which are less effective Multicultural Index of Incremental Profit per Marketing $ Invested (ROMI) (Multicultural ROMI ÷ White NH ROMI * 100) OTC Sample Marketing Mix ROI Consumer promotions such as couponing were top performers and are considered very strong relative to other vehicles  Span+AA TV shows higher than GM TV  Mobile seems higher.  Print and Internet seem more challenging  Based on select SSG sample of Rx, H/C, OTC 1.0 5
  6. 6. Opportunity Drivers Anchor Total Market Approach: Example of Sufferers of Arthritis, Chronic Pain, Migraine, Fibromyalgia The ‘next’ untapped source of growth segment opportunity (among ‘Movables’ in the case below) can be carefully measured and contrasted between segments, leading to precise acquisition targeting strategies. White NH Multicultural Healthful Healthful M/C 48% Movables 28% Refusers Movables 42% More Likely Refusers Source: SSG Healthy Lifestyle™ powered by GFK-MRI 195% Confidence level 6
  7. 7. Opportunity Drivers Anchor Total Market Approach: Example of Sufferers of Arthritis, Chronic Pain, Migraine, Fibromyalgia To be most effective, Influencers and Drivers among the most likely ‘next’ growth segments, should incorporate similarities to WNH as well as key Multicultural segments nuances. Similar Predictors = Total Market Influencers WNH Nuances* I’m often the first to try the most advanced meds1 Medication has improved the quality of my life1 I take Rx meds exactly as prescribed1 Similarities Newer drug brands work better than older brands1 My Medical conditions limit my lifestyle1 Total Market requires Nuances M/C Nuances* I prefer popular brand-name Rx, even if they cost more1 I’m always looking for new ways to live a better life1 I think herbal supplements are effective1 Source: SSG Healthy Lifestyle™ powered by GFK-MRI 195% Confidence level *Attitudes that were most predictive among 7 Movable sufferers of arthritis, chronic pain…
  8. 8. Panel of Experts Bob Kumaki Pepper Miller Tom Roth Eric Talbot Carlos Santiago Managing Principal President, Author President VP Strategy & Insights Pres. & Chief Strategist The Hunter-Miller Group Community Marketing & Insights Univision Santiago Solutions Group Segment Focus: Segment Focus: Segment Focus: LGBT Hispanic Tom@ Community Marketinginc.com Multicultural & Millennial ETalbot@ UNIVISION.NET Carlos@ SantiagoSolutions Group.com The Ronin Group Segment Focus: Black (Still) Matters in Marketing Segment Focus: Asian American African American Rkumaki@ RoninGrp.net Pepper@ HunterMillerGroup .com 8
  9. 9. Multicultural ROI Key Take-Aways Multicultural Analytics Feasible Watch closely Essential Reduces Risk Guides optimization Takes upfront inclusion Focus on Topline Growth System-wide Alignment Quality Data & Tracking Total Market Strategy Beyond Marketing Businesswide & Front-toback-End 9

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