Creating an Effective Marketing Plan for the Healthcare Sector - Essay Sample

Introduction

A marketing plan is an essential document for companies operating in a variety of sectors today. Such a trend has been facilitated by the increase in consumer awareness concerning the products or services they want and the manner they desire their appropriate provision. Notably, the health sector has not been left behind concerning the subject. Due to the sensitivity of information available in the healthcare sector and the enforceable regulations, jumping on the conclusion to apply various specific marketing mix tactics is almost impossible. Therefore, proper initial analysis and decisive selection of the appropriate marketing campaign strategies usually prove beneficial. The paper provides Aetna Better Health's Lifestream Campaign target market, objectives, analysis based on the 4Ps of marketing (product, price, placement, and promotion), and an evaluation of the marketing plan's effectiveness.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Aetna is a United States-based healthcare provider founded in the year 1853 and with headquarters in Hartford, Connecticut. The company specializes in the provision of innovative healthcare products, services, and benefits to individuals in their private capacities, healthcare professionals, and employers. With the poor state of the global economy and the rise in the health needs of the majority of residents of the United States, the company saw a need to roll out a plan dubbed the Lifestream Campaign. The plan outlined various products for all the population demographics but sought to appeal to the population sections with any form of income that could enable timely payments (Gelles, 2015). The marketing campaign aimed to enable the Aetna Better Health to bring many uninsured people in states like Pennsylvania under quality health coverage hence supplementing the Medicaid and Children's Health Insurance Program (CHIP). Further, it had a goal of positioning Aetna as 'a one-source solution that the disadvantaged populations can turn to first in a bid to elucidate their health cover essentials.' The campaign was centered on the promotion of low-cost healthcare insurance solutions to low-income working populations.

The Lifestream Campaign strategy was focused on targeting the messaging of the product information to the specific target groups. The assumption held was that such local and personalized messaging would capture the attention of the target groups, therefore, encouraging the enrolments into the program. The analysis of the strategy can be done based on the 4Ps of marketing.

To begin with, the product concept of the campaign is the provision of insurance services to the low-income households uncovered by the Medicaid and CHIP. Having estimated that about only 18 percent of the residents of Pennsylvania are eligible for the available government healthcare programs, the products suggested by the campaign are likely to be the only option for the remaining majority (Hatzitaskos, Hill, & Howells, 2017). Therefore, the products will have a relatively long life cycle.

Secondly, the products are designed to be of relatively lower costs. Owing to the targeted audiences and the prevailing economic conditions, the lower pricing strategy will go a long way in making healthcare affordable. Such a move will bring the cover to most of the targeted populations as the campaign seeks. Thirdly, Aetna plans to conduct the campaign in the states with a majority of uncovered populations and those with lower incomes like Pennsylvania. With such a placement, the product packages in the campaign are most likely to gain much traction and demand in the market since the localized messages will get to the most appropriate audiences (Scheffler, 2018). Lastly, the company plans to apply the localized messages in the mainstream and social media, and the personalized messages in the individual mailboxes and home telephone lines to create product awareness. Such a collection of promotion methods are effective in informing the target populations about the availability of the products, other product information such as packages and associated prices, and the benefits to be enjoyed by the customer. With this information, the customer can be persuaded and opt-in for the company's products.

With the general scrutiny of the outlined strategy, the plan can be said to be effective. Firstly, the product covers healthcare, which is a need that is in high demand among those uncovered by the government-subsidized plans. Secondly, the pricing and placement of the product specifically target the neighborhoods with a majority of low-income earners and the minority groups left out of the state-funded healthcare insurance programs (Scheffler, 2018). Lastly, the promotional mix adopted by the company in the campaign is mostly localized and personal to some extent. Such promotion methods are likely to appeal to many people who are then likely to opt into the programs. As such, the goals of the campaign are likely to be achieved since many disadvantaged groups will be getting medical covers, and the company will be making reasonable returns and improving its corporate image and market share.

Conclusion

In summary, several marketing actions can be recommended to supplement existing ones. In the beginning, the promotional messages should be made to reach even the wealthy in the targeted areas. With a good number of wealthy Americans opting for personal insurance, they can form a large part of Aetna's clientele if the promotions were targeted towards them. Besides, away from the localized ads, the campaign should heavily invest in creative video advertising either on their website or on social media platforms. The videos not only attract online traffic attention but also pass the relevant information creatively to the target audience without requiring them to read extensively. Most importantly, such a method will allow them to capture the youthful populations who are getting their first jobs and establishing families.

References

Gelles, D. (2015). At Aetna, A CEO's management by mantra. New York Times. Retrieved from https://www.viniyoga.com/wp-content/uploads/2017/03/At-Aetna-Management-by-mantra.pdf

Hatzitaskos, K., Hill, N., & Howells, B. T. (2017). Aetna-Humana and Algorithmic Market Definition in the Guidelines. Antitrust Source, 1-6. Retrieved from https://pdfs.semanticscholar.org/82ad/704e932dfd8676265703ea6e7543ec739847.pdf

Scheffler, R. M. (2018). Testimony Regarding CVS Health Corporation's Proposed Acquisition of Aetna Inc. Retrieved from http://www.insurance.ca.gov/01-consumers/110-health/60-resources/upload/Scheffler-CVS-Aetna-Testimony-06-19-18.pdf