Towing the Line
Sponsorships picking up steam as healthcare competition increases!!
The relentlessly evolving health care industry continues to create new sponsorship superfluity for nearly every type of property. #sponsorshipscompetition
Over the years health engagement has shifted the focus from business-to-business (B2B) sponsorships toward more business-to-consumer (B2C) sponsorships. Today we’re seeing health insurance companies and hospitals double-down on sponsorships to engage consumers and differentiate their products and services. Basically with healthcare, the big buzzword is “consumerism”.
Companies ranging from hospitals, health insurances to the newest segment like health technology are jumping into the sponsorship waters. People around the world are more empowered to make healthcare decisions for themselves and they care more about the companies behind the products they’re consuming.
Heathcare industry is expanding their sponsorships to reach new audiences. In emerging economies like India healthcare services and products are often paid out-of-pocket by the consumer. Consumers are taking a more active role in their care and that definitely applies to health insurance as well.
With millions of consumers now required to purchase their products, insurers are increasingly using sponsorship to build preference and, like nearly every other segment of the health care category, encourage healthy lifestyles. An assurance of trust and credibility is what consumers are definitely seeking today, which means consumers consider attributes beyond clinical benefit in the buying decision, such as the reputation of the company or recommendations of friends and family. In an interview with Financial Express Paul Magill, Senior Vice President, Chief Marketing Officer, Abbot says “ You will see associations with events which illustrate and demonstrate the core purpose and character of Abbott, for example, our sponsorship of the recently concluded TEDx Gateway in Mumbai. The TED movement is all about making great ideas accessible and sparking conversation with a belief in the power of ideas to change attitudes and lives. For more than 125 years, Abbott has been doing exactly that – inspiring breakthroughs in health that would lead to people living longer and better lives”.
Similar to health insurance, hospitals are increasingly using sponsorship to build awareness and drive preference in the wake of the Affordable Care Act and escalating health care costs. Increased competition has resulted in new partnerships with nearly every type of property as hospitals look to reach new audiences—and in many cases a broader audience—with their health message. Today the hospitals aim to establish and proliferate the idea of a healthy lifestyle, accrete a point of differentiation through sponsorships. They seek to exhibit and furnish community involvement.
While the companies offer different products and services, they all share one common trait: the use of data and technology to improve health. Seamlessly integrating Labs, Hospitals, Pharmacies, Blood Banks, Radiology, Medical Devices (IoT), Insurance Companies, and Accounting resulting in increased revenues and operational efficiency, cloud computing is bringing to life the concept of ‘Internet of Things’ or a connected universe for the entire healthcare sector.