In our fast-paced, ever-changing business world, there is increasing pressure on sales and marketing budgets. Marketing and sales executives know that questions will continue regarding where best to spend your next dollar. This dilemma is especially true in the health care industry. At HRM, we have seen the impact of regional strategies and tactics to drive brand performance.
We define regional marketing as targeted allocation of resources to markets for the greatest return on investment. Regional marketing is an important part of the marketing mix and can help brands optimize their results.
The objective of a regional marketing strategy is to help brand teams understand and act on regional variability to positively impact financial results.
Learn more about regional marketing in this 90-second video.
A brand should pursue regional marketing when there is variation across markets among "The 6 Ps" — payer, provider, prescriber, population, product, and place. The regional variability within the markets may include areas such as managed care reimbursement, disease state prevalence, demographics, number of hospitals, physicians' habits, and field force access.
This regional variability provides an opportunity to reallocate and adjust the promotional mix of resources to improve results.
In the end, a marketing partner is about commitment and the right people — HRM prides itself on having both.