Why Hospitals Shouldn't Reduce Marketing Budgets Amid Recession
Aug 26, 2020 | Hospital Solutions
This article was originally published on Becker's Health IT.
Marketing departments may be seen as one of a hospital's more expendable budget areas, but slashing marketing spend may not be the best strategy for hospitals and health systems to adopt amid the financial woes of the pandemic, according to Harvard Business Review.
Companies that regained their strength the quickest after previous recessions usually did not reduce their marketing budgets. In fact, Harvard Business Review reported that many of them increased their marketing spend.
However, these successful companies made important changes to refocus their marketing strategy to better fit into the context of a nation embroiled in the chaos and trauma of a pandemic.
Healthcare marketers need to ensure that communication coming from their organization addresses the stress and hardship facing the public. Consumers are seeking communication that exhibits solidarity, empathy and a way to make their lives easier or more comfortable, according to Harvard Business Review.
The marketing teams for hospitals and health systems can look at Coca-Cola's 2020 advertising campaign for an example of how to shift messaging to address the public's worries during the pandemic. It launched a campaign highlighting unsung heroes, communicating that they were here for their consumers.