Part 2: Lead Attributes and HIPAA Compliance
We are continuing on our journey to dive into lead quality in the healthcare industry and how it impacts organizations and marketers.
In the first part of this series, we touched on the definition of leads along with the tactics used by companies to generate quality leads. In this blog, we will hone in on the key attributes used by marketing specialists to drive high conversion rates and the importance of being HIPAA compliant.
Which attributes are important for lead targeting?
Companies have relied on first-party data to target more qualified users genuinely interested in their product. In the healthcare space, intent-based users often have a greater propensity to convert and buy a product or service offered by a company. Understanding the delineation between a user searching for information and one who is ready to convert is paramount to a company’s bottom line.
In order to grow their prospect pool and generate a high volume of sales, companies may employ a variety of tactics that depend on a robust lead scoring system that can reliably separate high value leads from low value ones. High value leads should be continually nurtured in order to move them through the sales funnel.
But how would you know what attributes are valuable when it comes to retargeting users and nurturing them to promote a purchase? Many healthcare companies use CRM and marketing automation platforms to score leads that are generated from their websites and apps. These lead records are continually monitored and scored based on the type of form that was filled out on the website. Leads driven by a request for more information on pricing or a meeting request to speak to a healthcare professional would invariably be scored higher compared to leads from newsletter signups. Email consumption rates are another factor tied to lead scoring. Generally, users that open and click on emails will be scored higher as they seem to be engaged with the content being shared by the company.
Another tiered approach uses geo-targeting based on a cohort of users in a specific geographic area. Many companies layer on population density with the zip codes tied to all their leads, and the aggregate of this data helps to build the foundation for reaching out to users in prime markets who are looking for a specific product or service and are inclined to convert. While location is a primer for reaching the right audience with a specific need, it’s vital to understand your audience and develop a persona that you can market to. Many healthcare providers offer personalized care which often comes at a premium, and this revenue model will be a better fit for very specific user groups that fall into select age brackets and income tiers. As such, a good understanding of the buying power of your target audience will be key to a high conversion rate.
What is HIPAA Compliance and why does it matter?
As marketers and companies aggressively refine the quality of their leads and grow sales, it’s critical to adhere to the privacy limitations set by the government, protecting customers and avoiding hefty fines.
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) was established to protect the health information of users that would prevent them from being individually identifiable. Over the last few years, organizations have gone to great lengths to ensure the privacy and security of their user data. While this helps to safeguard all personal information, it has also presented a challenge to marketers on how to better market and promote brands and products without infringing on personal information.
Working within the HIPAA framework, companies have opted to process data at the cohort level which does not identify any specific user but rather uses machine learning to fill in the gaps and help optimize the media mix. This approach not only solidifies a company’s reputation for being trustworthy and mindful of their user’s personal data but also helps them stay compliant with regulatory requirements.
Final Thoughts
The process of working within the constraints of HIPAA and dealing with the loss of data due to the sunset of third-party cookies has led marketers to think out of the box and continue to rely on the time-honored tradition of building personal relationships with their customers. Companies who have a firm understanding of their user base and target market often use learnings from past marketing campaigns to help inform how to target users for future ventures. As we continue to adapt to the technological landscape of the industry, we see the importance of generating high value leads that are pivotal to growing a business. It also drums the need to use resources more effectively and reduce operating costs, which can best be accomplished by knowing your customers and continually nurturing the relationship that you have grown over the years.
Have a question or would like to learn more? Get in touch with us today.
