Market Segmentation

Market Segmentation

Overview

Segmentation is used in a variety of ways by businesses today. The two most common applications of segmentation are reporting/analysis and targeting. Segmentation is often applied to reporting and analysis to help marketers understand the behavior of one portion of the population when compared to another. Segmentation is also used by virtually every responsible marketer to target sales prospects and customers. This white paper focuses on common applications of segments in targeting within the healthcare industry (Cahill 2006, p.25-28).

Common Marketing Objectives in Healthcare Product health wellness

Brett enterprises is proud to say that we work with top notch marketers at the leading healthcare Product health wellness companies 15 of the top 25 healthcare insurers1 in the U.S. are current Brett enterprises customers, including the top six healthcare insurers. In our work with these elite companies, we've helped them address some common industry objectives:

Acquiring profitable new members

Retaining and renewing members

Growing lifetime value of current members

Nothing of value in this world comes easy, including healthcare Product health wellness marketing! While these objectives seem straightforward, achieving them is difficult due to some common challenges in the industry.

Challenges in Healthcare Product health wellness

The challenges facing healthcare Product health wellness marketers are numerous. These challenges of ten interfere with or at least complicate marketers' ability to meet their objectives. Commercial insurers sell to businesses that offer their employees a variety of plan options from multiple insurers. Insurers selling regulated plans such as Medicare are typically selling direct to consumers. In either case, multiple people are involved in research and decision making before a plan is chosen. Specifically in the case of Medicare, prospective members often have other people involved in their healthcare decision making, including a spouse, sibling, child, health care advocate, and friend or care taker (Michman 2008, p.12-19).

Segmentation

Segmentation is as much an ...