Weather forecasts are typically consulted prior to big outdoor events like the Thanksgiving Parade and, of course, this year’s 4th of July. Fireworks. Barbecues. It’s hard to have any of these when your local weatherman is predicting some rainfall.
In the same sense, marketers in the healthcare industry often turn their attention to industry news when planning lead generation campaigns. For them, anything that impacts the industry itself would logically impact their target markets. Examples can include the recent impact of Obamacare on the demand for nurses.
Still, if the weatherman isn’t always right, can the same be said of industry news?
The answer is yes.
The next question is, how much will that matter? Just like the weatherman, the degree of being wrong requires you to be flexible with your response to certain industry news. Before making any reaction, ask yourself the following questions:
- How much of the industry is actually affected? – You wouldn’t care about the weather in San Francisco if you lived in Hong Kong right? Sometimes certain news may only impact a particular segment of the industry. For instance, a medical device that could be a hit with hospitals may not have the same impact in smaller practices.
- How soon can the effects be felt? – Demand doesn’t always rise as fast a news article implies. An analyst may predict an increase from mandates like Obamacare but if it doesn’t reflect the reality of your own prospects and customers, it may not mean much until they’re starting to feel it themselves.
- Can prospects afford to feel it? – On the other hand, you don’t wait for an actual tornado to hit your front porch just to start evacuating. Sometimes feeling the effects can be too costly for both your own business and for a prospect. As it’s often said, prevention is better than cure. The key though is to properly understand the actual speed and impact industry changes will have.
- Learn from history – Ironically, game-changers have long been the part of any old industry and fewer industries are as old as healthcare. From a biological breakthrough to the invention of just another knick-knack, you can always consult the industry’s history for ideas on how to respond.
Bad weather news shouldn’t always spell a disappointing end to someone’s 4th of July. Why should it be any different with predictions regarding the healthcare industry? It’s good to be aware but sometimes you have to directly engage your target market to see if your weatherman is right.