In the course “Principles of Marketing & Communication” we have been learning about SWOT analysis. SWOT analysis is utilized to find internal and external issues in a business in order to modify marketing strategies.
Strengths and weaknesses are internal, while opportunities and threats are external. An example of a strength that can be utilized in your SWOT analysis would be cultural connections or a great reputation. Threats are things that may stand in the way of your success as a practice. It is important to ask yourself if a perceived threat could become an opportunity. An example of a threat would be changes in marketing accounts, such as Facebook or Yelp reviews.
We also learned about patient engagement, which is a crucial part of the internal marketing strategy. The goal is high retention of patients, and low attrition, or the loss of patients. The majority of patients that move on to a different practice do so because of perceived indifference. Treating every patient, health care provider, and insurance agent as important may increase your network of health care providers, as well as help you avoid indifference as a practitioner. Also, anticipating obstacles such as maternity leave or road construction are great ways to ensure that your patients are cared for in the best way possible. As many of us will be future business owners, it is important to keep these marketing strategies in mind so we can optimize care for our patients.
To learn more about how NUHS prepares its students for the business world, click here.