When Inside Radio interviewed a handful of radio execs for their outlook for the second half, healthcare was among the ad categories many were most optimistic about. Now BIA Advisory Services is out with a new forecast calling for the healthcare industry to spend more than $12 billion in local advertising in 2024.
Conducted with sales intelligence and training firm SalesFuel, the survey found hospitals and the offices of physicians, dentists and chiropractors are the top spenders in the category.
"The healthcare advertising landscape continues to be rapidly evolving, and this survey provides essential insights for marketers to stay ahead of the game," said C. Lee Smith, Founder and CEO of SalesFuel. “Working with BIA, we were able to combine our healthcare audience insights with their industry advertising forecasts to develop a survey that got to the core of healthcare marketers. Our findings reveal valuable opportunities for healthcare marketers or anyone who wants to work with them.”
While direct mail, PC/laptop and over the air TV are the media channels getting the most spend, the survey also shows healthcare marketers are extending their budgets beyond paid advertising, engaging in various marketing activities to effectively reach their target audiences. Notable highlights include the increasing significance of connected TV (CTV) and over-the-top (OTT) advertising in healthcare marketing strategies.
For example, the survey found that marketers at hospitals were more likely to place CTV/OTT ads through local television and radio reps than doctors’ offices (47.2% vs 20.0%.)
"Marketing within the healthcare sector requires a multi-faceted approach, and our survey shows that healthcare marketers are embracing this mindset," commented BIA’s VP Forecasting, Nicole Ovadia. "The survey highlights the increasing adoption of CTV/OTT advertising that spans multiple platforms and genres. This reflects the diversity of marketing approaches within the healthcare sector to reach consumers.”
More than 60% of respondents said they have either explored or intend to explore generative artificial intelligence for marketing assistance.
Conducted in the summer of 2023, the survey included more than three hundred healthcare professionals with senior marketing titles from hospitals, physician groups, medical clinics, dental and vision care organizations, mental health care providers, assisted living facilities, sports medicine, medical suppliers, and other healthcare facilities.
Other survey data covers key areas including:
The rise of AI in healthcare and healthcare marketing.
Internal pressures healthcare professionals face when making marketing and advertising decisions.
The current specific behaviors of decision-makers in large vs. medium vs. small healthcare organizations when allocating their marketing and advertising budgets.
Separately, a recent study conducted by data and analytics firm Engagement Labs for the Radio Advertising Bureau found that radio dominates brand conversations across 15 business categories, including healthcare. The study examined radio's ability to drive consumer conversations about brands and its impact on purchase intent and achieving brand goals.