Social Networking Cohort Segmentation

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Feb 20, 2024

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1 Social Networking Cohort Segmentation Kaitlyn Kemp Bellevue University BHMC 353 Marketing Healthcare Services Adj. Professor Quick January 28 th , 2024

2 Social Networking Cohort Segmentation In healthcare, marketing analysis is vital for attracting new patients and building a positive, long-lasting brand image. Berkowitz (2022) defines cohort segmentation as "a group of people bound together in a history by a set of events. These events can be major technological upheavals, wars, sociological upheavals, or political dislocations". These major events shape each cohort and develop learned attitudes and values that they carry throughout their lives. Seven Cohort Segmentation Categories Seven cohort segmentation categories have been identified in the United States, including Depression, World War II, Postwar, Boomers, Generation X, Millennials, and Generation Z. Each generation has distinct characteristics shaped by unique historical, cultural, social, and technological influences. Organizations can tailor their strategies by understanding these differences to cater to each generation's needs and preferences. This allows for more targeted communication and advertising strategies that create deeper and new connections with the intended audience. Depression and World War II Those in the depression cohort were born between 1912 and 1921, and tend to be frugal in their spending as financial security is of high importance. Many of this cohort live in long-term care facilities, require round-the-clock care, and have their medical costs reimbursed by Medicare. Those in the World War II cohort are born between 1922 and 1927 and exhibit traits of duty, discipline, and loyalty to authority due to the hardships of the war. Their experiences influence their compliance and value for health, making them dedicated and disciplined patients. Postwar and Boomers Those in the Postwar cohort were born between 1928 and 1945, and witnessed a rise in technological advancements and consumerism. They often prioritize job security over job satisfaction, emphasizing stability and security. In a healthcare setting, those in this cohort will wait

3 for good bedside manner, do not mind seeing a doctor anywhere, prefer friendly staff and a cheerful office environment, trust their doctors, are optimistic about their care, and cannot access online services. Those in the Boomers cohort were born between 1946 and 1964. This generation grew up with mass marketing and saw the rise of network television and then the internet (Reisenwitz & Iyer, 2007). They grew up during economic growth and cultural change, and value feeling comfortable and secure. They are more likely to prioritize mental health and value individualism, self-expression, and personal fulfillment. In a healthcare setting, those in this cohort prefer fast service, seeing accredited physicians, having professional staff and office environment, and a clear explanation of their care plan. They have less confidence in healthcare professionals and seek second opinions, and are slow to adapt to online services. Generation X Those in the Generation X cohort, also known as "latchkey kids," were born between 1965 and 1980. This generation has the nickname of latchkey kids because they were the first generation to have both parents working, and they had to come home from school and let themselves in. This led to increased independence and self-sufficiency. In a healthcare setting, this cohort prefers fast service, efficient staff, face-to-face appointments, and the most advanced technology. They often visit the emergency room instead of doctors' offices, have less confidence in healthcare professionals and seek third opinions, and prefer face-to-face or online services. Millennial Those in the Millennial cohort, also known as the digital generation, were born between 1981 and 1996. They grew up with technology and social media, which have shaped their communication style and values. They prioritize work-life balance, career growth, education, and personal development. Also, more than previous generations, this cohort is characterized by an accumulated, materialistic, and consumer culture that is primarily a result of technological innovation (Mamula-

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4 Nikolić et al., 2021). This cohort prefers fast service and staff in a healthcare setting, while physician selection and office environment are unimportant. Millennials have less trust in healthcare professionals and seek information through online websites, and must have online services. Generation Z Those in the Generation Z cohort were born beginning in 1997 and continuing to the present. Those in Generation Z grew up with advanced technology from birth. Those in this cohort experienced financial recession as children during the depression and again during the COVID-19 pandemic. In a healthcare setting, those in this cohort prefer fast service, to search online for highly reviewed and recommended healthcare professionals, evidence-based metrics to support medical decisions and prognosis, and online access is expected. Professional staff and office environment are of low importance. Bay Area Modern Medical Center Cohort Segmentation Bay Area Modern Medical Center (BAMMC) is a concierge medicine practice in Tampa, Florida. Concierge medicine, or "Direct Care," is an entirely different approach to healthcare. The process involves a highly personalized level of care. Most physicians treat thousands of patients every year, with a business model built around volume. With concierge medicine in Tampa, members gain access to their medical provider 24/7 and can schedule same-day appointments, which are thorough, detailed, and never rushed. Concierge medicine is designed around providing an unparalleled level of care. (Bay Area Modern Medical Center, 2024). Upon review, BAMMC's website is geared toward anyone in any cohort category. The site displays vital information on the home page, such as what concierge medicine is, brief details of their membership, how to become a member, what they do at the facility, and a link to book an appointment online, which is helpful for those in the older cohort categories that may not be as good with technology. The site also goes into

5 further detail in the side display and has eye-catching visuals to attract those of younger cohort categories. Recommendations A suggestion for management would be to analyze and determine which age range holds the highest percentage of the patient population. Results can provide qualitative data to aid the marketing department in broadening their efforts. For example, if the highest percentage of patients are millennials or Generation Z, efforts could be made to improve functionality and increase the detail provided on the website, as these generations would be more tech-savvy and adept at quickly finding any information. This generation benefits heavily from healthcare information technology, such as patient portals, and would be a great addition to cater to those patients. Staying informed about generational trends in marketing is essential for businesses seeking to form new and deeper connections with audiences, maintain relevance, and remain competitive. Conclusion In conclusion, cohort segmentation is a crucial marketing strategy in healthcare, allowing organizations to tailor their approaches to the needs and preferences of diverse generational groups. Understanding the distinct characteristics and values of each cohort, from Depression to Generation Z, is essential for delivering personalized and effective healthcare services. Bay Area Modern Medical Center's concierge medicine practices' cohort segmentation attracts a broad audience while addressing the unique technological needs of all cohort categories. However, a recommendation for management includes further analysis of the age distribution of the patient population to modify marketing efforts and enhance online functionalities, particularly for younger, tech-savvy cohorts in integrating a patient portal. Healthcare organizations can foster stronger connections with their target audiences and improve overall patient satisfaction by utilizing marketing strategies based on cohort values and capabilities.

6 References Bay Area Modern Medical Center, B. a. M. M. (2024, January 9). Concierge Medicine. Retrieved January 24, 2024, from https://www.bammc.com/concierge-medicine/ Berkowitz, E. N. (2022). Essentials of Healthcare Marketing, (5th e.d.). Jones & Bartlett Learning. Mamula-Nikolić, T., Perić, N., & Alimpić, S. (2021). The role and importance of value-based segmentation on the cohort of millennials: Case study Serbia. Marketing (Beograd), 52(1), 43–57. https://doi.org/10.5937/markt2101043M Reisenwitz, T., & Iyer, R. (2007). A comparison of younger and older baby boomers: investigating the viability of cohort segmentation. The Journal of Consumer Marketing, 24(4), 202-213. https://doi.org/10.1108/07363760710755995

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