HealthEquity Marketing Analysis
To provide an overview of the marketing approach of HealthEquity.
- HealthEquity spent roughly $29.5 million on sales and advertising in 2019. While that figure also comprises employee commission and expenses for the marketing department, marketing was the leading focus of those investments.
- HealthEquity has adopted a B2B2C model where they rely on connecting to potential customers through their partners.
- This is also supported by the lack of coverage on HeathEquity's marketing efforts through credible news sites and marketing-specific databases, which means that they focus solely through promoting their services online, by using their website and social media accounts as well as through their partners.
- In terms of their messaging, the company focuses heavily on providing education to their customers.
- In fact, they were named the “Best
Marketing Team of the Year” by the American Marketing Association (AMA) in 2015 and SAMY's Marketing Team of the Year! in 2016 because of their continuous marketing efforts to educate their American customers about healthcare spending.
- On Twitter, they continuously post case studies and facts related to healthcare savings. Even though their following is not big, just under 1,000 members on Twitter and about 2,000 members on Facebook, they post quite regularly on their main social media accounts.
- The most common tool they use are easily digestible statistics and images that can specifically be related to learning and education.
- They have also recently started using specific hashtags for the promotion and education of some of its products. Some examples include the #HSAMyths and #HealthSavingsAccounts.
- They also use videos to promote and explain how each member of the company can benefit from their products.
- Their website is also heavily endorsed by talk show personalities like Dave Ramsey and heavily promotes their excellent products and customer services by encouraging newcomers to get in contact with one of the company's representatives.
- The main customers targeted by HealthEquity are young families with children. They also target employers, health plans, and benefits brokers.
Proposed next steps:
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While HealthEquity doesn't seem to do much traditional advertising, we could go through their social media accounts and website and locate 2-3 marketing ads or initiatives and provide information on their messaging, the target audience, their reach (i.e how many retweets did the different messages receive, number of replies, etc.), and the type of content used for the promotion (images, videos, specific slogans).
We also propose to analyze HealthEquity's customer perception. We will focus on customer reviews, their rating, 3-4 examples of positive and negative reviews for the company, and experts' opinion on the company, including view, growth, awards, and so on.