All You Need to Know about Multi Channel Marketing and its Role in the World of Medical Devices
For modern marketers, it is becoming increasingly difficult to stay one step ahead of their customers. Today, the average customer has much more control over their purchasing process than they once did. They have more choices than now more than ever when it comes to accessing information. This is because of the proliferation of new […]READ MORE >>
For modern marketers, it is becoming increasingly difficult to stay one step ahead of their customers. Today, the average customer has much more control over their purchasing process than they once did. They have more choices than now more than ever when it comes to accessing information. This is because of the proliferation of new channels. Therefore, if your company doesn’t have a multi channel marketing strategy, you are definitely going to struggle to stay ahead of your competitors. Don’t believe us? Just look at the numbers:
- 88% of customers use mobile applications to view content online.
- The average customer has about 4.5 devices with internet connections.
- 91% of customers move between at least 2 screens each day.
So, in simple terms, your leads are masters of multi-tasking. If you want to gain their loyalty, you cannot just sit and expect them to come and find you. Instead, you will have to make sure that you are highly active wherever your targeted audiences might be. The more relevant marketing platforms you use to share your marketing message, there are chances that you will connect with more people. The bigger your audience of interested customers, the higher your chances of sales. Makes sense, right?
Undoubtedly defining and building well-optimized multi channel marketing strategy can be difficult. Also, if you are not properly prepared, you are more likely to end up spending unnecessarily and damaging the brand name rather than creating a powerful online presence. Fortunately, we are here to help. To assist companies in devising effective multi channel marketing strategy, our team of experts has highlighted fundamentals of a multi channel marketing strategy that every modern marketer must know to grow in today’s highly competitive landscape.
Optimizing multi channel marketing strategy is one of the biggest problems affecting the business outcomes of medical equipment companies. Get in touch with our industry experts to know how to beat other companies with the help of big data analytics.
What is Multi Channel Marketing?
Multi channel marketing refers to the practice by which companies interact with customers via indirect and direct communication channels such as retail stores, websites, direct mail, mail order catalogs, and mobile. Other means of reaching customers with multi channel marketing include via search engine optimization (SEO), social media, or GPS to track proximity of customers to goods and services. Multi channel marketing integrates the practices of inbound and outbound marketing with the goal of reaching customers on their choice of channel. This way, the buying process is more controlled by the customer than the marketer.
Key Challenges of Multi Channel Marketing
Every marketing strategy has its own set of challenges. The same applies to multi channel marketing:
Challenge #1: Marketing response attribution
In multi channel marketing, it is very difficult to know which campaign, channel, or sequence of touch points contributed to qualified sales and conversions. Multi channel marketing without the right attribution model and strategy can lead to confusion and make it difficult for the marketing team to make informed decisions on resources and budgeting.
Challenge #2: Managing several promotions
With the availability of multiple channels, it becomes very difficult to manage promotions and campaigns on all the platforms. Successful multi-channel marketing means using integrated marketing and managing cross-promotions so that multiple channels work in tandem with one another.
Challenge #3: Increased spend and time
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How to Create a Successful Multi Channel Marketing Strategy?
Creating an effective multi channel marketing strategy is no easy feat, but there are some considerations that come into play and some tips to get started:
Tip #1: Create and maintain an exclusive view of the customer
Having a single view of the customer is difficult because customers today often interact with your brand in different ways that involve multiple touch points. Therefore, it is important that you have detailed insights into their behavior across all channels, at each and every touch point. To access that single customer view, a centralized marketing data mart can help. It can consolidate data of all customers in one place regardless of source. It is essential to keep these points in mind while creating and maintaining a single view of the customer:
- Having a lot of customer data is not the same as having a single view of the customer.
- Your customer view must change with the change in businesses. That means refreshing old data, bringing in new data, updating old models, building new ones etc.
Tip #2: Establish a multi channel marketing platform
The saying “If all you have is a hammer, everything looks like a nail” undoubtedly applies to marketing, and this is the reason why it is so important to establish a multi channel marketing platform. And by “multi channel marketing platform,” we mean one that includes technology and processes to support. A perfect multi channel marketing platform should have the following:
- Campaign management capabilities, which have capabilities for workflow creation, segmentation, and campaign execution.
- Advanced analytics, including campaign optimization and predictive analytics.
- Advanced execution that includes event triggering, content management, and real-time decision making.
- Response attribution including the capability to perform scenario planning, marketing mix optimization, and marketing attribution analysis.
- Digital marketing, including capabilities that proliferate marketing beyond traditional channels to newer channels, including the email, Web, mobile, etc.
By establishing a multi channel marketing platform, it is easier to integrate traditional and emerging channels. It can also help in simplifying the creation and execution of cross-channel campaigns by enabling marketers to create a single campaign that can be replicated across multiple channels. Furthermore, this can also help in reducing costs and improving the effectiveness and performance of your marketing efforts.
Tip #3: Create consistent customer experiences across all channels
Customer experience is one of the most effective competitive differentiators. The quality along with consistency of the customer experience is important. This is because your customers experience your brand as a whole, whether their interactions with you are in a store, online or over the phone. If you handle each channel as a distinct entity, there is a risk of customers turning against your brand if you fail to deliver consistency.
Benefits of Multi Channel Marketing
Benefit #1: It’s fast
On an average, before buying any product or service, a lead interacts with your company 35 times. This process gets streamlined by following a multi channel marketing approach as you start to appear everywhere they look, and before they know it you become the preferred brand in their mind.
Benefit #2: Channel Preference
Reach your customers on the channels they prefer. For companies with a longer cycle of buying, you need to hit potential customers more than once. This means you need to target them with the right message, in the right place, at the right time within their journey. Benefits of multi channel marketing strategy are that it allows you to reach customers on the channel of their choice.
Benefit #3: More touch points
This is one of the most significant benefits of multi channel marketing that it provides several touch points. Having more touch points in your marketing funnel means the availability of more data. This data can help you develop a better understanding of the areas where your promotions work best and measure your growth.
How to Enhance Your Multi Channel Marketing Campaign?
Tip #1: Use the available tools
If you want to invest less into tech infrastructure and keep up with customers as they bounce across multiple channels, then you need some support. Automation tools allow you to qualify and lead faster, identify trigger events that suggest a lead is ready to engage, and send messages out to the target audience at the best times. There are several tools out there to choose from.
Tip #2: Become a data digger
In a complicated and omnichannel marketing environment, nothing is more valuable than data. The right information forms the pillar of your multi channel marketing strategy. you need to ensure that the insights are authentic, relevant, and constantly updated. Sometimes, a problem with integrated marketing can mean that the data you have lived in silos across your organization.
Tip #3: Connect the dots at every marketing platform
In multichannel marketing practice, every platform you use will have its own individual entity. However, that doesn’t mean that each of them should be completely disconnected. While it is essential to embrace the benefits of each channel, it is important that you don’t overlook the connections. You must establish your metrics for each separate channel, and then monitor on how your platforms work seamlessly together. You might discover that you can get more leads and an increased number of conversions if you fuse your campaigns together into an omnichannel marketing approach.
Tip #4: Personalize your campaigns
In today’s competitive landscape, consumers are sick of dime-a-dozen marketing messages. They look for a marketing strategy that appeals to their personal values and interests. So, you need to be careful while altering your multi channel marketing messages to not only suit the audience on each of your channels, but also the distinct benefits of the channels themselves.
Role of Multi Channel Marketing in the World of Medical Devices
Patients are reluctant to experiment with medical devices. Most medical devices are used to manage different types of motor symptoms in conditions and diseases such as obesity, Parkinson’s disease, and overactive bladder. Today, consumers are caught up in the ever-changing whirlpool of healthcare and therefore, they are no longer relying solely on their physician to make decisions for them. The potential patient now digs for the information they need to make medical devices decisions.
Medical devices and pharma industries share multi-dimension marketing challenges. They aim at creating the most effective communication to best inform target consumers. Here comes the role of multi channel marketing that provides the right information to patients and helps them make an educated decision, and boost approval for medical devices. Here are a few ways in which multi channel marketing can help.
#1. Discover the patient behavior and needs
Multi channel marketing provides a 360-degree view of patient-consumers. This help medical devices manufacturers to gain insight into their unique characteristics including target value or segment and lifecycle stages. This discovery of patient behavior can drive the multi-channel campaign design for medical equipment companies. Furthermore, it can also help them to develop market-focused and customer-focused and analytical benchmarks that can be used to make decisions about a marketing campaign.
A multi channel marketing plan helps in segmentation which further helps in identifying the proper message to deliver to consumers. Prospective patients can initially be segmented according to the time since they were diagnosed with the specific disease, and where they are now in their device decision-making process. This can help in specifying the medical devices they need at each stage.
#3. Fine-Tuning: The Final Step
In addition to delivering greater relevance and gaining important consumer insights, a finely honed multi channel marketing plan in the world of medical devices can help direct resources to when what, and how strategies should be improved to prove most economical and effective. Big data and machine learning can help build a business case for each campaign, predict ROI, and prioritize future campaigns.
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