Marketing strategy is primarily aimed at combining an organization’s marketing goals into a comprehensive plan. An ideal marketing strategy plan focuses on the right product mix in order to maximize the profit and ensure business sustainability. It contains the company’s value proposition, key marketing messages, information on the target customer, and other high-level elements. Companies use various types of marketing strategy to reach people and turn them into customers of their offerings. But the key questions to be answered here are – what your strategies should be? How do you make your team’s work align with your strategies? How do you measure their effectiveness? The answers to all these questions lie in establishing a good marketing strategy plan:
Identify the overall goals
Every marketing team uses different types of marketing strategy which includes demand generation, digital content, events, and partnerships. It is vital for the marketing teams to establish clearly defined, actionable strategies. For this, factors such as vision of the team, market opportunities and core competencies, and the end-to-end customer journey should be taken into consideration. It will help in strategy development and ensure that companies are leveraging the right opportunities to achieve their main goal and connect with their customers.
Analyze industry positioning
Once the company’s primary goals and objectives are listed out, the next step in the marketing strategy plan is to see where the company lies in terms of the overall industry, as well as how it’s positioned with the current customers. This can be better done by undertaking a SWOT (strengths, weaknesses, opportunities, and threats) analysis. SWOT analysis focuses on internal factors and external market elements and seeks to better define the ways in which the brand is perceived in comparison to its counterparts in the market from a customer point-of-view.
Devising various types of pricing strategies in marketing is one of the most significant challenges to face as a business owner. It requires analyzing several factors and putting together an accurate picture of what your product is worth, how much its production costs, and how much your customers will pay. Understanding how to plan a pricing strategy is one of the important parts of creating a successful business. It has a direct impact on your bottom line and revenues. Pricing strategy is the ultimate reflection of the value that you offer to your customers through your products and customer service. In this article, we have tried to help you out by formulating five steps towards developing value-based pricing strategies in marketing that will push your revenues in the desired direction. (more…)
In today’s scenario, marketing is inevitable irrespective of the sector that you operate in. However, according to a recent research, only 38% of today’s marketers have a holistic view of how customers interact with digital content throughout their purchasing journey. Which translates to the fact that less than half of the marketers are creating content that may or may not produce ROI for their company. Therefore, marketers should not only refrain themselves from putting all the eggs in one basket but more importantly know which basket to put the eggs in and create more returns. This is where the role of closed loop marketing comes into the picture and makes marketing’s efforts pay off.
What is closed loop marketing(CLM)?
Closed loop marketing is the marketing that relies on data and insights from closed loop reporting. It is the use of analytics and insights to build better marketing campaigns that lead to ROI. To “close the loop,” marketers must analyze and track their efforts from the first touchpoint to the customer’s interactions with the sales teams. In layman’s terms, closed loop marketing refers to the sales staff working with the marketing team to determine how customers arrived at their website and what they did after they got there. CLM allows marketing and sales teams to work together and improve the customer experience by integrating the departments and ensuring an uninterrupted flow of data. It involves collecting and analyzing customer data from multiple channels and using that insight to create and deliver targeted content. It provides a continuous cycle that gathers customer preferences and monitors the marketing strategy, so it can be optimized to improve outcomes.
Why should companies in the healthcare industry use closed loop marketing?
CLM is slowly gaining popularity in several sectors, and the healthcare industry is one of them. It might be surprising how in a sector as sensitive as the healthcare industry, closed loop marketing can work wonders. By understanding what works for individual customers, healthcare companies can tailor their marketing strategy to ensure they receive relevant communications; thus, increasing the value. Understanding and leveraging various data allow companies in the healthcare industry to define specific profiles and build accurate and appropriate solutions to match customer needs. This marketing strategy could also help companies to identify the effective communication channels and improve conversion rates.
What are the steps involved in closed loop marketing?
The following are the critical steps involved in CLM:
#1: Know your customer
The first step begins when a visitor accesses the company ’s website and browses through various pages. With the help of features such as cookies or IP tracking, firms can not only identify what directed the customer to the website (e-mail, social media, PPC campaigns, etc.) but also track their path, and then combine this information.
#2: Understand customer interest
The goal here is to analyze the customer’s behavior on the site.This includes identifying the pages they browse, the documents they downloaded, the products they purchased, etc. This information can help enhance the customer experience on the website and speed up deal closing and ensure higher conversion rates. For example, from the patient’s browsing history on the website, companies in the healthcare industry can identify what type of patient care services the visitor is looking for and target their further marketing campaigns accordingly.
#3: Converting visitors to leads
One of the most critical points of the closed loop marketing is to ensure that the visitor fills out a form that helps companies obtain his/her identity. This will make it possible to associate all the information collected from anonymous visitors with a customer record. Through the analysis of visitors’ behavior, firms can optimize their website for a faster visitor-to-lead conversion.
To know more about the application of closed loop marketing in the healthcare industry