Tag: Marketing Strategies

Pharmaceutical marketing

Developing a Winning Pharmaceutical Marketing Strategy | Infiniti’s Latest Success Story

Pharmaceutical Marketing Strategy Engagement

With the increasing competition from generic drug manufacturers and the entry of new players, pharmaceutical companies are facing difficulties in capturing the attention of customers. Moreover, the fast-paced transformations in the pharmaceutical industry have made it even more difficult for pharma companies to solely rely on their brand name and traditional advertising techniques to drive sales. With this, pharmaceutical companies are realizing the need to embrace digital transformation and leverage robust pharmaceutical marketing strategies to promote their product offerings.

In today’s competitive marketplace, traditional pharmaceutical marketing strategies can no longer help pharma companies drive sales and profits. Want to know how Infiniti’s marketing strategy solution can help pharma companies devise an efficient marketing plan to promote their product offerings? Request a FREE proposal today!

Business Challenge

The client is a pharmaceutical company based out of Ireland. The company was established in 1997. The company relied solely on TVs and print advertising techniques to promote their product offerings. However, these traditional sales and marketing approaches turned out to be costly for the company due to dynamically changing customer needs and requirements. With this, the company witnessed a huge loss in their marketing budget and this eventually impacted their sales rate. Furthermore, as customers accessed a multitude of platforms to make their purchases, the client’s inability to devise robust pharmaceutical marketing strategies resulted in revenue losses for the company. The client, therefore, approached the experts at Infiniti Research to leverage their expertise in offering pharmaceutical marketing strategy solution.

Solutions Offered

The experts at Infiniti Research followed a four-phased approach to formulating a pharmaceutical marketing strategy. The approaches undertaken by the experts involved determining the client’s target audience, analyzing the competition in the pharmaceutical market in Ireland, setting up a marketing budget, and formulating a pharmaceutical marketing plan based on the insights obtained.

The experts also conducted demo marketing and promotional campaigns and monitored the results. As recommended by the experts at Infiniti Research, the client focused on social media and marketing through influencers. This helped the client to improve their brand presence on social media. Also, as suggested by the experts at Infiniti Research, the client developed messaging apps and chatbots to have a one-to-one conversation with their customers. This helped the client in increasing customer experience and further improved the company’s sales rate. Infiniti’s pharmaceutical marketing strategy helped the client to efficiently utilize their marketing budget and attract new customer segments through targeted marketing and promotional campaigns. Furthermore, Infiniti’s pharmaceutical marketing strategy helped the pharma company to enhance their profit margins by 37%.

Are you facing difficulties in promoting your product or service offerings? Our experts can help you in formulating an efficient sales and marketing strategy plan. CONTACT US to know the best marketing strategies that suits your business needs.

Digital Marketing Strategies for Pharmaceutical Companies

Five Digital Marketing Strategies for Pharmaceutical Companies

To gain more insights into these digital marketing strategies for pharma companies, read the complete article here.

Five Types of Marketing Strategies for Pharmaceutical Companies to Boost Profits

 

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Go to market strategy

Infiniti’s Go to Market Strategy Helped a Consumer Electronics Company Successfully Launch their New Product and Enhance Profit Margins by 17%

Go to market strategy for a consumer electronics company

The US consumer electronics industry is growing at a fast pace. This rapid pace of change has opened up a host of market opportunities for companies operating in the consumer electronics industry. However, with a large number of new products being introduced every year, consumer electronics companies have also been forced to alter their business strategies to stay relevant in today’s competitive marketplace. This necessitates consumer electronics companies to leverage a go to market strategy to develop customer-driven marketing strategies and identify the best channel to reach their customer base.

Are you planning to launch a new product in the market? Choosing the wrong sales channel can prove to be costly for your company. Request a FREE brochure to gain more insights into our services portfolio and learn how our go to market strategy can help you devise an efficient plan for your new product launch.

Business Challenge

The client is a consumer electronics company based out of Midwestern United States. The client wanted to launch a new electronic device in the market. As many of their previous product launch attempts failed, the client required help in commercializing and launching their new product. Before the product launch, the client wanted to identify specific gaps in the marketplace that their new device will help overcome. They also wanted to identify channels preferred by their target customers. Also, by gathering comprehensive insights into the US consumer electronics market, the client wanted to competitively price their products. Furthermore, with Infiniti’s go to market strategy, they wanted to maximize the chances of their product success.

Solutions Offered and Value Delivered

The experts at Infiniti Research worked closely with the client’s sales team to develop a go to market plan. The experts at Infiniti Research identified the gaps in the marketplace which the client’s new product will help solve. The experts also analyzed customers’ buying patterns and channels of purchase. This helped them devise a product positioning strategy. The insights obtained from Infiniti’s go to market strategy engagement helped the client to focus on key niche markets and develop effective marketing and advertising strategies to support the product launch.

Infiniti’s go to market strategy helped the client to launch their new product successfully, ensuring its commercial success without affecting the performance of the current product line. In a span of 1 year, the newly launched electronic device significantly exceeded their revenue expectations. By identifying the channels of purchase preferred by their customers, the client was able to efficiently engage with their target customers. Also, by leveraging Infiniti’s go to market strategy, the client was able to enhance their profit margins by 17%.

Infiniti’s go to market strategy also helped the client to:

  • Reduce time to market
  • Enhance customer experience
  • Increase brand visibility and customer loyalty
  • Reduce cost-to-serve (expenses associated with product distribution process)

Request a FREE proposal to know how our go to market strategy can help your business choose the right channel to promote your new products or services.

What is go to market strategy?

Go to market strategy is the way by which an organization introduces a new product to the market. The GTM strategy is a part of marketing strategy. A well-defined go to market-strategy offers actionable insights by analyzing the potential customers, the value proposition, and the need for product differentiation. Steps to developing a go to market strategy are as follows:

  1. Defining the target market
  2. Defining target customers
  3. Defining brand positioning
  4. Defining product offering
  5. Choosing marketing channels

Steps to Formulate an Effective GTM Strategy

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Brand marketing strategy

Accommodating Dynamic Customer Demands with Effective Brand Marketing Strategies

What is brand marketing strategy?

A brand marketing strategy is aimed at promoting a company’s products or services in a way that highlights their overall brand. Companies leverage brand marketing services to help them link the brand’s identity, values, and personality with communications to the target audience. A brand marketing strategy is a crucial investment in building an asset called brand equity. Brand equity is the portion of a company’s value or market cap that is attributable to a company’s brand name. It plays a crucial role in building a company’s reputation, trustworthiness, and market reach.

Is your brand marketing strategy on point? If not, we can help to identify the gaps in your current brand marketing strategy and build robust and innovative solutions that are in line with the market standards. Request a free proposal to know more.

How to create a brand marketing strategy

Establish a company vision

Companies must first decide what they want to be known for or how they want to position their brand identity before developing a brand marketing strategy. This helps buyers to associate certain attributes with a particular brand or products of that brand. For instance, many energy drink companies have partnered with sportspersons or athletes. This makes customers associate the success of these popular personalities with the energy drink. Furthermore, it gives the product a sporty image.

Identify a strategic target audience

The brand marketing strategies of companies that fail to understand their target customers correctly will ultimately become unsuccessful. Target market segmentation involves much more than grouping customers based on their basic demographics. However, a great brand marketing strategy is built on the basis of psychographics and multiple buying personas for the same market. This includes customers who have different shopping habits or feeling towards the brand. Once a strong target audience base is set up, you can then move on to creating a consistent brand.

Be consistent

The effectiveness of a brand’s customer interactions acts as a vital cornerstone for successful branding. The message, visual aesthetics, and brand tone should be recognizable and aligned for the long-term. Furthermore, consistency in brand communications is key to building customer loyalty and trust. Today, one of the best ways to ensure brand consistency is to increase awareness online. Since most of the modern companies use online marketing techniques, creating online brand consistency is one of the primary and least important steps involved in developing a consistent brand.

Building a brand marketing strategy could be challenging, especially if you do not have the right expertise or market knowledge. Our industry experts have been successful in helping several small and big businesses around the globe keep a close watch on key events in the market and build robust go-to-market strategies to stay relevant. Get in touch with us to know how we can help you.

Deliver the promises

Even if the brand has an appealing personality, design, content, and consistency, but the company’s brand marketing strategy would go down the drain if the product does not follow through on the promises made to the customers. A robust brand can only be built by delivering products that are of superior quality. When companies offer poor product or service quality, it negatively affects the perception of their brand. Furthermore, it should also be ensured that the attention to quality extends to all areas of the company’s interaction with their clients including social media platforms and support. When a company fails to deliver its promises, the brand marketing strategy essentially does not align with what they are actually selling. Moreover, it creates a distrust from their current and future customers.

Create an emotional connection

A successful brand marketing strategy establishes an emotional connection with their customers. Companies that position their products as a must-have brand and build a loyal consumer following have tapped into the full power of their brand marketing strategy and will benefit in the long-term. Also, providing great customer service and interacting more with customers are effective brand marketing strategies to garner more loyal customers for the brand. This also promotes repeat purchases and brand advocacy for the company.

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Market Research Services Helped a Healthcare Company Strengthen Their Position in the Market – An Infiniti Research Success Story

Business Challenge 

As tech giants make healthcare market entrances, traditional healthcare companies face increasing pressure to remain competitive. Healthcare providers need to prioritize on keeping pace with innovation and update their systems to avoid being left behind. Therefore, healthcare companies are partnering with market research companies to gain comprehensive insights into technologies and marketing strategies adopted by their rivals.

The client, a healthcare company, who was new to the market consulted Infiniti Research to acquire an early and sustainable competitive advantage. With Infiniti’s market research services, the client wanted to gather healthcare industry information, validate internal research, gather competitor information, gain a view of the healthcare market, and use data to make informed decisions.

Are you looking to strengthen your company’s presence in the market? Our market research services help companies stay on top of recent market developments. Request a FREE brochure to know more about our market research services.

Solutions Offered and Value Delivered 

The experts at Infiniti Research conducted a thorough healthcare market analysis. Infiniti’s market research services helped the client gather information about the healthcare industry, current market trends, target customer segments, and their key competitors.

By gaining a better perspective of the market, the client was able to strengthen their position in the market. Market research services also helped the client identify potential threats in the market. Also, by examining competitors’ strengths and weaknesses, they were able to take advantage and better establish their presence in the healthcare market. Moreover, market research services provided the client with adequate market data that helped them to:

  • Better focus on patients’ needs and demands
  • Provide revenue projections
  • Stay ahead of their competitors
  • Spot emerging healthcare market trends
  • Facilitate strategic planning
  • Minimize investment risks
  • Gain insights into technologies and marketing initiatives adopted by their competitors

With the help of Infiniti’s market research services, the client was able to make an informed business decision. This helped the healthcare company better establish their presence in the market and strengthen their credibility and reputation. In a span of 8 months, the client was able to gain a top spot in the healthcare market and outperform their key competitors.

Are you new to the market? Inadequate market analysis can hinder your business growth. Request a FREE proposal to know how our market research services can help you minimize risks and explore new opportunities.

Importance of Market Research Services

Accurate and specific information on the market, competitors, and customers is the key to developing a strategic marketing plan. A market research report gathers information on the market, key competitors, and target customers. This data helps businesses make better decisions for success. With market research services, a company can:

  • Better understand their customers
  • Gain adequate knowledge about key competitors and their marketing strategies
  • Enhance business growth

Interested to learn more about our market research services?

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The Basics of a Product Development Strategy

What is a product development strategy?

The market today is far more competitive than it used to be probably a decade ago. Single product designs are becoming obsolete, causing revenues to falter. Savvy companies have realized that product evolution and modification are inevitable to stay at the top of the game in the industry. An effective product development strategy is essential for this. Let us first understand what it is.

Product development strategy definition

A product development strategy can be defined as a strategy that involves developing new products or making modification to existing products and then offering them to current or new markets. A product development plan or a product launch strategy is employed when there is no scope for growth in the current market with the company’s existing offerings. Here, the companies have three choices to make- create an updated version of the current product, introduce a new product, or cease the production of an existing non-performing product.

Planning a product development strategy?

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Benefits of product development strategy

Product development strategy acts as a framework for introducing new products or for improving the performance, cost and quality of existing ones. One of the key product development strategy advantages is that it helps companies achieve their business goals including venturing into new markets, selling more quantities to current customers, or winning customers from competitors. However, a new product development strategy requires careful planning in order to minimize the risk of costly mistakes. Some of the other notable product development strategy advantages include:

Win business from competitors

An effective product development strategy proves to be helpful in winning businesses from the competitors who are unable to meet the new performance levels of the company. A product development plan also helps improve performance and thereby raise revenue and profits by charging higher prices. Gaining firsthand information from sales representatives or the consumers themselves will be useful in identifying the performance factors that are most important to the market.

Reduced cost and improved competitiveness

A good product development strategy should take into account the best ways to reduce costs. When the costs are lower, the company is at liberty to lower their prices and consequently win new business. Reduced costs also contribute to increasing the profit margin. How to achieve reduced costs? The product development teams can attain this by eliminating product features that the market does not need, using lower-cost materials, and simplifying the manufacturing process by redesigning that product.

Improve reputation and goodwill

The company’s product development plan must include targets for quality improvements. This helps boost sales. It must be also ensured that you deal with companies who have their own set of pre-defined quality standards. Making quality improvements as a part of the company’s product development strategy also makes it easier for companies to enter the markets with stringent quality and regulatory requirements.

How strong is your product development strategy?

If you are not sure, it’s never too late to consult an expert. Know more about Infiniti’s data-driven solutions for business.

New product development strategy: Key questions to answer

Question #1: who will lead the new product development strategy?

Although a company might possess all the expertise and capacity required in developing a new product development strategy, there are chances that they might be consumed with other projects or lack specialized expertise to address specific challenges. A key component of a company’ product development plan will be to list out who will participate and how it will be managed. Companies can opt from the following options:

In-house: The product development strategy and the project management are executed by the company’s own resources.

Outsource: An external partner is employed to design the product, manage the process, and source and coordinate the work of additional suppliers. The company’s employees provide them with business oversight, identify requirements, and contribute feedback to the project.

Hybrid: In some cases, it becomes more feasible to manage the project in-house and then coordinating the work of a design firm and one or more suppliers. This is a mix of moth in-house and outsourcing functions.

Question #2: How to validate the product design?

Commercial failure is one of the biggest risks associated with a new product development strategy. Even if the product development is on-time and meets the specs and budget requirements, chances are that the sales will fall flat. So, throughout the product development lifecycle it is vital to seek validation of market demand, the product’s value proposition, and the product design and features. Some of the main strategies to achieve this include:

Crowdfunding: Use a popular crowdfunding platform depending on the product category. This may prove to be highly effective to promote your idea early in the development cycle, attract investment, and validate the appeal of the product idea.

Prototyping: Companies can use prototypes at several stages of the product development strategy to demonstrate the product idea, gain feedback, and secure lead customers.

Low-volume tooling: Major investments for hardware products include production tooling and setup. Companies can start by building less-expensive, short-life tooling for a low-volume production run of your product in order to facilitate a market test.

Question #3: What is the best business model for acquiring customers?

The company’s customer acquisition and revenue models may have implications for the product design. Products that work on modern technology such as IoT consist of ecosystems of hardware, applications, connectivity, data storage, and data feeds. This expands the company’s range of possible business models, here are the options you need to consider:

  • Subscriptions for data feeds, storage, or hosting
  • Opportunities to increase user engagement and the network effect, exposing
  • Purchase, lease, or metered usage for hardware or application components
  • Free basic functionality with paid upgrade opportunities
  • Recurring revenue opportunities through consumables, maintenance, and upgrades

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cosmetics industry

4 Ways E-Commerce Retailers Can Pep Up Their Black Friday Marketing

Black Friday is no longer a one-day shopping extravaganza, all thanks to ‘Cyber Monday’ which has made it an extended shopping period for customers.  In 2017, the U.S. ecommerce revenue hit a record-breaking $3.34 billion on Black Friday – a substantial 21.6 percent year-over-year growth rate. This is good news for retailers as it means customers are increasingly relying on ecommerce platforms for their holiday purchases. As today’s customers have ample options available to make their purchases, e-commerce retailers must start carefully planning out the Black Friday promotions well in advance. With Black Friday right around the corner, here are some tips for ecommerce retailers to create a buzz, drive traffic and make sales this season:

Black Friday Marketing Strategies

Black Friday marketing through e-mail

One of the best ways for ecommerce retailers to create a buzz around their Black Friday promotions is to pull out a list of the company’s past and potential online shoppers, segment them based on their needs and send customized emails to suit their shopping patterns. Email marketing is a time-tested strategy for business to expand their sales and the customer base. It is an added advantage to include a catchy subject line and scheduling posts based on time zones or peak of online email users will ensure a wider reach for your Black Friday marketing efforts.

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IT services industry

Gaining a Clearer Picture of Your Market with Market Segmentation

What is market segmentation process? 

Market segmentation process essentially involves grouping and sub-grouping large homogenous markets into clearly identifiable segments. The division is made on the basis of similarities in needs, wants, or demand characteristics. The market segmentation process also helps companies concentrate their marketing energy on various pre-defined market segments to gain a competitive advantage within that particular segment. Furthermore, marketers can easily personalize their marketing campaigns with this approach. It also reduces the risk of an unsuccessful or ineffective marketing campaign. Companies must choose the right type of market segmentation process that would best suit their marketing goals.Get More Info

Types of market segmentation 

Geographic segmentation

This is one of the most common types of market segmentation where companies segment the market by concentrating on various geographic areas. For instance, most restaurant chains are known to undertake their market segmentation process in such a manner that they focus on a limited geographic area to achieve the concentration of force. Moreover, consumer preferences vary from region to region. So, it is important for companies to choose that geographic segment that best aligns with their goals.

Psychographic segmentation

This is a strategy that takes into consideration the lifestyle of people, their activities, interests, as well as opinions to define a market segment. Such types of market segmentation take into consideration the psychographic aspects of the consumer’s buying behavior.  They also consider the psychological aspects of consumer buying. A popular example is fashion brands who market themselves based on the lifestyle and fashion needs of their target customers.

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Demographic segmentation

This is one of the simplest and most widely used types of market segmentation. In this market segmentation process, the population is divided based on variables such as age, gender, nationality, income, and occupation. The demographic segmentation variables help divide a large population into specific customer groups. One of the industries that makes use of this market segmentation process is the automobile industry. For instance, station wagons are designed to suit families with more number of members. On the other hand, a Ferrari is designed for high-end customers who have an interest in sports cars.

Behavioral segmentation

In this strategy, customers are grouped based on behavior, usage, and decision-making patterns. The products are marketed to target customers based on their behavioral patterns that define their likelihood to buy or not buy a particular product. Customers tend to evaluate several factors before they arrive at a decision about a purchase. Thus, consumer decision making is affected by this behavior and that is exactly how the behavioral segments are targeted.  Retailers make use of behavioral segmentation the most during festive seasons such as Christmas. The buying patterns of customers are higher during these times, prompting marketers to target these customers more and induce maximum sales.


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Market Intelligence

Five Types of Marketing Strategies for Pharmaceutical Companies to Boost Profits

Technological advancements and the healthcare industry are very closely associated. Recent advancements are mainly intended to improve treatments and therapies. However, when it comes to pharmaceutical companies, technological developments bring about a change in the way the companies operate and market their specific products –  especially due to the legal and compliance restrictions in various regions. But keeping themselves abreast of all the new marketing strategies can help pharmaceutical companies to move a step ahead of their competitors and grow their business. Here are five digital marketing strategies that pharmaceutical companies have to watch out for in 2018.

Five Digital Marketing Strategies for Pharmaceutical Companies

Marketing through InfluencersAsk An Analyst_IR

Online information always fetches more attention than traditional ads and can create a stronger influence on the attitude of people and their behaviors – provided it is reliable. But the question of where and from whom to fetch such information can be answered with the help of influencers.

An influencer is a person whose presence is huge on social platforms and has relevant followers. The base of such followers can range from hundreds to millions. Such influencers have relevant posts on their page and targeting them can boost the growth of your business. Pharmaceutical companies looking for new ways to market their products should follow such influencers to boost their brand presence. For example, if a pharmaceutical company is targeting patients suffering from diabetes then the influencer who is very active on any social media platform and had suffered the same disease in the past, can be approached successfully to seek the attention of people suffering from diabetes. Also, influencers can be helpful in the case of medical products or medical devices. This is one of the best marketing strategies that can help pharmaceutical companies to improve their brand presence on social media channels.

Messaging apps for pharma

Today, messaging apps are one of the most appropriate marketing strategies to reach the target customers with valuable and reliable content. For pharmaceutical companies, it provides an opportunity to have a one-to-one conversation with their patients, doctors, and customers. But there are some security concerns which are considered to be unethical, such as: Is the app providing encryption? Are all the regulatory compliance requirements of your pharmaceutical company fulfilled by it? Clinical trials recruitment is one of the most interesting application areas of such messaging apps.Request Proposal

Chatbots for pharma

Chatbots are one of the most interesting marketing strategies that are being used by various pharmaceutical companies to respond and engage with clients. Chatbots are programmed and automated scripts that are used to converse directly with the client and mimics the response and behavior of a human being. Such bots can help handle requests like questionnaires, FAQs, and surveys. There are several ways in which pharmaceutical companies can use such chatbots to automate many time-consuming processes and provide more personalized services.

cta irNative advertising for pharmaceutical companies

Native advertising is a kind of advertising that is carried out in the form of an article. The content of such an article is marked with specific labels, such as “advertisement” or “sponsored”. It is generally more impactful than traditional display ads when it comes to engagement and interest. Pharmaceutical companies through native advertising can garner the attention of doctors and patients and can raise brand awareness simultaneously. However, there is one challenge associated with this marketing strategy, which is to put together a company regulations-compliant content and get approvals for the same.

Virtual reality in clinical medicine and pharma marketing

Pharmaceuticals companies, healthcare, and biotech industries have been experimenting with VR for a few years and the results are very inspiring. There have been various use cases of virtual reality and augmented reality in expanding pharma and clinical medicines. This includes training and education, therapeutic uses, and health product demos. Such marketing strategies can be successful only when pharmaceutical companies communicate with patients not only for target purchasing but to decipher consumption habits, drug adherence, and so on.


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Think You Know All About What’s Trending in Professional Services This Year? Take a look

The professional services market is growing at a rapid pace. All credit goes to the rising demand for professional services such as accounting, legal, advertising, photographic services, and others from companies across various industries. As more number of companies develop or expand their global leadership positions, the demand for these services also rises. Employees in the professional services industry are often highly paid since they are being paid for their professional knowledge and expertise. However, as the industry is evolving, professionals can no longer rest on their laurels. They must stay on top of emerging trends since it’ll help them stay a step ahead of the competition. Here are some of the professional services marketing trends that firms need to keep in mind while planning their strategies to reach out to customers and have an advantage over competitors:Get more info

Ultra-personalization 

Customizing and personalizing the content based on how relevant it is to an individual client or prospect will significantly impact the ability to connect and retain the audiences. Forward-thinking marketers of professional services are deploying strategies and next-generation marketing technologies to deliver an ultra-personalized content experience that adds more value to the client relationship. This approach is aimed at solving the ongoing battle between fee earners and relationship owners who want to control what is best for their clients and marketing teams who want to take control of the brand and review the marketing content.

Virtual firms 

Factors such as changing technology trends increased pressure to reduce costs and the increased use of smartphones is increasing the popularity of virtual firms in the professional services market. More number of companies offering professional services are expected to go virtual and have fewer permanent offices in the years to come. This can be done by hiring contract employees, placing the entire infrastructure in the cloud, and utilizing a small number of physical offices. Professional services firms can cut their costs and help increase their revenue through this technique.

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Social media

Social media is one of the top marketing trends for most companies today. Professional services companies too are following suit and adopting such marketing trends for finding and engaging clients online, marketing services, and monitoring competitors. By establishing a strong social media presence, professional services companies can improve brand awareness, increase their client base, boost client satisfaction, and deepen client relationships.

Automation of back-end processes

Automating back-end processes help companies to eliminate paper-driven processes. Companies in this sector, especially accounting and legal firms are automating back-end processes to match front-end services. This is compelling several companies to change over from the old processes of scanning and filing paper checks. to electronic check records.


To know more about the challenges and opportunities in the professional services market: