Tag: Marketing Strategies

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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.

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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

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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?

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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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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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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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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:

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5 Types of Marketing Strategies for Small Business | Top Marketing Strategies

Expanding a business is no mere feat. You will first need an idea that’s totally “out of the box and then identify your niche audience. Once you’ve done that, getting the word out is the next step that you should be focusing on. In today’s capitalistic world, getting the word out to your target audience is not as easy as it was a couple of years back. Without the right marketing strategies in place, staying afloat and churning a profit is nearly impossible. We can all unanimously agree that it takes a lot of time and effort to build effective marketing strategies for small business and large conglomerates. Though their requirements are varied, the basic market concept remains the same.

As cta ira marketer, however, you’re always on the lookout for new platforms and strategies to gain the ever so important competitive edge. And with new tools and content vying for users’ attention, it’s easy to see why most entrepreneurs are pulling their hair out. The hard truth is that the strategies that have brought your business this far will never be good enough to push your business to the next level. If this is one problem that gives you sleepless nights, then join the club! Most entrepreneurs of today are so caught up working “for” their business that they totally forget about working “on” their business. So, that brings us to the question of what types of marketing strategies to adopt and how to boost conversions from the target audience. The answer is simple, do your basics right! Without an optimized marketing and conversion funnel, you’d only be throwing your hard-earned money away.

What are the major types of marketing strategies to boost visibility and how do we build effective marketing strategies for small business?

Most marketing professionals face a conundrum when it comes to dealing with such questions. The need for increased visibility is clear when it comes to boosting sales. But the catch here is – to boost visibility. But what happens when you’re on a shoestring budget or the well runs dry? Well, there’s no clear answer to that; but one thing is for certain, if you lack the budget, you have to “sweat it out. And if you’re working tirelessly to add value, then follow our five-step guide to building good marketing strategies.

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5 Ways Location Based Services Will Prove to Be a Boon for businesses

Mobile phones are undoubtedly one of the most remarkable inventions ever. The evolution of mobile phones from mere devices of communication to a multi-purpose device has proved to be a great boon, especially for businesses. Businesses have been leveraging the features offered by mobile phones such as user location tracking to market their products or services to a relevant audience. In fact, location based services (LBS) have already started emerging as one of the most vital aspects of mobile marketing for B2B companies. For those of us who are unclear about how location based services work, it uses real-time geo-data from a mobile device or smartphone to provide information, entertainment or security. Though location based services were initially used only by B2C companies, B2B companies are slowly waking up to the innumerable opportunities that this technology can offer them. Location based services enable marketers to gain a better idea about the group of customers that are more likely to favor a particular product or service. The only challenge here is to gain customers’ permission from customers to provide more personaliRequest Proposalzed offerings to them. Here are some of the key reasons how companies and marketers can benefit from location based services:

Building networks and partnerships 

Using location based services enables two or more companies to enter into a mutually benefiting relationship through tie-ups. By forming a network of companies that can support and promote each other, the success of one company can prove beneficial to all the others. Such efforts also open up several avenues and opportunities for companies to flourish and increase their profits.

Rewards and discounts 

Rewards and discounts act as great baits for attracting potential customers to the company’s products and services. Once businesses identify their customers’ behavior pattern by using location based services, they can be targeted by offering rewards and discounts for the services that are used by them the most. For example, if a customer regularly books flight tickets, companies can offer special discounts during a particular season. This would act as an incentive for customers to frequently use the company’s services.

Building social connection 

After clearly understanding the wants and needs of the target customers, companies can go ahead and link their location based services to a mobile social network, which would enable users to share details about the company with their friends and other contacts. Companies can greatly benefit from this as it helps build their user database and increases publicity for the brand without having to put in any extra effort.

Analyze competition 

It is vital for companies to not only understand customer’s behavior with respect to their products and services but also understanding the users’ level of interaction with the competition. This is essential as it will help companies position their offering differently and offer something extra to the customers when compared to the competitors.  By using location based services, companies can keep constant tabs on their customer’s action towards various offerings available to them.

Events and tradeshows 

Events and trade shows are useful platforms for businesses to showcase their products and services. Organizing an event on a subject of customer interest could attract more users to your services. This would require a considerable amount of effort on the company’s part, both in organizing and financial terms, but if this effort takes off well, it could prove to be highly useful in gaining more customers. Tapping the right companies for the event could also pave way for many new sponsors for future events.

For a visual explanation of how location based services work, check out this relevant video on YouTube: 


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4 Tips to Improve Your Marketing Research Process

Today, it has become quintessential for businesses to understand the fact that the concept of marketing has evolved and become more consumer-centric. Satisfaction is now the new aim of marketing, and to achieve this, companies need an appropriate marketing research process in place. 

With constant changes becoming the new norm in business activities, the only thing that remains constant is the need for establishing an effective marketing research process. Every marketing research process helps companies to evaluate market opportunities and take business decisionsGet more info based on hard facts. It is, therefore, the backbone of every successful business initiative. However, today we see that most companies prefer to cut costs when it comes to a marketing research process since it is resource intensive. While this may not be the best business decision, most companies have started following this logic during product or service launches.  Marketing research doesn’t always have to be an expensive affair, as many start-ups have shown, if companies are following the right set of protocols.

So, without further ado, let’s look at some of the best ways companies can improve their marketing research process:   

  • Define “YOUR” problemmarketing research process

This is perhaps one of the most critical steps in establishing a good marketing research process. In this step, companies have to define the scope and aim of their research. This would help businesses determine the information that they need and how they can go about collating that information. Properly defining the scope of the marketing research process can help business stakeholders to deal with the overarching business challenge, such as loss of market share or how to market products or services to a specific sub-segment of users.

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Developing questionnaires that cover your business challenge and examining the actual cause of these issues can help businesses to filter out the unnecessary data. To effectively define “YOUR” problem, take into account as many variables and their causes, respectively.

  • Plan your researchmarketing research process

Once the first step has been completed. The next task involves the process of planning an extensive research approach. This marketing research process can only be carried out once the preliminary step of establishing the research scope has been completed. The research plan or approach can be overwhelming to create since it includes steps and methodologies that can help answer or explore the opportunities uncovered in the first step. Every research technique comprises of the following:

– Interviewing potential customers to obtain feedback

– Conducting surveys with industry stakeholders to gain industry insights

– A/B testing on your businesses’ website to understand customers’ perception