Role of Product Marketing Strategy in Business Development
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:
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.
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.
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:
Your business is new, not many people know it yet. The product or service is really good, but how do you tell the masses about it? Organizations big or small all rely on marketing strategies for product and services promotions to get a word about their brand out in the market. That’s how people come to know about new products and services and their benefits. As a result, companies pour in millions of dollars in marketing strategies for product and services promotions hoping it will yield them an increment in the sales figure. Sometimes, it works, and sometimes, it just doesn’t, sending all the hard-earned millions down the drain. One should be wary of the pitfalls and disadvantages of these marketing strategies for product and services promotions to survive and grow in the market.
The cost to quality perception
How often do we see an item on sale or its price chopped off significantly? Pretty often. Companies hope to increase their sales volume by lowering the cost, thinking the simple demand-supply equilibrium will fetch them extra dollars. But often it so happens that a consumer sees it as a sign for reduced product quality. For instance, supermarkets often mark down the price of a product when they are about to expire. So a consumer will think twice before buying a marked down product.
Customers get habituated to promotions
One of the major disadvantages of marketing strategies for product and services promotions is that over time, consumers will get habituated to it. For instance, if a consumer knows that a certain store always offers 50% discount, then the consumer would be unwilling to buy when stores sell products in MRSP. They will even be hesitant to buy undiscounted products in the future as they already set the base price they are willing to pay for that product.
Dubious long-term success
Apple products barely go on discount. If your store were to sell Apple products with 30% discount, then there will a long queue of customers waiting to buy the product from you. It boosts your sales; however, you might not gain much in profits. A pressing question to ask here would be, will the customers come back to make a purchase if the offer was reverted? They will either go the Apple store or go to another retailer who may offer some discount. As a result, the long-term success of marketing strategies for product and services promotions seems dubious.
It is only natural for the demand to go up when the price is brought down by promotions. Sometimes though, such a growth in demand could go out of control. Suddenly, customers who weren’t even interested in the brand would jump on the opportunity to buy the product. Customers who actually were thinking on the purchase may miss out on this opportunity and the company may thus alienate loyal customers. Running out of inventory causes trust issues and negatively impacts the brand.
When you come up with marketing strategies for product and services promotions, your competitors won’t stay quiet either. They would most likely respond to a price drop with higher price drops. This, in turn, leads the company into a downward spiral for price reduction which affects the profit margin over the long-term.
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LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest marketing strategy solution for a logistics services client. Transportation and logistics is one of the world’s largest industries. The services offered by this industry range from taxis to trucks, airplanes, trains, courier services, ships, warehouses, barges, and logistics. To a large extent logistics industry now includes the use of artificial intelligence and robotics in terms of self-driving cars, trucks, and delivery vehicles. The growth of the global logistics services industry is directly related to the development of international trade flow and the current economic environment.
“Today, customers want full transparency into where their delivery is at all times. Moreover, as customer expectations have increased, and their willingness to pay for fast shipping has decreased. Hence, logistics services companies are leveraging the use of marketing strategy solutions to improve their position in the market. “says an expert at Infiniti Research.
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The solution offered helped the logistics services client develop a robust marketing campaign that resonated with the target audience. The solution also helped the client gain insights into ways to position the product in the marketplace and generate a better ROI.
Additional Benefits of The Marketing Strategy Solution
- Devise a marketing mix to differentiate the offerings with that of the competitors within the logistics services space
- Refine marketing activities and devise an effective marketing strategy to attract new customers
- To know more, request a free proposal
To know more about how our marketing strategy solution helped the logistics services client
An excellent and detailed marketing strategy is the key for modern companies to succeed in the highly competitive marketplace today. Every marketing plan is different depending on the product, the company, and the situation existing in the market. Medical device marketing strategy mainly includes functions such as product positioning, portfolio differentiation, competitive assessments, market segmentation, customer awareness, and loyalty-building programs. Although the medical devices market continues to be strong, the demand for these products are expected to soar higher in the years to come; more obstacles seem to be rising on the marketing front. From communicating to hospitals and physicians, or directly to end-consumer patients, it is getting harder than ever to locate the target audience, present a compelling message, and motivate a buying-oriented action. So how can companies in the medical devices market make themselves stand out from competitors and garner market attention without busting the budget? A good marketing strategy might be the answer. Here are four tips for companies in this sector for crafting an ideal marketing strategy:
Know your audience
Defining your target market is one of the first steps involved in efficiently marketing anything. Moreover, the complex and sensitive nature of medical devices makes it extremely important to get to know the target audience better. Firstly, decide whether to focus on medical professionals and facilities, or end users. Developers of large medical equipment or commercial equipment normally appeal to physicians and facilities. Even though patients are the end users, buy-in from practitioners is vital. They prescribe or recommend treatments for their patients. For smaller devices, it makes sense to concentrate on reaching out to consumers or adding this market segment to your marketing strategy.
Build relationships in the industry
Building professional relationships in the healthcare industry is a very subtle marketing strategy that medical devices companies can follow. Personal visits to medical offices and trade shows are common places, where the sales representatives of medical devices often connect with practitioners or facility reps. At these events, sales personnel get the opportunity to discuss the benefits of the equipment and demonstrate how it works to the medical practitioners. Most importantly, building relationships with prominent practitioners help develop peer influencer programs. This can also result in repeat sales in the long run.
Embrace digital technology
Going digital is the new normal in the healthcare industry and so is the case for companies in the medical devices market. When it comes to building a good marketing strategy a mere face to face sales attempt might prove insufficient or in some cases unsuccessful. So what next? Today savvy marketers are relying on creative direct email pieces to alert professionals about innovations in medical devices and the types of medical issues they resolve. Social selling, including LinkedIn, Twitter and Facebook, are additional platforms to create awareness. Once the interest of the prospects is captured, the next step is to drive the recipient to your website. On-site, companies can present their products through landing pages by discussing the benefits of the devices offered by your company. Videos, including demonstrations and testimonials, also help prove the value of your offering.
Employ content marketing
An efficient content marketing strategy will turn out to be a great plus point in attracting end users. It can be done through writing articles and incorporating images and videos that relate to the problems your targeted consumers experience. Integrate search engine marketing strategies as well, to drive traffic from potential customers. After you drive traffic to the website, present your solutions and the benefits they offer in resolving their pain points or medical problems. Even if you sell commercially, demand from end users sparks demand among facilities and medical practitioners.
To know more about the apt marketing strategy to choose for your business
LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest marketing strategy solutions for a quick service restaurant client. The rapid economic growth has created a new market for the quick service restaurant space, owing to the increased demand for convenient, quick serving, and ready-made meals. The high demand and popularity of these businesses can be attributed to several factors like the comfortable dining experience offered at a relatively low price offered. Speed in service, competitive pricing, and convenient locations mark the characteristics of a typical quick service restaurant.
“Marketing strategy helps companies in the quick service restaurant market to focus on customer retention and loyalty to increase the visibility of the brand. Additionally, our solutions help clients in the QSR space develop lasting relationships with their customers while developing ways to improve loyalty and trust with both the current customers and prospects. “says an expert at Infiniti Research.
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The solution offered helped the quick service restaurant client to improve customer loyalty through targeted ad campaigns. The solution also helped the client to identify promotional strategies to enhance their profitability and maintain a successful business performance during the recession. Furthermore, the client was also able to divide their end-consumers into navigable segments and develop effective campaigns based on their preferences.
Additional Benefits of The Marketing Strategy Solution
- Develop a consistent brand recognition level among the target segment
- Build loyal consumers through a strategy of relationship marketing approaches.
- To know more, request a free proposal