In today's healthcare and protection market, it is difficult to choose how best to market your products on a budget - Philip Wood explains
The healthcare and protection market is becoming increasingly competitive as companies realise the importance of providing cost-effective healthcare solutions as part of their employee benefits package. As such, intermediaries are all vying for attention and the need to stand out from the crowd has never been greater.
Recent statistics have revealed that in today’s ‘inbox culture’, we are each bombarded with enough data every day to fill 174 newspapers. Branding messages, marketing communications, public relations, adverts, direct marketing and emails and are all delivered on a minute-by-minute basis. This barrage of messages has become so much a part of everyday life that we have learned to ‘filter out’ anything that does not engage us immediately.
In essence, we are becoming immune to interruptions. Intermediaries, particularly those on a smaller budget, now face the difficult task of making their communications more captivating and less of an interference in order to inspire corporate decision-makers to use their specialist services.
In the current economic climate, smaller intermediaries are increasingly looking at new and more innovative ways to capitalise on market opportunities and minimise threats. So, what are the issues affecting their ability to do this?
Inadequate customer data
Failure to capture the right customer data can have a serious knock-on effect. Without adequate and up-to-date prospective client information, it becomes almost impossible to know who your potential customers are, where they are and what makes them different.
The use of intelligent and properly screened data is vital in targeting the corporate market and avoiding the higher expenses associated with more broad-brush marketing campaigns. Customer information can also be used to better understand the market and environment that your target audience operates within. You can help to further understand their needs and find out what is more likely to help them better use the products and services you recommend.
But this does not have to be an expensive or complicated process. Something as simple as a well-maintained and regularly updated database can make a big difference to the accuracy and consistency of any marketing campaigns. By using what you already know about your customers and how you can add further value, you will steer clear of marketing tactics that lack consistency and avoid taking a shot in the dark in the hope that the response is positive.
Budget
In the current climate, getting the most bang for your buck is crucial. It can often seem like a struggle to ensure value for money – and more importantly, achieving a return on investment. However, cheap does not have to mean nasty. You need to find and target clients’ needs and ensure that you can deliver exactly what they want.
Finding the solution
A wider variety of channels, including social networks, mobile and online, all offer independent intermediaries fresh opportunities to contact and influence corporate clients. But, more channels mean more work, a need for better communication between various parties and an increased demand for consistency.
In a world where any potential client can move across several channels in the process of making a single buying decision, intermediaries must be more aware and switched on to cross-channel marketing. This means communicating effectively through all channels and managing conversations that may continue through many interactions. Cross-channel marketing uses customer and prospect data, allowing more accurate insight and consistent contact.