2007 to 2008: Actionable
Transformation
As I scan the important business drivers of 2007, several themes will carryover
as critical success factors in the coming year–customer narrowcasting, Big
Truth messaging and new media. Addressing these challenges will form the
framework for successful marketing efforts. I’m forecasting this not only as it
relates to healthcare, but in the context of a consumer marketplace undergoing
massive transformation in the way people are approached, courted and led into
the sales cycle.
Customer
Narrowcasting
Alternatively
known as market segmentation or niche marketing, customer narrowcasting takes a
business’ focus to highly-defined, targeted customer segments. Whether
formulating an annual marketing plan, reengineering product messaging or
planning a media buy you can't do it without knowing your customer.
Market leaders are embracing a customer-centric
philosophy that puts products and services into distinct market segments, each
with narrow customer definitions. In this
setting, the customer is viewed as the central asset. Products and services are
tailored to unique needs of each customer group, relying on a range of
segmentation profiles including demographic, psychographic and lifestyle.
The key to the customer-driven “black box” is data. Gathering, analyzing
and interpreting information allows you to understand variations among customer
segments and develop a snapshot of your most desirable targets. It’s the practice
of dividing people into groups or cohorts that are similar in specific ways
relevant to key marketing indicators—age, gender, income, interests, attitudes
and spending habits. The more you know about prospects needs and preferences,
the more you’ll turn them into customers (and
the more customers you’ll turn into your brand promoters).
Big Truth
Messaging
In a marketplace characterized by more choice
than most people can handle, marketing communication is at crossroads. The challenge is
to fight through the incredible amount of apathy already lingering in the air.
So whatever you're selling, unearth a Big Truth about it. What is the
"single most important thought" that you want to communicate?
Big Truth messaging should start a meaningful one-to-one conversation
with your target audience; lead them in a value-based direction, and begin to
close the sale with a distinct call-to-action. Finding the delicate balance between education and
selling goes a long way to creating a positive buying environment. Take
a seat where your customer sits and always be answering the question “What’s in it for me?”
The best messaging is grounded in customer
profiling. This allows companies to connect with customers logically and
emotionally by demonstrating you understand what’s important to them, what
concerns them and what they want from your products. Articulate the most
powerful features of a product or service and then directly link these features
to benefits for your audience.
New Media
Digital convergence is advancing at an aggressive pace and smart
marketers need to adapt to a convenience-driven, instant gratification customer
culture. While mass marketing remains alive and well, it’s constrained in
today’s era of audience fragmentation and customer demand for smaller, faster
and easier solutions. Traditional media outlets are being overtaken because of
their inability to dial down and focus on niche markets or micro-verticals.
Marketing is moving beyond a discipline of advertising and communication to one
that focuses on building a relationship with the digital consumer.
Web-savvy amateurs
are leveraging the power of information, even subverting the power of the
corporate brand. Enter the blogosphere, social networking, podcasts, and viral marketing.
Suddenly every customer has a news reel and megaphone to speak to minority
interests and ultra-segmented consumers. These approaches bring an ability to pinpoint
any debate—political, product or service. Momentum is shifting from
institutions to individuals.
The fact is people
are simply doing different things in different places at different times. The
exponential growth of choice in today’s marketplace has changed consumer
purchasing habits forever. Over 120 million people are going online for health
and medical information (averaging seven visits per month). They are getting
ready for, or drilling down after MD visits and researching drug information.
They’re checking prices and looking for indicators about quality of care and
clinical outcomes.
Actionable Transformation
Marketing is
changing quickly. On a daily basis it’s moving in many new directions. It’s
critical to think about these transforming influencers in the context of your
business, but more importantly, put in place actionable strategies so you don’t
get caught short in what promises to be a competitive, fast-moving marketing
transformation.
Have
a healthy and prosperous New Year!
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