Let's start at the beginning: What is marketing and how does marketing work?
Marketing is a familiar concept to most of us. Yet surprisingly, most people can’t define it. So what does it mean?
As a career marketer, people usually assume my days are a blend of putting ads in magazines, making logos, tweeting all day, making things ‘look pretty,’ or inside sales. But it’s much bigger than any of those.
(Good) Marketing means that the outside world knows about your products and your company and wants to buy from you or your business. I want to break that down into two distinct components of marketing:
- People know about you
- People want to buy what you sell
These also (obviously) have an order to them -- people can’t buy stuff from you unless they also know about you. Also, (obviously again) people won’t buy stuff from you if they don’t want or need the services that you’re selling.
It starts at the top of the marketing funnel -- and it’s a marketer’s job to provide the right info to the potential buyer to progress them through the various stages and assess for good fit. First, using the outreach channels outlined below, people must be aware that your company, and your products, even exist. Then, you have to share the right information for them to assess whether your product can help with their need. Finally, they have to like it well enough to want to buy it. Once that happens, sales takes over to close the deal.
How can marketers drive business down the funnel?
There are several marketing channels that will increase your brand awareness (meaning people know who you are) and can be used for outreach. Some examples are below:
- Email: company updates, new prospect outreach, promos, etc. (Annoying, I know)
- Social feeds: Twitter, LinkedIn, Facebook, etc. (These are gold because they’re mostly free!)
- Print: Magazine advertising, billboards, newspaper advertising (especially in Business to Consumer)
- Organic: Word of mouth, client referrals (especially in Business to Business)
- Other digital assets: Web, search engine optimization, landing pages, digital ads, pop-ups, etc.
We did some research and found that the channels marketers use most to promote products are digital forms of outreach, including social media, email, and organic search. Among them, email contributes more sales leads than any other channel. As a result, more marketers (58%) plan to increase spending on email marketing next year above any other channel.
Email effectiveness is measured by:
- Open rate: percentage of email recipients who opened (and hopefully read) a given email
- Click-through rate: percentage of email recipients who clicked on one or more links contained in a given email (in the marketing world, “calls to action”)
- Effective rate: percentage of email recipients who clicked on a link within an email and completed a desired action, such as filling out a lead generation form or purchasing a product
Lucro as a free marketing channel
As a self-proclaimed marketing geek, I loved the idea of working at Lucro. Not only would I be marketing an exciting company and product, I’d be able to see the marketing and sales successes of others on the platform first-hand while healthcare organizations found solutions that they may not have otherwise considered. After all, the success of marketing is dependent on meeting the real needs of the customer, not just selling things to make money.
Lucro can be used by vendors to attract and reach new potential customers (large health systems at that!). In fact, compared to traditional email campaigns, Lucro has shown to be much more effective. Take a look!
Lucro improved open rate, click-through rate, and effective rate by
26.3% (2x), 20.7% (2.5x), and 15.8% (5.5x), respectively versus traditional email outreach.
More than brand awareness & outreach
Here are some additional benefits of using Lucro to attract relevant healthcare buyers:
- The right audience, immediately. Lucro boards are created by Innovation Directors, Strategy Directors, and other doers in healthcare organizations vested and authorized to select new products. (How often do marketers try to find the right audience to sell to? Here, they are asking for your solutions!)
- Scalable digital asset. Standard “Solution Card” for products can be used for multiple “submissions,” or sending your solution to be considered for a project (marketers love repurposing content - it’s called scalability!)
- Market insight. Increased knowledge of current health system priorities from multiple sources (this market intel is essential to positioning and even product development)
- Extended reach and visibility. Ability to reach buyers without an email address (again, they are asking for your services!)
In our research, healthcare organizations also cited Lucro’s value in organizing project stakeholders, making standardized and comparable product information accessible, and transparency in their organization. Vendors cited Lucro’s more targeted and scalable outreach efforts.
We love it when both buyers and sellers win.
What other outreach measures has your team tried? Do you have any lessons learned to share? Comment below!
Digital Marketing Director, Lucro