A single characteristic divides today's best pulmonary and respiratory physicians groups from companies at the bottom of the food chain.
Simplistic promotional techniques can't penetrate the clutter of the current marketplace. Effective marketing now means translating market learnings into techniques and tactics that are relevant to your business.
Like many businesses, pulmonary and respiratory physicians groups are willing to sustain a slight loss or breakeven position on certain products and service offerings as a way to attract customers. When applied skillfully, a loss leader marketing strategy can lead to overall gains in revenue. A classic mistake of loss leader marketing is to create pricing without researching the competition. In a worse case scenario, you could be counting on pricing that is higher than your competitors. For the majority of pulmonary and respiratory physicians groups, loss leaders substantially increase customer traffic and create opportunities to expose new consumers to the brand. Whenever possible, piggyback a loss leader approach with the purchase of bulk merchandise that can be bought at a discount.
Some marketing initiatives lend themselves to simple measurement while others are more challenging. Direct mail can be evaluated by tallying the cost of inputs (e.g. a premium mailing list, printing, postage, etc.) and measuring the number of customer responses you receive from the campaign. The difficulty comes when you are tasked with quantifying market presence and brand influence. Fortunately, media monitoring has the ability to give your pulmonary and respiratory physicians group a sense of market presence and other variables that are difficult to quantify. If executed properly, media monitoring can help your brand get ahead of negative messaging and exert greater influence over news cycles.
When It's Time to Rebrand
There are many reasons why it might be time to begin a rebranding initiative - but a lack of alternative tactics is not one of them. Rebranding is an intentional marketing technique designed to deliver long term results. In a pulmonary and respiratory physicians group, owners are often inspired to rebrand after analysis has demonstrated that the current brand is losing its impact in the marketplace. Unless you are confident that you possess the skills necessary to rebrand your business, we advise consulting with a professional marketing firm before you introduce a new brand to your customers.
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