In any industry, paying attention to marketing strategy and implementing actions that stem directly from your research is paramount to achieving your goals. This is particularly true for health brands.
Whether a marketing campaign achieves its aims depends on how you allocate the funds in your marketing budget. There are a lot of different say-sos in the marketing department of any business; upfront media buys, commitments to sponsorships, and advice from marketing managers all collide.
In the health industry, allocating your marketing budget after extensively studying the underlying patterns of your customers’ behaviors is key to success. By setting clear objectives based upon your goals, you can better allocate and optimize your marketing budget to fuel sales and customer growth in the health brand sector.
Most CFOs calculate 10% to 20% of the business’s annual revenue to allocate to a marketing budget. But how to divide this budget? This is where it pays to be observant and keep meticulous records. With so many different variables, like broadcast, print and digital, you have to spread your marketing funds across many platforms.
Not only do you have multiple channels, but any marketing specialists you plan on listening to about fund allocation should study search engine results, social media and regional websites.
Clear Goals and Priorities
When you’re trying to visualize what a new take on your old marketing strategies might look like, set as specific a goal as you can manage. If you want to swell your capture list and see customer growth, make sure to keep your professional strength focused on that aim.
If, on the other hand, you’re trying to increase your sales by region, thus expanding your geographic reach, you will use more comprehensive tactics and spread your marketing budget to the appropriate channels, like local radio broadcast ads in rural areas, or internet ads in certain social media circles.
One of the main calling cards of good health, whether it’s your physical body or your business, is flexibility. The ability to maneuver and be agile is key to managing your marketing budget in the digital business age. Health care brands need to be adaptable to fluctuating market demands, so it’s crucial not to mandate practices without building in accommodations.
Chart your sales by marketing channel, taking explicit notes and tracking every little fluctuation. Ideally, marketers aren’t just in charge of the budget, but move the money where it works best over time through research and analysis.
The health industry is consumer-centric; traditionally, marketing towards this highly specific audience meant that healthcare brands usually envisioned themselves as a cost center, not an investment center, and that needs to change. Your marketing team should implement a makeover and get familiar with goal-based budgeting.
For you to achieve your specific aim – customer base growth, regional reach – your marketing gurus should set specific, relevant, and attainable goals, and create a timetable for monthly (bimonthly even) checkups.
To retain the fluidity necessary to succeed for health brands, constant vigilance should be your watchword. Set up a system in which you collect new data on a weekly basis, and study those results a few times a month to make sure your numbers are going in the right direction.
Measure the Spend against the Objectives
If you want to measure outcomes against objectives, you have to pay close attention to your clients’ habits. The other key ingredient is meticulous record-keeping and attention to detail.
The collected data should tell you something about clients’ spending habits and the ways in which they found your marketing material. How often you analyze (no less than monthly) and how clearly you delineate your objectives matter in both your short game and in long term projected outcomes.
Stage Your Implementation
You don’t want to go in whole hog, no matter how confident you are that your new marketing strategy will be an overwhelming success. If your new marketing strategy involves a budget overhaul in which you allocate funds very differently, do it in stages; there may already be product launches and other scheduled campaigns that cannot be altered.
Pilot programs with increased vigilance for signs of success are crucial in the early stages. To mitigate any turbulence caused by a complete makeover of your marketing budget allocation, adopt tactics such as putting caps on budgetary shifts.
Be Consistent Across Channels and Tactics
Make sure your marketing is even in information, tone, and aspect. This means that all of the offers or facts that your marketing carries are the same across the board. Your tone defines your brand, and if you don’t remain true to it, you risk confusing or irritating the consumer.
Lastly, the way your marketing material looks is important. The most recognizable brands have memorable logos or colors associated with the business’s name; no matter what your theme, make sure that the materials coming from your business are the same throughout your marketing campaign. It’s small details like the consistency of aesthetic in your visual marketing strategy that creates a memorable brand.
To make the most of your marketing strategy’s flexibility and fluidity, be sure to keep a close watch on patterns and trends, especially in your pilot programs. Establish a feedback loop from marketing to management, set straightforward ROI goals, and measure the performance against your objectives.
If your marketing team is light on its feet, your health brand will harness the power of multiple-channel marketing. Succinct and methodical reports with close and careful observation set your marketing goals firmly within your sights.