Accelerating Your Buying Cycle
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Digital Strategy Guides for Healthcare Marketers. How digital can help speed up buying decisions, turning prospects into customers more quickly, and more efficiently.
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Accelerating Your Buying Cycle
- 1. Accelerate Your Buying Cycle Digital Strategy Guides for Healthcare Marketers Learn how digital tools can speed up buying decisions, turning prospects into customers more quickly, and more efficiently www.cymbalinteractive.com/buyingcycle
- 2. A Significant Challenge 55 percent of marketers stated that “moving prospects/leads through the sales pipeline” is their top priority.
- 3. Intense Competition for Mindshare
- 4. Rapid Increases in Digital Marketing Spend
- 5. But what is the ROI?
- 6. A Simplified Buying Process
- 7. Prospects Leak Out During Buying Process stages of the buying process
- 8. Where Do Customers Go?
- 9. Opportunities for Marketers Get leads to your branded site as early as possible. Keep leads engaged by providing all information required to make a buying decision—and impetus to take action.
- 10. “…THE HUNTER HAS BECOME THE HUNTED. BUYERS ARE MORE INFORMED AND SEEK INFORMATION INDEPENDENT OF SALES. BUYERS HAVE ACCESS TO OVERWHELMING AMOUNTS OF INFORMATION, BUT SEEK INTELLIGENCE THEY CAN TRUST TO SUPPORTTHEIR DECISION MAKING PROCESS.” – SiriusDecisions
- 11. A Simpler Buying Process
- 12. Providing Prospects Information and Value stages of the buying process interactive, digital tools can plug the gap
- 13. Digital interactive tools provide convincing evidence that prospects can use to make—and justify—their decisions to “Act.”
- 14. PREDICTING PROFITABILITY: AN INTERACTIVE CASE STUDY A custom digital tool to demonstrate value, shorten the sales cycle, and ensure ongoing customer loyalty and revenues.
- 15. Our Challenge TO CONVINCE RESELLERS TO SHIFT SHARE TO OUR CLIENT’S PREMIUM-PRICED SYSTEM BY EMPHASIZING THE LONG-TERM VALUE OF THEIR BLOOD GLUCOSE SYSTEMS
- 16. “In order to reap the benefits of detailed customer knowledge, firms need to systematically estimate the profitability associated with its use. The ultimate goal is to develop highly committed customers who not only make repeat purchases and generate continual revenue streams, but also require minimal maintenance along the way.” – Elie Ofek, Harvard Business Review
- 17. The Solution
- 18. “The ultimate goal is to develop highly committed customers who not only make repeat purchases and generate continual revenue streams, but also require minimal maintenance along the way.” – Elie Ofek, Harvard Business Review
- 19. The Outcome Increase brand share by up to 20 percent Increase sales Increase brand loyalty
- 20. bring your brand value to LIFE online www.cymbalinteractive.com facebook.com/cymbalinteractive
Editor's Notes
- US Interactive Marketing Forecast by Forrester Research.
- Interactive tools provide an ideal way to engage business leads during the decision-making process—keeping them closer to you, and helping plug your sales funnel.
- Interactive digital tools are becoming increasingly popular, as they are very effective at leveraging clinical and financial data to justify purchases, and moving prospects toward action. Custom tools enable prospects to compare products based on relevant variables and their business environment. Extrapolating numbers based on both customer supplied and independent data allows prospects to compare current and potential values, prior to purchase. This personalized information provides prospects with backup for buying decisions without leaving your site—which lowers purchasing and switching barriers.
- Our client, a manufacturer of blood glucose testing systems, wanted to differentiate its products in a price-driven, highly commoditized category. Their revenues hinged on the test strips needed to use the glucose meter, rather than on the meter itself. Our client’s meter was a bit more expensive than competitors, but statistics showed that their users were more compliant to therapy (increasing test strip sales). They were also less likely to switch to a competing meter.Our challenge: to convince resellers to shift share to our client’s premium-priced system by emphasizing the long-term value of their blood glucose systems (which included the meter and test strips), compared to cheaper competitors.
- According to the Harvard Business Review:
- Cymbal Interactive worked with the client to create an interactive, online tool for resellers. This tool allowed resellers to compare our client’s products to their competitors’, and demonstrated how usage patterns and customer loyalty directly affected profits. Ultimately, it helped the resellers see beyond the initial price of the product to the lifetime value our client’s system would deliver. With this digital tool, resellers could input key data, such as units sold and average selling price of test strips. Their data was bridged and aggregated with data from independently published sources, including key business variables such as loyalty, duration, and compliance. What does “bridged” mean? These resellers could input the data they cared about most, and the tool extrapolated numbers based on all data sets (customer and independent) to clearly demonstrate the lifetime value of every customer who used our client’s product, as compared to that of the competitors.
- According to the Harvard Business Review:
- The tool was also used to engage the reseller’s financial officers and shift the conversation from “average selling price” to “average lifetime value” of each customer by brand. By helping the resellers see how our client’s meter could generate more long-term profits than the initially cheaper competition, it made a strong case for shifting share toward our client’s brand.