Value Exchange Will Be The Only Way Forward For Marketers Post-Corona

The modern marketing has undergone a rigorous change over the past few years. The world after Corona is going to be completely different and businesses will have to adapt to these changes. While customers in the Indian market are mostly known to prefer in-person or physical interaction, it is bound to change post-Corona. Marketers will have to re-think their strategy, especially in Indian markets. Healthcare will have to be revamped even more considering digital is not yet completely adapted across the industry.

So, what is the primary parameter that will have to be dealt with to ensure basic survival? While innovative companies are quick in adapting to changing scenarios, what comes after Corona will be something entirely different, something that no one has witnessed before. Here lie the opportunity for the companies that are not industry leaders at the moment to get the better of the leaders and establish their dominance in the new world order.

Value

Every transaction that takes place is based on the value exchange. A transaction between two parties ensures that each gets value out of the transaction which could be small or even perceived value. Value is a perceived benefit that may or may not be quantifiable. This value exchange between the brand and the consumer has been one of the fundamentals of marketing. The value exchange has turned to sharing of data for a better experience.

The onus is on organisations to leverage this data and improve connection as well as engagement. Consumers no longer respond well to mere product promotions, they expect relevant resources and content to improve knowledge. Today, marketers need to earn the right to market to the consumers which can be achieved only by creating more value for the customer. When the consumer receives information that is aimed and tailored at them, they will take it with complete attention.

The Healthcare Segment

Whether it is B2B or B2C, the primary necessity of creating value remains the same. Healthcare professionals can also be considered as consumers who have a distinct journey before they make the final decision to prescribe or recommend. These journey like any other also comprises various touchpoints which could be online journals, peers, information on the internet, industry events and conferences, and sales representative visits.

It becomes vital for companies to gain consent from the HCPs and use it to deliver the right information based on the individual’s awareness of a particular therapy. Depending on the stage at which the doctors are in the adoption curve, relevant content needs to be shared with them. This information that is shared with the HCPs is not promotion, but content that provides value to the professionals. E.g., A doctor who has a low awareness about therapy will appreciate detailed information, whereas the one with higher awareness may need just an overview.

Sharing of customised information with the HCPs will provide higher value, setting the foundation of a long-term relationship with the company. Pharmaceutical companies need to adopt a multichannel program with an integrated approach in sharing information both online and offline. This will enable companies to better understand the HCPs and create more customised information for them resulting in a more personalise rapport.                       

Conclusion

Data and analysis of that data have become one of the cornerstones of marketing intelligence in recent years. However, it needs to be utilised to connect with customers at a deeper level and improve the customer experience at each and every level. Lasting customer engagement will rely on building deeper relationships which can be achieved by creating value. The rise of social media and other internet platforms present a new opportunity to collect information and interact with the decision-makers in a more non-traditional setting.

On paper, it seems a simple process which is logical and achievable by everyone. Yet, understanding customer interaction at every interaction and every touchpoint requires sustained efforts and a clear strategy. Ensuring that every stakeholder in the sales and marketing team, and especially, the on-ground representatives, have the right set of equipment both technological and content, along with the right mindset and understanding of the importance of value is the first step in achieving the long-term goal.