It used to be pretty easy. If you wanted to open a general store in the 19th century or first half of the 20th century, you would rent, buy or maybe build a space within the downtown area of your town. Everyone had to come into town to shop and....there you were.
I am sure if we could have a conversation with a 19th century merchant, he would tell us it was not quite that easy to make a living. But, given the highly sophisticated site selection processes large retailers and restaurants use today, our 19th century entrepreneur faced far fewer decisions and variables. He had a market that all came to the same place, he just had to figure out what they wanted to buy, offer great service and fair prices.
Today, consumers can buy similar goods in many different places so retailers and restaurant chains know that while site selection may not be quite everything, it is critically important.
A similar trend has happened in the media industry. It used to be pretty straightforward. Even in B2B media, entire industries were served by three or four magazines and a few trade shows/conferences. This is obviously no longer the case, which makes it challenging to “be where you customers are.” Or, since you can’t be everywhere, to have a meaningful voice in an effective assortment of communications outlets.
Although I cannot wave my magic wand a design a media plan for you, what I can say is if you are solely using print vehicles, or if you are solely using digital vehicles, or if you spend your entire marketing budget on trade shows, you are missing the opportunity to communicate with a very big portion of your customer and prospect base.
In decades past we knew that marketing communications were good for us - sort of like eating broccoli. Today, they are critical as customers and prospects are much further along the buying cycle by the time they talk to you than used to be the case. So if you are not communicating with them, your competitors are.
At Pharmaceutical Manufacturing we have been studying and surveying our audience in a disciplined fashion as our audience’s needs are change and as new technologies emerge and mature. In a recent audience survey completed by 110 pharmaceutical industry members, we learned that 79.44% regularly read pharmaceutical industry websites and e-newsletters and 69.17% regularly read pharmaceutical industry print magazines.
It should not come as a shock to us that 79.44% are consuming information online. What may be surprising to you is that so many (69.17%) regularly read pharmaceutical industry trade magazines.
I hear every day, multiple times per day that “digital is where it is at,” or “print is dead, right?” Digital media is incredibly important. It is extremely challenging, but incredibly important. However, 69.17% of your customers and prospects read industry print publications…doesn’t it make sense to be there with your messaging?
I understand that it is difficult to measure the effectiveness of print media, but I submit to you that it is incredibly difficult to measure the effectiveness of digital as well. Yes, digital media offers us click and other conversion data that can be incredible useful. However, the goal of marketing is to alter human perception, preferences and behavior.
Given our complexity as human beings, it really sells us short as a species to completely measure our attitudes and emotions in terms of clicks and downloads. If we were in highly transactional, low engagement businesses like selling movie tickets online my position would likely be different. But, most of you are selling high investment, high risk, high engagement solutions to a highly regulated industry.
Those marketers who determine ways to measure a fuller range of customer and prospect behavior will have an enormous competitive advantage. More specifically, marketers who communicate effectively with their customers and prospects where they are – in print, online and at trade shows – will have an enormous competitive advantage.
**If you are interested in seeing a pdf report of Pharmaceutical Manufacturing’s most recent audience survey, please e-mail me at [email protected].
I am sure if we could have a conversation with a 19th century merchant, he would tell us it was not quite that easy to make a living. But, given the highly sophisticated site selection processes large retailers and restaurants use today, our 19th century entrepreneur faced far fewer decisions and variables. He had a market that all came to the same place, he just had to figure out what they wanted to buy, offer great service and fair prices.
Today, consumers can buy similar goods in many different places so retailers and restaurant chains know that while site selection may not be quite everything, it is critically important.
A similar trend has happened in the media industry. It used to be pretty straightforward. Even in B2B media, entire industries were served by three or four magazines and a few trade shows/conferences. This is obviously no longer the case, which makes it challenging to “be where you customers are.” Or, since you can’t be everywhere, to have a meaningful voice in an effective assortment of communications outlets.
Although I cannot wave my magic wand a design a media plan for you, what I can say is if you are solely using print vehicles, or if you are solely using digital vehicles, or if you spend your entire marketing budget on trade shows, you are missing the opportunity to communicate with a very big portion of your customer and prospect base.
In decades past we knew that marketing communications were good for us - sort of like eating broccoli. Today, they are critical as customers and prospects are much further along the buying cycle by the time they talk to you than used to be the case. So if you are not communicating with them, your competitors are.
At Pharmaceutical Manufacturing we have been studying and surveying our audience in a disciplined fashion as our audience’s needs are change and as new technologies emerge and mature. In a recent audience survey completed by 110 pharmaceutical industry members, we learned that 79.44% regularly read pharmaceutical industry websites and e-newsletters and 69.17% regularly read pharmaceutical industry print magazines.
It should not come as a shock to us that 79.44% are consuming information online. What may be surprising to you is that so many (69.17%) regularly read pharmaceutical industry trade magazines.
I hear every day, multiple times per day that “digital is where it is at,” or “print is dead, right?” Digital media is incredibly important. It is extremely challenging, but incredibly important. However, 69.17% of your customers and prospects read industry print publications…doesn’t it make sense to be there with your messaging?
I understand that it is difficult to measure the effectiveness of print media, but I submit to you that it is incredibly difficult to measure the effectiveness of digital as well. Yes, digital media offers us click and other conversion data that can be incredible useful. However, the goal of marketing is to alter human perception, preferences and behavior.
Given our complexity as human beings, it really sells us short as a species to completely measure our attitudes and emotions in terms of clicks and downloads. If we were in highly transactional, low engagement businesses like selling movie tickets online my position would likely be different. But, most of you are selling high investment, high risk, high engagement solutions to a highly regulated industry.
Those marketers who determine ways to measure a fuller range of customer and prospect behavior will have an enormous competitive advantage. More specifically, marketers who communicate effectively with their customers and prospects where they are – in print, online and at trade shows – will have an enormous competitive advantage.
**If you are interested in seeing a pdf report of Pharmaceutical Manufacturing’s most recent audience survey, please e-mail me at [email protected].
This post first appeared on Pharmaceutical Industry B2B Marketing, please read the originial post: here
