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What are Content Conversion Rates and Why are They Important to Calculate?

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In today’s dynamic and competitive marketplace, business performance is important. A successful company knows how they have been performing and how their performance measures against other contenders in the medical supply chain industry.

To evaluate a business’ marketing performance, it is necessary to have a system in place to measure the success of advertising campaigns. Conversion rates are a percentage used in digital marketing to keep track of marketing campaigns, website traffic, and conversions.

Conversions can include any desired action that a brand’s audience takes. Conversions can be as simple as a click on a button on the company website to becoming a customer and making a purchase. For example, in the supply chain industry, a potential customer clicking on a video on a website about a medical device is an example of a conversion.

Tracking Conversion Rates

To calculate the conversion rate, take the number of conversions divided by the total number of visitors. If a website receives 100 visitors in a month and has 25 sales, the conversion rate would be 25 divided by 100, or 25%.

Conversion rate percentages allow a company to measure performance of digital marketing tactics within apps and on the internet. If a business can understand the percentage of users on their sites, they can evaluate if they need to come up with ideas for improvement, keep the website how it is, or make significant changes. Without a system of measuring conversion rates, a company would be completely in the dark about the performance of their marketing efforts.

Many factors impact conversion rates and cause them to increase or decrease. When making improvements, introducing new messaging, including search engine optimization (SEO) techniques, or including videos or images can increase conversion rates.

Conversion rates vary by industry, the value of a product or service, marketing source, and average sales length. When comparing data of other companies’ conversion rates, it is important to evaluate companies in the medical distribution industry as opposed to other industries.

Share Moving Media can assist with the process of creating personalized and effective marketing campaigns to allow your business to track conversion rates. SMM has over 30 years of experience helping companies in the medical manufacturing and sales industry create videos, written content, podcasts, webinars, blogs, and more which have the potential to boost business sales and increase conversion rates. Please contact Scott Adams at sadams@sharemovingmedia.com to set up a time to meet so that your business can plan a successful marketing campaign strategy.

Why Tracking Marketing ROI is Essential for Medical Suppliers

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Marketing has the potential to spread the word about a company and greatly increase awareness, profit, and trust in a brand when successful. In the medical supply chain industry, it is necessary to evaluate the performance and impact of marketing campaigns to ensure they are effective in promoting a business.

Marketing Return on Investment (MROI) is a way to measure how much return a company experiences from its marketing spending. ROI determines how marketing contributes to a company’s revenue growth.

It is often a good decision for medical suppliers to spend money on marketing, because if done right, it can increase profit and help a company improve its bottom line.

MROI is calculated through a straightforward equation, with incremental financial value gained as a result of the marketing investment minus the cost of the marketing investment over the cost of the marketing investment. Completing these calculations can be outsourced or calculated by a company’s in-person finance team.

So, what are the benefits of measuring marketing ROI?

  1. Deciding what to spend money on.

MROI is often calculated on each individual marketing campaign that is developed. The advantage of measuring the effectiveness of each campaign allows a business to understand which efforts have the highest return. By calculating MROI, decisions can also be made about what marketing efforts were most effective and what to spend budgets on going forward.

  1. Comparing marketing efficiency to competitors.

When a company measures its MROI, they can use the data to track and analyze their marketing statistics. The data collected can be compared against other medical supply chain businesses within the industry. The process of comparing data can assist a business with changing or creating new and improved forms of marketing that help a business to stand out.

  1. Justifying a business’ marketing spend.

Marketing is a significant expense for a business. Measuring MROI can exemplify that allocating resources to marketing efforts is impactful and contributes to higher profitability for a business. Measuring MROI can also justify making changes and reevaluating a brand’s marketing strategy.

Whether you’re trying to reach healthcare supply executives or medical distribution sales reps with your marketing efforts Share Moving Media can assist you with the process of developing content. With extensive experience in the medical manufacturing and sales industry, SMM can help your business create written content, podcasts, videos, webinars, and more that have the potential to boost your company’s Marketing ROI.  As you come up with your strategies around these two customer types we would love the opportunity to do a free one hour brainstorming session with you on best practices we’ve seen over the past 30 years in the business.  Please contact Scott Adams at sadams@sharemovingmedia.com to set up this free session.

Sources: Marketing ROI: Definition and How to Measure It | Marketing Evolution

How to Emulate the Marketing Strategy of 3 Successful Brands

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Brand recognition is a strategic marketing tool that has the power to establish consumer trust. Successful advertising is memorable and impactful and encourages customers to make purchasing decisions and future associations with a brand.

There are a diverse range of marketing strategies that companies utilize, including campaigns that are entertaining, emotional, captivating, and touching. A brand’s vision is often communicated through these types of ardent and memorable ad campaigns.

For businesses in the medical manufacturing industry, the most successful campaigns have the potential to resonate with consumers and increase overall brand awareness.

The following are examples of three successful marketing campaigns to emulate:

  1. Nike

A well-known and highly successful marketing campaign is Nike’s “Just Do It” campaign. The campaign was launched in the 1980s, and featured athletes sharing accomplishments and encouraging its viewers to also participate.

The tagline continues to represent the brand today and has inspired many to take a leap and make courageous changes within their own lives. The success of the Nike campaign is a result of the emotional connection that the brand develops with the consumer through the ad. The slogan inspires motivation and healthy living that creates a positive customer association with the brand.

  1. Coca-Cola

The international “Share a Coke” campaign, first launched in Australia in 2011, encouraged customers to come together and share a Coca-Cola. It grew into an international and well-known campaign and was introduced to the U.S. in 2016.

Customers were able to choose beverage cans with the label “Share a Coke with…,” and the sentence was completed with customers being able to choose a can with their own name personalized on it. This marketing campaign created a personal connection between customers and the brand that increased brand awareness and trust for Coca-Cola company.

  1. Patagonia

Patagonia’s mission of protecting the planet resonates with customers because of the brand’s strong commitment to its mission. The brand’s marketing content clearly portrays a commitment to environmental sustainability through nature-related user-generated content, corporate sustainability goals and metrics, and a clear commitment to communicating the company’s mission.

Patagonia’s marketing tactics are successful because customers align with the brand’s mission and values, which makes the brand feel relatable and accessible. Consumers who feel personally connected to a brand because of its core values are more likely to make purchasing decisions.

Share Moving Media has published the medical industry magazines Repertoire and The Journal of Healthcare Contracting for over 30 years, and are experienced with assisting brands with content creation for a strong and reputable marketing campaign that will set your company up for marketing success.

Sources:

The Winning Coca-Cola Formula for a Successful Campaign | Blog Wrike

https://www.coca-colacompany.com/au/faqs/what-was-the-share-a-coke-campaign
https://www.patagonia.com/activism/

The Advantage of Brand Awareness within the Medical Industry

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If you’ve shopped at the grocery store and decided to commit to buying the brand-named product such as Colgate, Nestle, or Betty Crocker, then you’ve experienced brand awareness.

Brand awareness is the extent that consumers associate with and recognize a specific brand. Brand awareness embeds itself into consumers’ lifestyles. When a brand is well-advertised, a consumer makes purchasing decisions automatically without having to weigh the decision against another similar brand.

It is important for companies in the medical distribution industry to set themselves apart when marketing their business or products, so consumers choose your company over other options.

So, why is establishing brand awareness important? And how can your brand implement it?

Brand awareness fosters trust

With so many companies to choose from in today’s marketplace, healthcare industry consumers especially want to make purchases from brands that they know well and trust.

Consumers can do extensive research on a brand online and read about other consumer’s opinions of the company before ever making a purchasing decision of their own. Companies can leverage technology as an advantage and do extensive online marketing to reach more customers. When consumers are familiar with a brand and have experienced it many times in advertisements, they are more likely to trust the company and continue to make purchases.

Creating brand awareness

Strategically placed advertisements aimed toward a company’s target audiences attract a consumer’s attention and create an awareness of the brand.

Health systems can advertise through social media, event sponsorship, magazines, newspapers, and online, etc., which all creates visual imagery of a brand and fosters increased awareness among consumers.

Through online, social media, and event advertising, consumers view and interact with content, thus learning about the brand and creating customer recognition. Targeted ads on platforms such as Facebook, Instagram, and LinkedIn allow consumers to interact with posts, comment, and provide feedback, all of which spread the word about a brand.

Brand awareness builds equity

Brand equity is the value of a brand. Equity is determined by positive consumer experiences and brand perception. Effective brand awareness tactics create repetitive positive experiences with a brand for a customer.

When a customer is aware of a brand, they recognize it, make purchasing decisions, and start to prefer it over other similar brands. This preference over other brands for consumers indicates high brand awareness and will help to build a brand’s long-term equity.

Brands within the medical distribution industry can greatly benefit from increasing their brand awareness. Share Moving Media, with over 30 years of experience working within the medical supply chain industry, can help your brand create the content that is needed to foster consumer’s trust and increase brand awareness and equity.

Keys to a Successful Marketing Campaign

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Successful marketing campaigns have the potential to increase brand awareness, boost sales, and promote brand engagement. Determining how to best navigate the digital and print marketplace can ensure a company develops the most effective option to promote a product or service.

An example of a very successful marketing campaign that went viral on social media in 2014 was the ALS Ice Bucket Challenge. The social media challenge featured individuals who voluntarily drenched themselves in ice water and posted a video of it online to raise money for ALS research. Once they filmed the video and posted it to social media, participants then tagged their friends to challenge them to participate also. The challenge went viral across social media, with celebrities and politicians participating such as Taylor Swift, Ben Affleck, and George Bush.

According to the ALS Association, the campaign increased annual funding for the organization by 187% in 2014. Successful marketing campaigns from the past can be used by companies in medical distribution as a learning tool to integrate similar tactics in their marketing design. So, what aspects of the campaign made the ALS Ice Bucket Challenge so successful?

  1. Simplicity: The ice bucket challenge was easy to emulate at home using only a bucket and water. Participants thought of the campaign as being simple and easy to follow, and they were more likely to participate, tag their friends, and spread the word.
  2. Shareability: The campaign went viral because of the ability to tag friends and encourage them to participate, which increased overall media circulation.
  3. Emotional and logical appeal: The ALS Ice Bucket Challenge was a highly interactive way to raise awareness and encourage donations toward an important cause. Participants felt like they were making a difference in a simple way.

A business can utilize these marketing campaign tactics and translate them to the specificities of their own brand to create successful marketing campaigns. Share Moving Media is experienced with the creation of marketing campaigns that increase SEO searches for companies within the medical distribution industry. We can assist your brand in creating content that is simple, shareable, and that appeals to emotion to effectively promote your company. Visit www.sharemovingmedia.comto learn more.