Consumer health companies are typically faced with limits on their marketing budgets, which in turn stymies their ability to get their messages and their products in front of their target audiences with the frequency and reach needed to drive sales. The competitive consumer healthcare industry requires spending more every year just to retain share of shelf and a meaningful marketing ROI.
Enter digital marketing—once considered the major marketing disruptor to traditional activations and now, an integral piece of the consumer market landscape. Consumers—especially younger ones—are adopting apps and wearables and live in a mobile-first world. While digital marketing has indeed been disruptive for consumer health companies (and many others), small companies may not have the financial or human capital necessary to become major marketing disruptors on their own.
By innovating their marketing approaches, smaller OTC marketers can create new sales channels and develop larger target audiences through the power of digital to great marketing benefit.
Tuning into new marketing channels
As your marketing team looks towards developing new types of campaigns and activities, here are some industry trends to consider:
1. Consumers used to only have one place to get their information—their healthcare provider. Now, digital is becoming the preferred channel for consumers to interact with brands—from seeking product information to reviews to customer service conversations.
2. Smartphones are becoming valuable tool for healthcare literacy.
3. Health-related startups such as healthcare apps are taking an increasingly active role in the healthcare ecosystem. Consumers can download dozens of apps to their devices to monitor and take control of their personal healthcare; track data; research, maintain and share their medical charts, note accidents and treatments, and much more.
4. Although consumers are becoming more engaged in their own health management and purchase habits, there is still room for brands to become an integral part of shifting consumer behaviors and improve this marketing pipeline.
Collaboration builds healthy brands
One innovation whose time has come: collaborating with existing digital solutions to build a consumer health brand — creating a collaborative triangle along these points:
As a small company, considering a multidimensional approach — more collaborative and involving all parties in the game — will create a more valuable promotional format. You cannot necessarily hope to be too disruptive but building your own marketing formulas over well-known marketing trends might be a good way to start innovating.