CLIENT:
Nursing Drug Guides Print Market within Major Publishing Company
DRIVER:
Per industry market intelligence data, the drug guide industry had been dropping 15% to 20% each year, with the Nursing Drug Handbook product line keeping it’s 27% market share in the decline, but not gaining market share against the competition.
CHALLENGE:
Promotional costs for the drug guides were over 70% of the revenue generated, barely generating a positive ROI in all facets of marketing. The company wanted to significantly decrease costs while asking to stave off the complete decline of the drug guide market, using no new product entry in this direct to consumer market.
SOLUTION:
We successfully architected and then implemented a digital direct-to-customer strategy for nursing practice print products, moving from an offline, direct mail based system to a multi-channel, digital based strategy, using search engine marketing, web presence, social media, thought leadership, article and blog writer placement, content marketing, customer advocacy, and channel management strategies.
RESULT:
The Nursing Drug Handbook product line saw market share increase from 27% to 41% in the still steeply declining market, keeping overall revenues in tact while saving over 50% in costs.