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Debate: Providing Customers with Quality Educational Material vs. Providing Monetary Gifts
February 3, 2021
Providing Monetary Gifts:
Quality Educational Material vs Providing Monetary Gifts: Among many benefits of providing monetary gifts to Customers, the biggest benefit observed has been to seek preferential treatment, attention, and improve brand recall.
Furthermore, all the qualities lead to higher Customer loyalty and participation eventually leading to higher sales.
The benefits of providing monetary gifts can be summarized as follows:
Attention & Awareness: Providing Customers with Gifts assists to obtain their attention to listen to you. Consistent attention through a simple gift such as a pen or pad is a form of top of the mind awareness. For example: In a situation in which a molecule has more than 20+ substitute brands, a Customer is more likely to yield to a brand that he is more aware of. A thoughtful gift can always remind him about the same.
Improved Loyalty & Awareness: Many a time an initial gift would obtain top of the mind awareness but to maintain stickiness about the brand would require further gifts. Consistency in providing gifts to your clients would assist to improve loyalty and further higher awareness.
Cost-Effective: Promotional gifts are comparatively cheaper compared to other forms of advertising. For example, A conference stall with 100 visitors would yield anywhere between INR 5 to 10 Lakhs (500K to 1 Million) compared to providing gifts that would not yield more than INR 1 Lakhs (100K) for the same number of customers.
Nurture Relationships: In a world in which relationships matter more than pricing, giving out gifts can go a long way. Moreover, people love getting gifts and always provide preferential treatment to those that provide them with these gifts. These are some of the examples for the comparison of Quality Educational Material vs Providing Monetary Gifts.
Although the above-mentioned benefits are effective, there are other benefits; such as Gifts can be used as a form of advertising, self-promotion, a sign of gratefulness among others.
Providing High Quality Educational Material
Quality Educational Material to Doctors yield in several benefits but the most important one of them all is that it assists them every-day to save lives. Almost every Doctor daily searches online for basic medical problems.
They search apps and books such as YouTube, Google, Up-to-Date, Web MD, Hidoc Dr, Harrison and Neilson. They are hungry for information and for second opinions. A study by Walter Kluwer stated that 46% of Doctors use Online Websites daily.
They require assistance to better treat their patients and those companies or brands providing them with the assistance will succeed in the longer run compared to other brands.
Online Education Communities assist to provide the same.
The benefits of providing Online Education Communities can be summarized as follows:
Daily Impressions, Brand Recall & Brand Awareness: A gift given to a Customer such as a Bag, Cup or Pen can assist in Brand Recall when the Customer uses the gift. However, a subscription to an Online Education Community provides Doctors the ability to engage with your brand 4 to 10 times a day. For example: A research published by us (Hidoc Dr.) states that the Brand Recall is 70x higher compared to traditional means of advertising.
High Loyalty: As an Online Education Communities assists to immediately get second opinions and access to information, we observe that Online Communities have higher stickiness compared to providing gifts. For example: A Doctor would be more loyal to a brand as he is a part of a community that the brand provides compared to a gift that any brand can provide and substitute.
Higher Influence: All Doctors in an Online Education Community act in similar ways as they adopt the culture of the Community. Therefore, a single Doctor in the community considers a brand superior it’s extremely likely that all Doctors in that Community consider the brand to be a superior brand.
Highly Cost Effective: Online Education Communities are 99% cheaper compared to Physical Engagement through a Gift or a Conference. For example: A subscription to an Online Community yields a Cost Per Impression of INR 40 Paise compared to INR 180 for a MR visit.
Nurture Relationships: As the Doctor observes Brand Promotions on their Digital platform daily, they are more likely to build relationships with the observed brand compared to other brands. For example: Doctors are more likely to build relationships with a local MR who visits them weekly that with a MR who visits them monthly. And these are a few instances of Quality Educational Material vs Providing Monetary Gifts.
Therefore, although Pharma & Healthcare veterans would disagree; we can say that Online Education Communities assist in Higher Brand Awareness and Brand Recall, Improve Loyalty and Influence, are More Cost-Effective and assist to Nurture Relationshipscompared to providing monetary gifts.
About Hidoc Communities:
Hidoc Dr. is a community of 4.2 Lakh audited Doctors across India. Hidoc Dr. assists your brand, division, and organization to build customized communities with highly relevant content including focused articles, medical cases, learning series, CME Videos, and many other features.
Additionally, Hidoc Dr. communities have shown to be more effective 70x times than an MR visit and 15x times other Digital competitors. Moreover, Hidoc Dr. communities are cost-effective and an easy way to build brand awareness about your products among Doctors.To see our entire list of articles click here.
Digital Marketing Executive at Hidoc Dr.
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