Firstly, we consider their business goals, the existing sales and marketing funnel, ICP (ideal customer profile), the current versus the desired target audience, the market niche, and the industry trends. These last two areas are especially important when we’re working on introducing an innovative product to the more traditional, conservative market.
This was precisely the case with one of our Australian clients in the Legal services area.
Business Challenges in a Traditionally Conservative Legal Market
Our client’s primary target audience was B2C: individuals who require legal consultation or a legal document template. There were a couple of issues with this kind of service model that our customer faced:
- The majority of consultation or documents purchases were a one-time purchase;
- Low average purchase value;
- High time and resources consumption with relatively low ROI.
Since the purchasers’ questions and requests were frequently similar or repetitive, automating at least a part of the service should have helped decrease the time & efforts spent while improving the overall productivity. Moreover, even in the most conventional law firms, the use of technology is increasing globally, so the client’s company wanted to catch up with the trends.
However, the B2C target audience demonstrated a considerably low adoption of the new service model, and the customer’s go to market plan got blocked.
Market Research for Root-Cause Analysis: Why Did It Happen and What Funnel Improvements Are Needed?
After thorough research of the target audience, funnel, competitors, purchasers’ feedback, the local market, and all the existing marketing & conversion channels, Marketechy identified a couple of critical blockers to be addressed in the digital marketing & business development strategy:
- The demographics of the target market were mostly seniors 55+, so the digital channels preferred by the client’s company were frequently inefficient.
- The semi-automated self-service process was challenging to understand, and the majority of leads would drop off at the first couple of steps.
- The low level of transparency in process caused equally low level of trust for the service offered.
Strategic Marketing Plan: Priorities, Goals, and Actions
The Marketing Strategy developed by Marketechy included both the digital and the traditional marketing parts, as well as the action plans to counter all those blockers identified and improve many additional areas:
- Increase the overall number of leads
- Improve the conversion
- Increase the average purchase value
- Provide an opportunity for returning customers
- Improve the ROI
The achieve these improvements, Marketechy set up the following goals:
Strategic Goal #1: Scale the Target Audience
- Change the message and value proposition to target a broader and younger audience in addition to the existing ICP
- Add offline and more traditional marketing channels to reach the current Target Audience
- additionally, target a niche B2B Legal Market with a sub-offering