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Replies to post #164522 on Lightwave Logic Inc (LWLG)
Observations:
1) We have new information above. >5 leads which include trial runs of technology. Now somebody is really interested.
2) Selection > 2 means at least 3 foundries and possible 4 foundries (maybe more we just don't know) are engaged in the "push" to have this technology adopted by the industry and they are also being pulled by these data centers to make sure this technology is available asap.
3) Prospects > 12 what? the industry is really interested.
Push strategy
A push strategy is when you use various forms of communication to directly persuade or incentivize intermediaries, such as wholesalers, retailers, or distributors, to promote and sell your product or service to the end consumers. The main objective of a push strategy is to generate demand and increase sales through the distribution network. Some of the common channels and tactics for a push strategy are trade shows, sales promotions, personal selling, trade advertising, and discounts.
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Vika Lebedeva- Baxter
360• marketing expertise for technology and healthcare-oriented businesses
For highly-customizable and technical solutions that require a significant amount of advanced expertise and scientific knowledge, we have found that the most effective push strategies are face-to-face selling and trade shows/conferences. Without a conversation specific to a project or an application, customers working in molecular diagnostics within a specific field for example would have a hard time establishing if a certain supplier is a right fit. Aside from assurance that they will receive the right product for what they need right now, our customers are often looking for a long-term commercial partner that could help their business expand in the future.
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Pull strategy
A pull strategy is when you use various forms of communication to directly attract and engage the end consumers, creating a preference and demand for your product or service that motivates the intermediaries to stock and sell it. The main objective of a pull strategy is to build awareness, loyalty, and reputation among the target audience. Some of the common channels and tactics for a pull strategy are mass media advertising, social media, content marketing, public relations, and word-of-mouth.
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Vika Lebedeva- Baxter
360• marketing expertise for technology and healthcare-oriented businesses
For a company that specialises in the design, development, and manufacture of sophisticated custom oligonucleotide-based tools and mission critical components for the molecular diagnostic, research and applied markets, we use a blend of content marketing, SEO, social media, customer testimonials, paid advertising and webinars/thought leadership. These work really well for us.
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Key differences
The key differences between the push and pull strategies in marketing communications can be seen in their target market, communication direction, communication focus, communication timing, and communication budget. A push strategy targets intermediaries who can distribute and sell a product or service, while a pull strategy focuses on end consumers who need or desire the product or service. Furthermore, a push strategy is more outbound and product-oriented, with the goal of generating immediate sales. On the other hand, a pull strategy is more inbound and customer-oriented, aiming to build lasting relationships and loyalty. Additionally, a push strategy is more cost-effective, requiring less communication and more incentives/discounts; whereas a pull strategy is more costly, requiring more communication and less incentives/discounts.
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Choosing a strategy
Choosing a push or a pull strategy for your marketing communications plan is not a one-size-fits-all decision. The choice depends on various factors, such as the characteristics of your product or service, the market situation, your competitive advantage, and your distribution channels. Generally speaking, a push strategy should be employed if your product is new or complex, or if the market is fragmented and price-sensitive. A pull strategy is suitable for an established product with high-involvement and high-differentiation, or in a consolidated and value-oriented market. If the product and market fall somewhere in between these categories, then it may be best to use a combination of both strategies. Additionally, if there are both functional and emotional benefits to your competitive advantage or if you have mixed distribution channels, then it’s likely that a combination of push and pull strategies will be most effective.
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Vika Lebedeva- Baxter
360• marketing expertise for technology and healthcare-oriented businesses
Pull strategies are undeniably effective but are not easily scalable. Push strategies within our sector offer a number of immediate benefits such as direct communication with our audience, quick direct response, affordable experimentation and testing of novel tactics, and scalability. It is for this reason that we use a blend of both.
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1 Examples of strategies
To illustrate the differences between the push and pull strategies in marketing communications, here are some examples of how different businesses use them in practice. For instance, a pharmaceutical company may use a push strategy to promote its new drug to doctors, pharmacists, and hospitals by offering samples, discounts, and commissions. On the other hand, a fashion brand may employ a pull strategy to promote its new collection to consumers through viral campaigns on social media featuring influencers and celebrities wearing its clothes. Additionally, a smartphone manufacturer may use a combination of both strategies to promote its new model by advertising its features and benefits on multiple platforms while also providing incentives and rewards to retailers for stocking and displaying it prominently.
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