LexisNexis Group, renowned for its cutting-edge business risk solutions and research services, embarks on a strategic journey with its comprehensive marketing plan. In an era where marketing intricacies demand a deeper dive into customer relations and market dynamics, this plan lays out a blueprint for capturing core market segments, optimizing pricing strategies, and navigating the distribution labyrinth. With a focus on cementing customer loyalty and real-time monitoring of high-risk events, LexisNexis is poised to navigate the treacherous waters of market volatility with unparalleled agility.
LexisNexis Marketing Plan
Marketing Strategy
- Primary Target Market
The LexisNexis Marketing Plan should ensure its business environment is conducive in order to attract and maintain the present customers. The company should understand the customer needs. In addition, the company should use the Net Promoter Score in order to measure the customer satisfaction. The customers buying habits should be secured through the continued evaluation and the immediate responds to the new threats that can discourage or have a negative impact on the customers buying habits (Drejer, 2002). The LexisNexis Marketing Plan should establish a way to reinforce the organizational complication by establishing compliance, privacy, and security of the organizational information such as customer preferences and buying habits. Customers should be screened to identify their preferences and spending in order to reach the targeted customers’ needs (Oster, 1999).
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- Product Strategy
The product marketing strategy of the company should strengthen through executing and developing the content marketing plan and the print marketing strategy that are related to the marketing director. The company should adopt the end-to-end programs and the print title market strategy with different market segments such as tax academic and legal. The LexisNexis Company should collaborate with cross-functional teams in order to execute different marketing plans successfully and on time (Aaker, 2002). The company should analyze measures and track success and effectiveness of all the available marketing programs and activities that can negatively influence the company’s set goals.
The LexisNexis should develop a system that supports the editorial and the sales teams, and that has a market, customer, and product feedback. In addition, it should ensure it attains direct and strong customer relationships in order to be able to gather the competitive market intelligence. The company should ensure their reports concerning marketing activities are maintained and updated weekly or monthly. LexisNexis company should ensure it is regularly updated itself on the marketing intelligence in order to be an expert on its activities and competition. The company should establish core messaging and positioning for newly developed products, develop and conceptualize a relevant and a strong promotional and marketing plan. LexisNexis should create a standardized marketing proposal, scripts, and presentations to enable it to capture and to analyze the company’s marketing performance campaigns metrics.
- Pricing Strategy
The prices of the lowest priced products should shift to less expensive vendors in order to eliminate or reduce the summer related to the deequitizing partners or programs. The aggressive pursued price growth options and partner investments concerning fee arrangement alternatives should be developed. Such pricing strategy might encourage the company to revert to the more costly and casual pricing of earlier days (LexisNexis | LexisNexis, n.d.). This will enable the company to incumbent based on how it continually gauges the productivity of the company and the clients’ satisfaction and engagements. However, the improvement of the economy forces the company to develop new ways to deliver costly predictability in order to respond to its firm’s and clients’ financial needs.
- Distribution or Supply Chain Strategy
The company should ensure it is in a position to proactively monitor most suppliers in real time because of the different types of high-risk events such as natural disasters and the legal action labor struggle. LexisNexis Company should ensure that its supply strategy complies with both the stakeholders with related interests and the researching entities. It also enables it identify the history of any unethical acts such as avoiding legal penalties, the reputational damages, the cost, and bribery. The company should ensure it attains the most confidential decisions concerning new suppliers by a defensible due diligence and a consistent process. By taking an insuring action the LexisNexis Company will be able to maintain the continuity of service. The company can achieve these results by tracking events that include the quality problems and the financial distress. This can negatively influence the company suppliers (Hill & Jones, 2008). Through sharing a significant insight of the company, the concerning supply chain will ease the development of the configured information or the distribution feeds in a different format to accelerate the team members to understand the suppliers’ risks. The in-depth evaluations of the periodic reviews of the present suppliers or the new suppliers will enable the company to monitor its supply chain on a continuous basis. This will make the company feel confidence and attain the comprehensive intelligence, required in order to establish an effective mitigation strategy. The company should use these tactics in order to hit a running ground easily and use the tools that aggregate information from different sources and ensure and surface it is actionable and meaningful.
- Integrated Marketing Communication (Promotion) Strategy
The company’s promotion strategy includes the legal means and the historical information about the clients, concerning their employment, the prior insurance claims, and the driving records. This will enable the company to provide the law enforcement, to offer the lawyers and the employers the required backgrounds of the witnesses, the customers, and the opportunities for the insurance companies and the financial institutions (Aaker & McLoughlin, 2010).The promotion strategy of the company is conducted through the personal customer contacts and the social media, which is the best technique to contact the clients. The company attorneys or anyone in the market should regularly send alerts through the social channels, which they consider to be relevant to the clients’ businesses. However, the outdated alerts targeting the wrong people will negatively influence the company’s ability to meet the needs of its clients’ industries and businesses. In cases the Company uses the social media in the absences of the clients’ retention and acquisition strategy, managed with relevant tools, this will negatively influence the social media engagement effects (Araiza & Medina, 2011). The ad hoc or the individually managed communications might negatively influence the firm’s image, the message it tries to convey to the market, and the overall development efforts. The company should restore the actual relationship in the legal field.
