Archive for May, 2016

Building A Master Data Vortex for Pharma

Nothing powers measurement, intelligence and insight like data.

But what kinds of data, you might ask?

In the past, the “data” that fed customer insight and marketing strategy was usually based on gut instinct, with market research used to justify the final decision.

Gut instinct
Now there’s nothing wrong with gut instinct, especially when it’s based on years of experience in a consumer category that doesn’t change much over the years. But in an industry like healthcare that’s evolving at such a rapid rate, deciding with one’s gut is as likely to lead to irritable bowels as to true customer intelligence.

Gut instinct is a poor tool for measuring success, providing customer intelligence and distilling insight.

Another typical source of customer data has been the quarterly, episodic trend reports from the usual research consulting firms. But that means that the insight is often too little too late.

VortexWhat is needed today is continuous monitoring of our market and our customers and comprehensive reporting across every customer touch point. And to do that, we need a single centralized master database. I like to think of it as a “master data vortex.” That giant sucking sound? It’s the vortex pulling in every piece of data we can – sales and marketing – so that we have the basis for doing near real-time evidence-based analytics.

Single source of truth
Having a single destination for both personal and non-personal customer communications means there will be a single “source of truth” about which channels and messages are working against which segments. This becomes a rich asset that most brand marketers still dream about.

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