Posts Tagged ‘big data’

How to Turn “Lots of Data” into “Big Data” for Pharma

Pharmaceutical firms, like most large sophisticated marketing organizations, spend a lot of money in promotion and branding. Individual brands will use multiple sales and marketing channels to reach their customers, including sales reps, traditional direct mail, drug samples, journal advertising, websites and edetailing, conferences and symposia and small dinner meetings. It’s not unusual for a brand to use six or more different ways to reach and impact their target doctors.

The Lack of Integrated Campaigns

While each of these tactics may be implemented by best-of-breed agencies, there is generally little coordination or sophisticated strategy that enables the whole effort to be greater than the sum of the parts. Unlike in other industries where marketers have learned how to build multi-channel programs, pharma has continued to use its traditional silo approach.

For example, in pharma you rarely see integrated campaigns in which one tactic, say direct mail, launches a chain of touch points by presenting a call to action to go to a website, where there is a prompt to opt-in to an email newsletter program or register for a conference.

Why is integrated marketing so important? There are two reasons why a more sophisticated approach to marketing is beneficial for both the brand and physicians.

Two Reasons Why Integration Is Important

Integrated marketing acknowledges the fact that there is an adoption path over which all of us travel during the process of becoming aware, considering, evaluating and eventually making a purchase decision. An integrated marketing program understands what types of information and presentation formats are most helpful at each stage in the decision making process.

Secondly, an integrated multi-channel approach respects that fact that individuals use and respond to different marketing media. Some physicians prefer sales reps, while others insist that they receive their information digitally. Some professionals need clinical documentation while others want to hear from a colleague…

Read Full Article Now »

On Getting Nimble

As pharmaceutical companies attempt to become more nimble and decisive, senior leadership will need timely access to relevant data, insight and recommendations. Brands can no longer wait months for campaign activity reports or ROI analysis. Senior product managers feel the pressure to make mid-game go/no go decisions and to reallocate marketing budgets even before a campaign is complete. This urgency requires a level of real-time access to data, ad agency transparency and partner collaboration that is still uncommon in this industry.

big data delugeThe attention that “big data” has been getting is warranted, but to date, most of the large data sets still reside in their respective marketing silos. The coming year will begin to see integration of marketing and response data across agencies, data partners, and internal IT, offering product managers and their bosses a real-time insight sandbox. This will require a new reporting framework that will increase transparency and accountability both internally and externally and give managers the ability to make smarter and more timely investment decisions.

Think this is a discretionary, nice-to-have capability? Think again. The music has changed. The reality of health care reform has set into motion a myriad of changes that will have a major impact on pharma, especially for those companies not nimble enough to dance to the new soundtrack.