The hammer is about to drop on marketing budgets. While there will still be discretionary spend on mobile and tablet pilot projects, executives are looking for measurable productivity from their marketing spend. Unproductive tactics must be prepared to surrender their pound of flesh.
The unflattering ROI spotlight that outed R&D’s poor productivity and unraveled many large sales forces is now turning its stare towards marketing. Everyone has to share the pain. But simplistic all-for-one, one-for-all across the board budget cuts are absolutely wrong. I’m concerned that this habit of making room in the budget by simply shuffling the marketing deck chairs will just punish existing physician relationships and confuse new ones.
The silver lining is that this greater fiscal scrutiny should lead to more customer-focused physician marketing. Unfortunately, many brand leaders may not have the data or insight to know whether poor ROI is the result of a bad tactic, the wrong target, or poor execution.
Most launch brands spend considerable money and time crafting a unique selling proposition to differentiate their product in the marketplace. Exhausted by this grueling exercise, they tend to fall back on the standard, undifferentiated marketing playbook to promote their message.