One-size-fits-all marketing is a thing of the past. Pharmaceutical companies, even more than other business enterprises, must use strategic marketing to identify customer needs and create a marketing plan that helps achieve patient satisfaction, provides relevant information to health care providers, and improves company performance. Working with a strategic measurement partner helps you identify your target audiences, quantify your targets, measure the effectiveness of your efforts, and refine your tactics accordingly. It’s the best way to optimize your marketing for maximum results.
What is Strategic Measurement?
The goals of marketing any brand are increasing market share, growing the brand’s reputation, goodwill, and reach, and increasing sales and ROI. In pharmaceutical marketing particularly, measurement is critical. Effective marketing strategies depend on in-depth analysis of target markets, competitors (including strengths and weaknesses), budgeting, regulations, and long-term objectives. It’s essential to identify your target customer base and effectively communicate with them about the value of your brand. A strategic measurement partner can help you evaluate ALL your marketing and sales activities to improve the impact of your omnichannel marketing, allowing you to target specific products to the most receptive audiences in the most effective ways.
What Does a Strategic Measurement Partner Do?
A strategic measurement partner can help a company accurately analyze data and transform that knowledge into a competitive edge. Pharma brands spend a lot of money supporting speaker programs, co-pay promotions, digital tactics, website optimization, and direct-to-HCP and direct-to-consumer promotions. The opportunity to review all these investments in a single, integrated dashboard provides a comprehensive look into what to stop, start and continue.
These insights help marketers identify the most opportunistic targets by ranking each based on a range of data points, including multi-year sales data, channel preference, share, recency, promotional responsiveness, competitive use, and duration. Using a granular approach and in-depth insights can help deepen existing segments as well as develop valuable new segments—and then tailor the optimal multichannel mix and messaging for each.
Brand marketers often do not have the resources, the time, or the perspective that a third-party measurement specialist brings to the table. A strategic measurement partner can use its depth of channel knowledge, targeting, and analytics to evaluate your company’s existing marketing efforts and refine them to work more effectively. It can augment your stretched internal resources and help develop a big-picture strategy for marketing and growth with measurable goals and defined benchmarks. This allows you to nurture strategies that are working, cut off channels that aren’t yielding results, and begin new targeted campaigns at the most optimal times.
A strategic measurement partner with a deep knowledge of your industry and comprehensive data analytics ability can allow your marketing to yield more fruitful results. Contact Measurement Mojo to learn more about how our measurement methodology, data analysis, and targeted multi-channel marketing strategies can help your brand thrive.