Companies in the modern pharmaceutical industry need data-informed marketing now more than ever to remain competitive. Targeted marketing efforts identify specific patient needs, providing relevant data to healthcare providers and maximizing patient satisfaction. Such complex marketing strategies require rigorous measurement and data analysis to effectively serve patients.
To help optimize targeted marketing effectiveness, Measurement Mojo conducted a study to identify the largest measurement challenges facing pharmaceutical companies today. From March to April 2017, MM&M in partnership with Preston Rogers surveyed managers from 52 small to large sized pharmaceutical companies to better understand what they believed were the largest measurement challenges facing pharma marketing teams. The study identified the top five challenges holding back marketing campaigns in the pharmaceutical industry.
Inability to Integrate the Data for Analyses
Pharmaceutical companies across the board rated the inability to integrate data for analysis as one of the top challenges facing their marketing efforts. In fact, for small to mid-sized companies surveyed, this was their top concern. Companies collect data from many different sources, but combining those massive amounts of data effectively can be a key barrier to providing powerful and much-needed insights.
Internal Analytical Resources Are Not Sufficient
Small to mid-sized pharmaceutical companies named a lack of internal analytical resources as a top challenge facing their marketing efforts, while large companies claimed it was a serious problem. In fact, a third of managers from large pharma companies and upwards of 20 percent from small pharma companies reported that greater internal analytical support was the number one aspect of sales and marketing they would change.
Lack of or Inability of Marketing Automation Software to Provide Insights
In an increasingly competitive industry reliant on ever more sophisticated advertisement campaigns, marketing automation software is often simply not powerful enough. Pharmaceutical companies of all sizes claimed that this was an issue holding back their effectiveness in market. While 67 percent of marketing firms use or plan to use automated marketing platforms by 2019, out-of-the-box marketing software still is not able to provide insights into the highly-specific requirements of the pharma industry, such as identifying patient needs and connecting them to healthcare providers.
Difficulty in Measuring Individual Channels and Tactics While in Market
Respondents from large pharma companies rated difficulty measuring individual tactics while they are in market as the most urgent problem facing strategic marketing campaigns. In a fast-paced, highly competitive industry, the ability to analyze how a marketing strategy is performing in real time can be the key to staying competitive.
Vendor ROIs Are Not Tied to Brand Sales Lift
Marketing firms can provide impressive ROIs, but if they are not tied to helping the brand, then the pharmaceutical company is missing out. This challenge becomes more pronounced the larger the company, with the largest companies rating it as a serious issue.
Where to Go From Here?
MM&M’s research found that if there were one aspect companies wish they could change about their marketing efforts, nearly 50 percent of the managers from large pharma companies, and a third from smaller companies, reported that they wanted strategic partners who understand sales and marketing measurement, and vendors who provide the necessary data and analysis in support of measurement and ROI. Similarly, 37 percent of managers from mid-sized pharmaceutical companies wanted strategic partners with better understanding of marketing measurement. This is why nearly 70 percent of pharmaceutical companies hire third-party vendors to conduct data collection, and about half outsource data analysis.
Measurement Mojo conducted this research because it is committed to tackling the marketing challenges holding pharmaceutical companies back. With deep knowledge of the pharmaceutical industry and comprehensive data analytics capacity, Measurement Mojo can optimize your marketing efforts. Contact Measurement Mojo to learn more about how our measurement methodology, data analysis, and targeted multi-channel marketing strategies can help your brand thrive.