Eng

flag-en

    Eng

    flag-en
      Get a Demo

      Author: Japheth Oseghale

      The Evolution of Digital Marketing in Pharma: Trends and Strategies

      Posted on by Japheth Oseghale

      If you pay attention to marketing trends, you’ll notice how different industries are going digital with their marketing strategies while Big Pharma seems to lag. 

      One explanation has been the heavy regulation and need for compliance that marks the industry, but is that an excuse to remain in the 90s on Pharma marketing strategies? Read on to find out! 

      This article explores why this lag and how the pharmaceutical industry can stay up-to-date with digital marketing trends in the evolving healthcare landscape. 

      Table of Contents

      What’s Pharma Marketing All About?

      Unlike regular marketing, which involves just promoting a product, Pharma marketing refers to the professional art of convincing stakeholders of pharmaceutical products. These stakeholders are mostly healthcare professionals, such as doctors, pharmacists, and patients. 

      The uniqueness of pharma marketing lies in distilling and breaking down complex medical jargon into simple day-to-day language for the layman to understand and take buying action. Most importantly, pharma marketing stands on a solid foundation of trust, as its products concern human life. 

      Moreover, it’s a multi-billion dollar market that only thrives on trusted relationships. Talk about a total market value of $1.48 trillion (Estimate for 2022); players in this space can’t afford to joke with integrity. 

      These key factors are what make pharma marketing more than boosting brand visibility. Patient education, treatment effectiveness, and overall desirable health outcomes are crucial. 

      Why is Pharmaceutical Digital Marketing Important?

      For understandable reasons of regulation, the pharmaceutical industry has been slow to adopt digital marketing strategies. Nonetheless, pharmaceutical companies will experience a boost in sales and overall growth when they adopt pharmaceutical digital marketing. 

      Here are a few reasons pharmaceutical companies should take up digital marketing: 

      Targeted and Personalized Marketing

      Gone are the days of generalized ads and TV commercials. In 2023, pharma marketers enjoy higher conversion by sending personalized messages through various digital channels (omnichannel marketing). 

      Through digital marketing, you can tailor your email campaigns to audience segments (grouped by profession, specialty, age, gender, and the like). For example, an immunologist may need a rapid response to queries, while marketing and a general practitioner may require you to identify when they’ll be free to engage. 

      Data-driven Marketing 

      Digital marketing enables pharma companies to understand HCP and patients’ preferences, especially with CRM and CLM tools. With data-driven marketing, you can understand how HCPs perceive different diseases, how fatal they are, and the best treatment choice. 

      Companies can then maximize such data-rich knowledge to develop effective marketing strategies and health education programs. The sales rep armed with data stands a better chance of convincing HCPs as they’ll supply relevant and previously unknown information. 

      Return-on-investment (ROI)

      Tracking what works out of your digital marketing campaigns is now easier than ever. You can know which channels deliver the best results for your market segment. Furthermore, you can even track content performance in real-time, such as the opening rates of marketing emails. This way, the marketing team is sure of where and where not to spend money. 

      The Influence of Regulation on Pharma Digital Marketing

      Online Marketing by Pixabay

      Compliance (with industry regulations) is a big word when making your pharma marketing digital. The pharmaceutical industry is heavily regulated, with countless rules on what audience to promote and how you do so. 

      Breaking these rules, whether on-site or on digital channels, can attract heavy consequences, both by punishment and implication. The U.S. Food and Drug Administration (FDA) requires promotional content to be accurate, not misleading, and supported by scientific evidence. 

      It’s therefore essential that Pharma companies looking to adopt digital marketing are aware of these regulations and how best to comply with them while still maximizing profits. Here are a few tips on how to go about this: 

      Learn the Rules

      You can only comply with the rules you are aware of. So, the first step to ensure compliance is to get everyone in the company on the same page as touching FDA (U.S.), EMA (Canada), or other local guidelines. 

      Create a Detailed Compliance Plan

      As the saying goes, “He who fails to plan already plans to fail.” Your plan should include a systematic training process, content approval processes, and how to handle potential breaches of regulations. 

      Clarity and Accuracy of Information

      Your company’s content should be clear, accurate, and not deceiving. Unlike other industries, exaggerating product effectiveness, overlooking risk, or supporting off-label usage will do more harm than good in the Pharma industry. 

      Employ Strict Record-keeping Procedures

      Please store all promotional materials in an orderly, including their time and venue/distribution platform. A culture like this will prove invaluable during an audit. 

      Get Legal Support and Counsel

      No one navigates the law better than the lawyers. With their expertise, you can avoid compliance issues and save yourself from headaches. 

      Six Digital Marketing Strategies for the Pharmaceutical Industry

      Let’s look at some specific strategies you can adopt to boost your pharmaceutical digital marketing efforts. From established methods like social media marketing to recent trends like AI, here are some tactics you can use:

      1. Produce Branded and Value-packed Content

      By value-packed content, we mean every line educates the reader, and there’s no fluff. The pharmaceutical industry is a “serious” place with little allowance for jokes. 

      Whether it’s a video or written content to educate patients or promotional content for HCPs, the material should be insightful while complying with regulations and backed up by scientific evidence. If your audience consists of doctors and pharmacists, you’d want to go for in-depth articles and reviews on recent clinical studies. 

      Patients will need more empathetic content like animation videos and simplified blog posts that explain how your products work. Ensure you align your materials to your brand’s guidelines while crafting them. 

      1. Leverage a CLM/CRM Platform

      CLM stands for Closed-Loop Marketing, while CRM stands for Customer Relationship Management. Closed-loop marketing is a digital marketing strategy that helps your company identify the most effective source of your leads and channel your resources toward maximizing that source. 

      With CLM, you can make data-driven decisions that make your digital marketing campaigns more effective. 

      For example, Platforce is software that employs closed-loop marketing strategies to improve ROI. With Platforce, you can collect and analyze data across your digital marketing efforts. You can get data from customer interactions, website analytics, and ad campaigns, which helps you make more informed marketing decisions and investments. 

      1. Use Social Media Influencers
      Content creators by Pexels

      Compliance issues indeed make digital marketing difficult for pharmaceutical companies; nonetheless, there’s one area you can leverage: Influencer Marketing. It’s a type of social media marketing where pharmaceutical companies get respected HCPs or patients who share their recovery journeys to promote your brand on their digital channels.

      The Influencer you choose must be someone who aligns with your brand values and won’t cause you any controversies. 

      For example, partnering with a sports doctor or a respected athlete to share the benefits of your joint health medication on their Instagram page could reach a broad audience that respects their opinions. 

      Ensure to vet partnerships with influencers and any released content for compliance with regulations. Your Influencer should also be able to explain the collaboration to foster transparency and compliance with FTC guidelines. 

      1. Integrate Artificial Intelligence (AI)

      Whether you love AI or not, it has come to stay, and it’s only wise to adopt and integrate it into your pharmaceutical digital marketing strategy. 

      AI has proved useful across different business fronts — whether as a chatbot for customer support, answering FAQs about your drugs, or giving detailed predictive analysis based on previous performance. Ensure your AI respects privacy and reflects transparency on your digital channels. 

      1. Optimize Your Website for Google Search 
      SEO by Pixabay

      With search engines at the tip of our fingers, it’s now easier and faster for pharmaceutical companies to reach a wider audience. Patients and healthcare professionals now depend on website content for guidance. 

      However, you can only get them by optimising your website to appear when they search for related keywords. Using relevant meta tags, revamping your website for SEO, and uploading SEO-friendly content are some digital marketing tricks you can try. 

      If your company specializes in antihypertensive drugs, using keywords like “drug for hypertension” or “drug for high blood pressure” in your content can boost your visibility. 

      1. Host Webinars and Virtual Events 

      A virtual event is a unique tool for establishing thought leadership in 2023. You can do a product presentation, engage patients on a disease, or discuss the latest research findings. Webinars are a great way to get first-party data about anything. 

      As a Pharma manufacturer, you can host a webinar to explain the mechanism of action of your latest drug; then, you can include a Q&A session for attendees to ask questions. There are little better ways to establish your company as a thought leader on that drug or subject. 

      Final Thoughts

      Every Pharma business that intends to scale needs to adopt efficient digital marketing strategies like targeted and personalized marketing, and leverage CLM/CRM platforms to ease the burden of developing data-driven marketing strategies that produce the marketing results they need for growth.

      As the marketing landscape continues to evolve and as digitalization front-runs this evolution, CLMs have become an everyday requirement for growing Pharma businesses, and here’s how you can take charge of digital opportunities to grow your Pharma businesses.

      With our CLM platform, you can manage your entire digital marketing strategy from one software mainly built for Pharma and Life Science companies. You can also:

      • Book follow-up calls right after meeting with a prospective client.
      • Automatically trigger emails based on your prospects’ actions.
      • Increase HCPs’ engagement rate with interactive e-detailers 
      • Collect and manage client consent forms with ease.
      • Stay up-to-date on marketing trends and useful innovations for your Pharma business.

      Personalization In Pharma Sales: Tailored Messages With Closed Loop Marketing

      Posted on by Japheth Oseghale

      The ever-changing nature of the pharma industry demands that its players stay in vogue to remain ahead of competitors. Recently, personalizing content with closed-loop marketing has influenced how marketers interact with patients and healthcare professionals. 

      Also, tailoring content for different customer segments increases trust and enhances customer acquisition. However, when employing personalization marketing, you must consider the ethical considerations that come with it. As a result, you should fully understand this marketing strategy before going into it.

      In this article, you’ll not only learn how closed-loop marketing works, but you’ll also get a step-by-step guide on personalizing messages for closed-loop marketing in the pharma industry.

      Table of Contents

      Understanding Closed Loop Marketing

      Closed-loop marketing is a data-driven strategy that gathers, analyzes, and personalizes data to boost sales and improve marketing ROI. For closed-loop marketing to work, there is a continuous collaboration between the sales and marketing teams.

      The marketing team promotes awareness and visibility of a pharma product or service. The individuals in the sales team sell these products and services to patients and health care professionals (HCPs). After that, the sales team gives a closed-loop reporting feedback to those in marketing.

      The feedback indicates how the marketing activities are employed to impact the sales process and outcome. With closed-loop marketing, your pharma company stands to gain the following:

      • Targeted and Personalized Marketing Approach: Collecting and analyzing data helps marketers get familiar with individual customer preferences. As a result, you’ll get content and offers tailored to suit a patient’s needs.
      • Rational Decision-making: You make every decision after thorough data analysis. This will prevent losses and drive your business to the right path.
      • Spotting Loopholes: Closed-loop marketing helps to identify lagging areas in a pharma business. The continuous feedback feature of closed-loop marketing serves as a means of identifying loopholes.
      • Boosted ROI: Ultimately, closed-loop marketing increases conversion rates, resulting in better leads.

      Seven Steps to Personalize Messages for the Pharma Industry Using Closed-loop Marketing

      Individuality concept among silhouette by Freepik

      Crafting personalized messages in pharma sales is a highly effective marketing approach. It involves carefully considering each patient and HCP’s unique behavior and interests. Though personalized marketing is a strategic process, there is no standard way to go about it. The steps below will serve as a guide.

      1. Data Collection and Analysis

      The foundation of personalization in pharma sales is data collection and analysis. You can source data information from social media engagement, a company’s website search history, and more. 

      After a successful data collection, you analyze it using standard marketing analytics software. This process will detect trends and patterns common to patients and HCPs.

      1. Segmentation

      Segmentation involves dividing prospective HCPs into smaller groups based on shared characteristics. You can group them based on their demographic or behavioral similarity. Segmentation acts as a means of identifying niche markets and driving growth.

      1. Customer Profiling

      Though people often confuse profiling and segmentation, they are different. Profiling means examining a particular group of patients using specific established criteria. 

      To carry out our profiling, you need to ask yourself some questions like:  

      • What is the likelihood that a patient will use your pharma products? 
      • To what degree do they use it? 
      • What is their level of advocacy for your brand?
      1. Content Customization

      The next step is to customize your content to individual client segments. This involves adjusting your product or services to create unique experiences for patients. You give each group content they will engage with most. 

      However, content customization entails more than just tailoring messages. It also includes customizing the messages’ style, structure, and communication medium.

      1. Message Personalization

      Research shows that 80% of existing customers will respond positively when brands provide personalized messages. It is essential to provide information that explicitly tackles individual concerns or issues. 

      This includes targeted emails with HCPs’ names, product recommendations based on their specific medical interests, or custom-made video messages.

      1. Closed Loop Marketing Feedback

      After sending personalized messages, the next step is to receive feedback using appropriate means. Here, you follow up on how patients interact with your content. 

      Closed-loop marketing is an active form of feedback. When customer support teams receive feedback, they respond to inquiries and accept suggestions – an excellent means of assessing marketing performance.

      1. Continuous Improvement                    

      The feedback marketers get creates a pathway to continuous improvement. With this feedback, you can focus on more productive marketing campaigns. Additionally, one will be able to discover what works for each patient. Following this discovery and identification, you can make adjustments as needed.

      How To Measure Personalization Success in Closed-loop Marketing

      Cute lady creating marketing plan by Freepik

      Personalizing your marketing strategy does not automatically mean it will meet your sales goals. Experts recommend using certain Key Performance Indicators (KPIs) for measuring success. Some of these KPIs in closed-loop marketing are:

      Conversion Rate

      The conversion rate in closed-loop marketing refers to the percentage of people who did not just visit your website but took buying action or performed a desired task. Conversion rate is the evidence of personalization success.

      More tailored content should result in higher conversion rates. However, this may not be the case every time as other factors may influence a customer’s experience.

      Return On Investment (ROI)

      Marketing ROI is the amount a pharma company makes from personalization marketing. Creating personalized content costs money. Hence, it is essential to make profits on the money spent. 

      When you generate high revenue, it shows that your closed-loop marketing strategy is working for your company.

      Customer Retention Rate

      Customer retention rate is not directly a function of personalized content. It is the percentage of patients who continuously seek your services for a specific time. A high customer retention rate in marketing implies that more patients are satisfied with your services.

      Open Rate and Response Time

      You get an open rate in marketing by dividing the number of customers that view content by the total number of messages sent. On the other hand, response time is the interval between when an HCP opens the letter and when he responds. A high open rate and short response time indicate clients’ interest in the content.

      Compliance And Ethical Considerations When Personalizing Messages With Closed-loop Marketing

      Free vector hand drawn business ethics by Freepik

      Personalization in pharma sales using closed-loop marketing tools is a straightforward strategy. However, there are some ethics in healthcare communication. Before carrying out a personalized marketing campaign, here are a few key issues to consider:

      1. Respect Privacy

      Personalized marketing involves diving into a patient’s record for adequate data collection. Such research may pose a threat to their privacy. When gathering information from customer databases, ensure to follow the proper routes that comply with the necessary regulations and laws.

      1. Don’t Exaggerate your Claims

      Marketers tend to twerk informative content to make them more appealing to each client segment. Do the twerking process with care. One must be truthful and avoid making claims based on undisclosed arguments.

      1. Prioritize Data Security

      After collecting and analyzing a patient’s data, it is crucial to store it appropriately. You must protect the data against theft, loss, and access to unauthorized personnel. This is important to avoid financial losses due to a lawsuit.

      1. Avoid Bias

      Segmentation in marketing may give room for stereotyping and discrimination. You must ensure that your entire marketing process is inclusive and not biased against a particular patient segment. Patients who sense bias will lose trust in that healthcare system or company.

      A Case Study of Message Personalization Using Closed-loop Marketing

      You might’ve wondered what personalizing messages with closed-loop marketing means in real-life scenarios. We thought to include a case study to aid your comprehension of the concept. Check this out: 

      XYZ Pharma is a company that has been in business for over ten years. In the last two years, they’ve experienced low sales and turnover, so they did a market survey. The survey showed that traditional mass marketing campaign no longer drives sales as effectively as before. Hence, they resorted to sending personalized messages using the closed-loop marketing process.

      They gathered and analyzed valuable patients’ data, such as:

      • medical history, 
      • health records, and 
      • lifestyle choices. 

      They also collected and analyzed potential Healthcare Professional’s data. XYZ Pharma sent personalized emails addressing these HCPs by their names and frequently recommended their products to them using customized videos.

      Afterward, they personalized their content and marketing channels. The sales team gave adequate feedback to the marketing department. Consequently, the marketing team was able to improve their personalizing marketing strategy from time to time.

      After successfully implementing this personalized strategy, XYZ Pharma experienced a 40% sales increase the following year. Additionally, 45% of patients referred their services that same year and there was a lot of positive customer feedback, showing their satisfaction.

      Challenges and Future Trends in Message Personalization 

      Ethical considerations are the foremost challenge marketers face when employing personalization in pharma sales. However, this drawback is easy to overcome when you follow due process. The marketing and sales teams in pharmaceutical industries are constantly evolving, and the use of Artificial Intelligence and Omnichannel engagement has become the new norm.

      The Role of Artificial Intelligence

      There are powerful AI tools available for marketers. These tools can analyze data in a short time. With AI, there is marketing automation, which speeds up the entire personalization process.

      Omnichannel Engagement

      Omnichannel engagement involves interacting with HCPs and patients using multiple channels. Marketers use personalized mail, social media marketing, mobile applications, and companies’ websites to engage customers. They may even employ physical interactions. Their overall aim is to have a deep understanding of individual clients.

      Final Thoughts

      Personalization marketing gives you a competitive advantage in the pharma industry. It helps you tailor your messages to address the individual needs of your customers, prioritize data security, and guarantee a unique user experience for all end-users.

      In this article, we’ve explored the “7 steps” Platforce uses to help you create personalized messages for your customers with closed-loop marketing, how you can measure the success of your personalized marketing approach, and how to tweak your approach for better sales conversion and results.

      You cannot expect sales if your messages are the same as a thousand other pharma sale messages. Your sales will be mediocre at best unless you implement Platforce’s targeted and personalized marketing approach that helps you meet the needs of your customers on a personal level. Here’s a demo or tour to help you get started.

      Also, stay ahead in your pharma sales by checking our YouTube and LinkedIn channels for the latest marketing updates.

      Key Performance Indicators for Measuring ROI in Pharma

      Posted on by Japheth Oseghale

      Like any effective illness diagnosis, key performance indicators that can help identify symptoms are critical. In Pharma businesses, these symptoms are the Closed-loop Marketing (CLM) metrics and measuring ROI. Identifying these metrics is the first step towards mitigating medication errors and improving customer experiences. 

      In your Closed-Loop Marketing (CLM) efforts, the symptoms to look out for are market share, customer satisfaction, sales revenue growth, return on investment, and so on. These metrics are borderline determinants and critical performance indicators of how successful your marketing efforts are and a pointer to the areas where you need to do better. 

      Your ability to understand and identify these metrics will determine how much more of a success you can make your closed-loop marketing effort. This article may be the eye-opener you need. Please keep reading to discover how to measure your pharmaceutical KPIs and modify them for an increased ROI in Pharma.

      Table of Contents

      Why Big Pharma Should Choose Closed-Loop Marketing

      As far as Pharmaceutical manufacturing and marketing is concerned, there’s been over a decade of decline in the efficiency of the traditional Pharma marketing approach. It faced challenges like reduced access to physicians, reduced efficiency of conventional sales force strategies, and constantly changing stakeholder preferences. 

      The recurring theme was the need for an effective marketing strategy that was more customer-centric. Closed-loop marketing (CLM) emerged as the response to these prevailing Pharma marketing needs, especially the need for digital detailing which we have a dedicated post about that can be found here.

      Simply by incorporating real-time consumer insight and other digital marketing metrics, Platforce CLM is a better-focused marketing campaign strategy that tracks and analyzes customer complaints and behaviour. It then uses the information to personalize unique user experiences based on customers’ preferences. 

      What’s Closed-loop Marketing?

      Map lying on wooden table by Freepik

      For pharmaceutical companies focusing on patients, CLM is the tool that bridges the gap between healthcare professionals and those they serve. Interactive platforms enable patients to invest actively in their recovery processes and healthy care journey.

      Closed-loop marketing (CLM) helps pharmaceutical companies track the buyer’s life cycle. By continuously gathering and analyzing data from real-time experience and customer interaction, pharmaceutical companies can gain the insight they need to make informed decisions on quality control that fulfills the needs of their customers.

      12 Major Pharmaceutical KPIs and CLM Metrics that Affect Campaign Results

      Although Closed-Loop Marketing might sound demanding, it’s not. Instead, it’s a process that helps pharmaceutical companies identify essential KPIs and other metrics from analysis of customer interactions.

      The data collected from these key performance indicators (KPIs) are used to assess performance and improve quality and competitive advantages in the market. KPI helps pharmaceutical companies achieve their marketing and cash flow objectives.

      Many CLM metrics exist in regular marketing campaigns that would not have any efficiency in Pharma. This makes following KPIs very difficult and almost impossible. To help you identify and implement the right KPIs, here are the CLM KPIs your pharmaceutical company should be focused on:

      1. Physician Awareness 

      Clinical trials are no jokes. In 2023, pharmaceutical companies that tried their new drugs had a success rate of less than 8%. As a result, many pharmaceutical companies put a lot of effort into ensuring their new drugs have successfully passed clinical trials. 

      But it’s all for nothing if there’s zero market anticipation for the drug. Metrics like physician awareness help you Measure how many healthcare providers are aware of the new drug after your CLM campaign. This data enables you to build a unique buyer persona of your target market and helps you create a marketing strategy that onboards physicians who clamour for your new drug. 

      2. Time to Market

      Time to market can be a relevant KPI metric for Closed-Loop Marketing (CLM) in the pharmaceutical industry, but it may not be the primary or most critical metric. 

      Time to market is a relevant KPI for Closed-Loop Marketing (CLM) in pharmaceuticals, measuring how quickly campaigns launch. While it offers advantages like a competitive edge and adaptability, it should be part of a broader set of KPIs. 

      Effectiveness, compliance, and patience are the central focus for a comprehensive evaluation of CLM campaigns.

      3. Manufacturing Efficiency

      Like every metric we’ve mentioned, manufacturing efficiency isn’t one of the KPIs you’d track in traditional CLM metrics. But it contributes to your marketing efforts and results as a pharmaceutical company. However, manufacturing efficiency is more of an essential metric for a pharmaceutical company’s overall operations and manufacturing equipment.

      It’s not a directly usable Key Performance Indicator (KPI) for Closed-Loop Marketing (CLM), mainly since CLM primarily focuses on marketing and sales-related metrics rather than operational or manufacturing aspects. However, it still can affect the product availability and pricing. 

      3. Conversion Rate 

      To improve the efficiency of your CLM, the conversion rate is a metric you must track. It provides valuable insights into the success rate of your CLM strategy and helps you track how well they influence healthcare decisions. 

      A higher conversion rate implies that your CLM strategy successfully influences healthcare decisions.

      4. Engagement Metrics

      Metrics like click-through rates (CTR), open rates, and time spent interacting with your content reflect how engaged your audience is. A high engagement rate suggests that your content is resonating with healthcare providers, which can lead to better conversion rates and increase the efficiency of your campaign outcomes.

      5. Compliance and Adherence

      This is more like safety KPIs as it ensures that healthcare professionals comply with recommended treatment plans and prescriptions, which is crucial in pharmaceutical marketing. Big Pharma needs this KPI to eradicate non-compliance with the prescriptions filled. Monitoring KPIs related to compliance and adherence can help gauge the effectiveness of your campaign in improving patient outcomes.

      6. Return on Investment (ROI)

      Pharmaceutical CLM campaigns require significant financial resources. Measuring ROI helps determine if the campaign generates enough revenue to justify the investment. It’s essential to track sales growth, revenue generated, and cost per conversion to assess ROI accurately.

      7. Customer Lifetime Value (CLV)

      CLV is especially relevant in the pharmaceutical industry, focusing on the long-term relationship between the company and healthcare providers. High CLV indicates that your CLM campaign is attracting new customers and retaining them. 

      8. Data Quality and Accuracy

      In pharmaceutical marketing, data integrity is paramount. Ensure that KPIs related to data accuracy and quality are met to avoid targeting the wrong audience or making critical decisions based on flawed data.

      9. Compliance and Regulatory Metrics

      Pharmaceutical companies must adhere to strict regulations. KPIs related to compliance with industry guidelines and regulations, such as FDA guidelines, are vital to avoid legal issues and maintain a positive brand image.

      10. Customer Feedback and Satisfaction

      Feedback from healthcare providers is invaluable. Monitor KPIs related to customer satisfaction, gather feedback, and improve your CLM campaigns based on their input.

      11. Competitive Benchmarking 

      Compare your KPIs with industry benchmarks and competitors to gain insights into your campaign’s relative performance. This can help identify areas where you may need to improve.

      12. Market Share and Share of Voice

      Monitor your pharmaceutical product’s market share and your share of voice in the industry. These KPIs can provide a broader perspective on your campaign’s impact within the pharmaceutical landscape.

      The Roles of Technology in Tracking KPIs

      Person working HTML computer by Freepik

      In today’s data-driven world, Key Performance Indicators (KPIs) are the guiding stars for the pharmaceutical industry and organizations. They provide valuable insights into performance, helping the pharmacy make informed decisions that drive success and contribute to their net profit. However, the complexity and volume of data tracking KPIs can only be overwhelming with the right technology solutions. 

      These technologies play a crucial role in the implementation of data within the production process and Closed-Loop Marketing campaigns. Some of their functions include:

      Data Collection and Integration

      Technology is the foundation for collecting and integrating data from various sources within your marketing campaigns. Whether it’s sales figures, website analytics, equipment effectiveness, customer feedback, or operational metrics, technology allows businesses to aggregate and centralize these data points. 

      Advanced data integration tools help ensure the information is up-to-date and consistent, providing a comprehensive view of performance.

      Real-Time Monitoring

      One of the significant advantages of technology in tracking KPIs is the ability to monitor performance in real-time. Dashboards and reporting tools can display KPIs visually intuitively, enabling stakeholders to access critical data instantly. This real-time visibility allows for proactive decision-making and rapid responses to changing circumstances.

      Automation of Reporting

      Gone are the days of manually compiling spreadsheets and reports. Technology automates the process of generating KPI reports, saving time and reducing the risk of errors. Automated reporting ensures that KPI data is consistently and accurately presented, facilitating more meaningful analysis.

      Customization and Personalization

      Not all KPIs are created equal, and technology allows for customization. Businesses can tailor their KPI tracking systems to align with their goals and objectives. This customization ensures the tracked KPIs are directly relevant to the organization’s success.

      Scalability

      As organizations grow, their KPI tracking needs to evolve. Technology solutions can scale with the business, accommodating increasing data volumes and more complex analytics requirements. This scalability ensures that KPI tracking remains practical and relevant in the long term.

      Final Thoughts 

      Closed-loop marketing has been a groundbreaking marketing campaign solution, and its adoption by reputable pharmaceutical businesses is celebrated for the improved efficiency and effortlessness it brings to marketing campaigns. 

      For many pharmaceutical manufacturing industries, making the most out of it requires a strategic approach that involves understanding the metrics and KPIs that can directly influence the use and consumer interest in your Pharma products. 

      With our CRM it’s now easier for pharmaceutical businesses to track invaluable KPIs and integrate them for a competitive edge in the market. Here’s a guide to help you get started.

      Social Media Strategies for Pharma: Building Trust and Engagement 

      Posted on by Japheth Oseghale

      Although social media has forever changed the nature of our social interaction, many pharma companies have yet to leverage its benefits. Other industries continue to use its promise of a broad audience to score big marketing goals, and Pharma marketers should learn to do the same. 

      Social media provides an online platform for innovative businesses to build trust and engagement with their prospect. So, why are many Pharma marketers still laid back on making it their focus while creating content that their ideal users would easily relate to? 

      The good news is that there is still time for many of these pharma businesses, and with the help of major CRM and CLM software like Platforce, social media marketing is easier than ever. Keep reading to discover some of the best social media strategies with a competitive edge for new pharma businesses. 

      Table of Contents:

      Why is Social Media Marketing a Must-have for Pharmaceutical Companies?

      Social media has caused a significant shift in how products are advertised, especially since the average individual now spends at least 150 minutes on their mobile phone daily. From what was regular TV broadcasting, we now have the option of creating compelling content without strict regulation that can reach patients or consumers directly. 

      Social media marketing has become a must-have for pharmaceutical companies since social media makes it easier to onboard new clients and healthcare professionals. It transforms how Pharma companies interact with stakeholders, promote products, and contribute to public health in the following ways. 

      Easier Access to Information 

      Social media platforms provide a rapid and efficient means to disseminate information about pharmaceutical products, treatment options, health conditions, and medical breakthroughs. This real-time communication keeps information accessible, ensures compliance, and provides accurate and up-to-date information that reaches healthcare professionals, patients, and the general public.

      Positively Contributes to Patient Empowerment

      Social media empowers patients by giving them access to healthcare information. Pharmaceutical companies can use these platforms to educate patients about their conditions, treatment options, and lifestyle choices, enabling patients to make more informed decisions about their health.

      Help Build Trust and Credibility

      Establishing trust is paramount in the pharmaceutical industry. Companies can build credibility and foster trust among their audiences by maintaining a solid and transparent social media presence. Sharing evidence-based content and engaging in open dialogues can enhance the industry’s reputation.

      Targeted Marketing

      3d Render Astronaut with Target 3d illustration Design by Freepik

      As a Pharma company, Social media platform offers sophisticated targeting options. With the help of CRMs and CLMs software like Platforce, pharmaceutical companies can easily reach specific demographics, regions, or healthcare professionals. Targeted marketing helps you deliver precision in marketing and ensures that you provide the right messages in the brand’s voice to the right audiences. 

      “We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better.”

      – Jeff Bezos, Amazon.

      Platforce uses closed-loop marketing strategies to collect and analyze data across your major digital platforms. These data are from customer interactions, website analytics, and ad campaigns, and they help you make more informed marketing decisions and investments in a target market with a promising ROI. 

      Increases Engagement and Interaction

      Social media enables direct engagement with patients, healthcare providers, and other stakeholders. Companies can answer questions, address concerns, and provide support, creating community and improving the patient experience.

      Help Crisis Management

      In product recalls or safety concerns, social media provides a rapid means of addressing issues, disseminating information, and managing public perception. Timely responses can mitigate the impact of crises on a company’s reputation.

      Aid Usable Market Research 

      The social media platform is a treasure trove of insights. Pharmaceutical companies can gather feedback, monitor trends, and conduct market research to better understand patient needs and preferences, ultimately leading to improved product development and marketing strategies.

      It Helps Reach Patients Globally

      With social media, the world can be your audience. It transcends many geographical boundaries, allowing pharmaceutical companies to reach a global audience. This is particularly valuable for companies with a worldwide presence, enabling them to standardize messaging and coordinate marketing efforts across regions.

      It’s More Affordable and Cost-Efficient 

      Compared to traditional marketing methods, social media marketing often proves more cost-effective. It allows companies to maximize marketing budgets while achieving broad reach and engagement.

      Compliance and Transparency

      Pharmaceutical companies can use social media to communicate regulatory updates, safety information, and adherence to industry standards. This transparency builds trust and ensures compliance with legal and ethical obligations.

      Thought Leadership

      Pharmaceutical companies can position themselves as thought leaders in their therapeutic areas by sharing insights, research findings, and expert opinions on social media. This enhances their industry influence and fosters innovation.

      Best 5 Social Media Platforms for the Pharmaceutical Industry

      Popular social media logos by Freepik

      Social media channels are essential for distributing relatable content to target audiences. And some of the best five social platforms that can help Pharma Influencer marketing and Pharma brands reach their desired audience. The right strategies for these individual platforms include:

      LinkedIn

      LinkedIn is a premier platform for the pharmaceutical industry due to its professional and scientific focus. It’s ideal for connecting with healthcare professionals, researchers, and industry experts.

      On LinkedIn, Pharmaceutical companies can share research findings, industry insights, and work updates on LinkedIn to establish thought leadership. It’s also a valuable resource for talent acquisition, enabling companies to find top talent in the healthcare and pharmaceutical sectors.

      X (Formerly Twitter)

      X’s real-time nature is perfect for sharing immediate updates on pharmaceutical news, clinical trial results, and industry trends. It facilitates direct engagement with patients, healthcare providers, and advocacy groups, allowing companies to address questions and concerns promptly.

      Using relevant hashtags can amplify the reach of pharmaceutical content and contribute to trending discussions.

      Facebook

      Facebook groups effectively reach a broader audience, including patients and caregivers. Companies can share patient stories, disease awareness campaigns, and educational content.

      You can build respectable Facebook support groups or communities related to specific health conditions and foster a sense of belonging among patients, which can be valuable for patient engagement.

      YouTube

      Pharmaceutical companies can leverage YouTube to provide in-depth educational content, such as animated videos explaining complex medical concepts or patient testimonials. You can share video updates on clinical trials, drug mechanisms, and treatment options to engage patients and healthcare professionals.

      Instagram

      Instagram’s graphic nature allows pharmaceutical companies to tell compelling stories through images and short videos. This is particularly effective for showcasing corporate social responsibility initiatives and visually appealing pharmaceutical products.

      Collaborating with healthcare influencers can help reach and engage with a younger, health-conscious demographic. Choosing the right social media platform depends on a pharmaceutical company’s specific goals and target audience.

      How Does Industrial Regulation Affect Pharma’s Use of Social Media?

      One of the significant limitations to using social platforms in Pharma is industrial regulations. The strict rules significantly influence how pharmaceutical companies use social media. 

      These stringent rules demand absolute accuracy, transparency, and privacy protection in all online communications. Fair balance, adherence to approved uses, and prompt adverse event reporting are non-negotiable. Sometimes, it’s put a limit on how much pharma businesses can share with their audience. 

      Yet, the potential for patient education, engagement, and trust-building on social media remains vast. By navigating this regulatory landscape adeptly, pharmaceutical companies can harness the power of social media to share valuable information, foster relationships, and, ultimately, improve public health. Compliance isn’t just mandatory; it’s an avenue toward a responsible and impactful online presence.

      Social Media Best Practices for Big Pharma

      Man holding smartphone by Freepik

      Social media has come to stay, and users will continue gravitating towards social media for Pharma. As such, Pharma companies that intend to grow their impact must learn to adopt a significant social media strategy that guarantees user engagement and more sales. 

      Even though there are some social media-associated risks, its use still guarantees better marketing results for pharma companies. 

      “Content is fire, and social media is gasoline.”

      – Jay Baer, Convince & Convert.

      Compliance is Non-Negotiable

      Pharma brands must remain up-to-date with regulations from agencies like the FDA (U.S.), EMA (EU), and local regulatory bodies. These regulatory bodies continue to validate many life science companies, their funding, and educational resources. 

      Whether you settle for an influencers-based advertising approach or a personal marketing mix, the medical information you pass must be customer-centric and encourage customer engagement. 

      Transparency and Honesty

      Provide Accurate Information: Ensure that all content shared on social media platforms is factually accurate, scientifically sound, and supported by evidence.

      Disclosure: Disclose any potential conflicts of interest, financial relationships, or sponsorships when promoting products or services.

      Educational Content

      Social media makes it easier to educate your audience about diseases, treatment options, and healthcare best practices. This positions your company as a trusted source of information.

      Also, avoid Direct-to-Consumer Advertising (DTCA). Pharmaceutical companies are prohibited from directly advertising prescription drugs to consumers in many countries. Adhere to these rules.

      Data Privacy and Patient Confidentiality

      Ensure that all patient-related information shared on social media complies with data privacy laws (e.g., HIPAA in the U.S.) and maintains patient confidentiality.

      Monitoring and Reporting

      It’s beneficial to use a robust monitoring system to track all social media interactions and ensure that adverse events or product complaints are reported and managed according to regulatory requirements.

      Collaboration with Healthcare Professionals

      Collaboration with significant digital opinion leaders, healthcare professionals, and key opinion leaders to add credibility to your content and ensure it is medically accurate.

      Content Calendar and Strategy

      More is needed to create in-house content across various digital channels. If you work with pharma influencers, you must develop a strategic content calendar that aligns with your brand’s goals and messaging. Consistency in posting is critical to maintaining a solid social media presence.

      Key Takeaways

      Social media is a vital tool for building trust and engagement with many customers today, and any Pharma business without it is at a huge disadvantage. How you create and publish video/blog content should be very strategic and targeted. It’s not an easy feat for any Pharma business, especially without the help of social media marketing tools like Platforce.

      Any reliable social media strategy blends authenticity, adaptability, and data-driven insights to foster genuine connections, build trust, and drive sustainable success through digital engagement. It’s not just about being present; it’s about making a meaningful impact. 

      As a business, Platforce helps you listen to the concerns and preferences of your targetted audience to keep your business customer-centric, and to improve user experience and services. Check out our demo and tour to get started.

      Data-driven Decision Making in Pharma: Leveraging Closed-loop Marketing 

      Posted on by Japheth Oseghale

      It’s no wonder that without closed-loop marketing we see many pharma businesses launch out with so much promise but don’t appear to flourish after some years. Is it because the industry is too congested to allow the success of hardworking startup owners or that the barriers to entry are too high? You could say it is, but with proper preparation anything is possible.

      As a digital marketing company, we’ve observed that many pharma businesses start energetically by collecting and analyzing raw facts (data) from the market before making decisions. 

      However, this drive for precision in marketing efforts dropped after a few years, revealing that the initial energy was only to secure investment funding or other immediate benefits. There was no long time plan to sustain their initial meticulous approach!

      Data is king when making Pharma business decisions – whether clinical data for a new drug product or market data to aid new marketing strategies. 

      As you read, you’ll learn how data is involved in closed-loop marketing, some challenges you can expect in implementing data analytics in your business, and how you navigate through for success. Let’s jump in.

      Table of Contents

      How Closed-loop Marketing Works

      A Business Woman Having an Online Meeting. Source: Freepik.com

      John Wanamaker once said, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” 

      Decades have passed, and most digital marketers are still in his shoes. Even with efficient CRM tools like Platforce today, only a few folks use it to close that loop between their marketing efforts and revenue. 

      Closed-loop marketing involves collecting data from a customer’s interactions with a product and analyzing it to discover how to serve customers better. In closed-loop marketing, the sales team provides the data and customer feedback they’ve obtained to the marketing team. 

      The sales team monitors the customer’s journey up to the conversion point. This insight helps the marketing team to know what the customers want. The information is then used appropriately for lead generation. 

      For effective closed-loop marketing, the sales and marketing teams must be collaborative. Both teams must share the same goal, and that is the success of the Pharma company. This kind of data-driven process is what leads to success.

      The Role of Data in Closed-loop Marketing

      Analyzing Business Activity. Source: Freepik.com

      When there is enough data, a Pharmaceutical company has the foresight to support its decisions. They can easily predict the company’s marketing outcomes from different strategic choices.

      It is better to acquire information on how your company should conduct sales and marketing rather than risking millions of dollars and a lot of time on research and development. 

      Data analytics is a pharmaceutical company’s pathfinder. Analyzing market data allows you to transform acquired data into logical reasoning to reveal trends and the best action.

      Not all drugs can be advertised the same way because of regulations. The pharmaceutical industry is a complex field. Hence, the industry should not embrace all marketing trends. 

      Once the sales team has researched how the regulatory authorities want the medicine to be sold, the marketing team uses that strategy to advertise to the final consumers (HCPs or Patients). Here are a few factors to consider when leveraging data in pharma marketing: 

      Closed-loop Marketing Helps You to Build A Targeted Marketing Strategy

      Understanding the target market is crucial for pharmaceutical companies. The target market comprises customers who require specific products or services the most. Within the broader market, there exists a particular audience.

      For the Pharmaceutical industry, identifying this subset through detailed demographics is essential. By tailoring marketing strategies to meet the needs of this specific audience, companies can maximize their profits effectively. 

      Utilizing data analytics provides valuable insights into the demographics and pinpoints areas where the disease is most prevalent. 

      This focused approach ensures that you direct resources efficiently, leading to better outcomes for the industry and the patients in need.

      Monitoring the Return On Investment (ROI) of your Marketing Efforts

      Receiving meager returns after investing staggering sums of money in drug research would be financially disastrous. Investors are drawn to drug research and development, mainly when there is a good chance that the study will be successful. 

      Pharmaceutical companies may become overly focused on research and development without considering the commercial aspect. Tracking ROI is considerably more crucial than drug discovery, which is vital, too. Increased return on investment is one of the Pharma industry’s ultimate goals. Due to this, the expense and time are justified.

      Nonetheless, the pharmaceutical industry’s business side can operate efficiently thanks to data analysis and closed-loop marketing. 

      Utilizing Closed-loop Reporting Between Your Marketing and Sales Teams

      This type of reporting is a collaborative effort between the sales and marketing teams, working hand-in-hand to boost a company’s success. They need to be in sync to create a seamless performance.

      It helps both teams understand which marketing strategies resonate with customers and lead to actual sales. The sales team plays a crucial role here; they are like the eyes and ears on the ground, observing customer interactions and reporting to the marketing team.

      This dynamic feedback loop ensures that marketing efforts are not just shots in the dark but are finely tuned based on fundamental customer interactions. 

      It’s like a continuous conversation between both teams, where insights from the sales team guide the marketing strategies, creating a powerful synergy that drives business growth.

      Challenges Pharma Industries face with Data-driven Closed Loop Marketing. 

      Closed-loop marketing, especially in the pharmaceutical industry, is a challenging journey. Although it fills in sales gaps, navigating it can be difficult due to the industry’s unique nature, distinct from other sectors. 

      Pharma businesses operate under stringent regulations and deal with sensitive patient data, making implementing closed-loop strategies complex. Additionally, it is tough to effectively gauge how marketing initiatives affect sales in this challenging environment. 

      We want to consider a few specific challenges you may encounter when trying to leverage data analytics in your closed-loop marketing and how to navigate through them:

      1. Training your Sales and Marketing Teams to Interpret Data Correctly

      Smiling Man Presenting During a Business Meeting. Source: Freepik.com

      Training your sales representatives to implement CLM tools and comprehend data insights effectively may pose a significant challenge. 

      Many industries need to correct their CLM strategies due to the inability to leverage the collected data. Access to extensive data is only enough if the sales force has the knowledge to implement it successfully.

      The way out of these is to employ professionals and experts to train your team members on standard data collection and analysis. It’s up to you to decide if you’ll train your whole marketing team or only your high-performing players.

      2. Ensuring the Use of Current Data

      Not all information out there is equally valuable for you. You must use both current and relevant data for the decision before you. Most companies start on the right foot in gathering current data, often to secure funding for their startup. Afterwards, the drive drops and the once-zealous efforts to collect data are nowhere to be found.

      Context, markets, government, and technology evolve daily, making using last year’s data sets for today’s decisions unwise. Beware of the temptation to run a business on assumed sense and expertise; get the raw facts! Gut feelings in business would only lead to a colossal waste of time, energy, and resources.

      3. Regulatory Compliance 

      The pharmaceutical sector operates under stringent regulations, making it risky to follow market trends unthinkingly because they work for other industries. This challenge can restrict a marketing team’s strategic choices.

      Your team can only comply with the regulations they know, so just like the first point, train them!

      4. Data Security 

      3d Internet Security Badge. Source: Freepik.com

      Patients are at the center of product design in the pharmaceutical sector, which means the company gears every effort toward meeting their unique demands. 

      This crucial relationship highlights the necessity for the highest level of confidentiality in the sector when dealing with sensitive patient data. 

      However, when you need to exchange information across different teams, this secrecy poses a severe problem. It becomes challenging to balance the necessity for information sharing and patient privacy, exposing a major problem with data in the pharmaceutical industry.

      Tackling the privacy challenge demands investments in cutting-edge technologies to secure confidentiality and a continuous commitment to adapting. With the right tools, you can ensure your patient’s privacy.

      5. Starting with the Executive Team

      Incorporating data-driven efforts into your closed-loop marketing strategies must flow from head to toe. To collect and analyze data effectively, the company’s leadership must instill a strong consciousness of its purpose and goals into every member. For some, this task may pose a significant challenge.

      There must be a written vision and mission statement. Assessing the business’s strengths, weaknesses, and competition is equally crucial. The leaders mustn’t be afraid to have the “hard” discussions – this enables team members to ask critical questions (in data collection) that are essential to the company’s growth.

      They should also do a thorough analysis of the market and ask questions like – how large or saturated is the market the company is playing in? What segment of that market are they zooming into, and why? Such data analysis and more are the way to thrive as a Pharma company if the leaders have the guts to do it.

      Final Thoughts

      Data-driven strategies in closed-loop marketing are vital to growing your pharmaceutical business. The importance of data analysis to provide information on market trends, patients’ preferences, and competitive activities cannot be overstated. Profitability while simultaneously enhancing patient outcomes and growing your Pharma businesses depends on it.

      You need more than developing and marketing a product in the pharmaceutical industry. You need a tool that helps you implement and make sense of the market data. Also, it helps you make well-informed marketing decisions while ensuring data security and results that contribute to the profit and growth of your pharmaceutical business.

      Get started by following our demo or tour now!