The tug-of-war between lead generation and demand generation has been going on in many industries for a while. The two powerful marketing strategies have vied for supremacy in shaping consumers’ interests and driving business growth.
Big Pharma is a part of the buzz of the supremacy battle between lead and demand generation. The contest between lead and demand gen is more pronounced with the complex landscape and restrictions in reaching the paying audience.
The question is, do these two giants need to butt heads? With the target being reaching potential customers and converting them to buyers, which of these two strategies for the win?
From Lab To Market: Understanding The Journey of Lead Generation In Pharma
Lead generation in pharma marketing involves identifying and cultivating potential clients for a new product or service. The lead generation strategy involves targeted marketing efforts that rely on tactically identifying and engaging stakeholders who can be interested in a product. It involves getting the correct information to the right people at a strategic time, including physicians, institutions, and patients.
Lead generation moves prospects down the sales funnel strategically and segmented. From pre-production to post-marketing, lead generation efforts are thorough. It is no wonder that 50% of marketers willingly pay a mean cost of $198.44 per lead. Since lead generation is such a big deal, we will discuss how lead generation marketing campaigns work in pharma marketing.
Research And Development
This is the starting stage for lead marketing. With the product still in the embryo, the central focus is identifying potential pharmaceutical products with prospects. Extensive research and testing characterize this stage.
Target Identification & Validation
After researching potential leads, the focus shifts to identifying who and what to target with a potential drug. This stage verifies that a solution can work for the healthcare problem they created it for, making it easy to determine the potential clients.
The clinical trial stage uses lead generation to identify, nurture and recruit potentials that the pharma company can use for beta testing. Lead generation in this phase targets HCPs and patients who may benefit from or contribute to the testing.
Regulatory Approval And Market Entry
With the strict evaluation that dominates the pharma space, it doesn’t hurt a pharmacy company to plead its case in all ways within legal boundaries. Therefore, pharma marketers use lead generation to garner influence from people who might affect the regulations check outcomes.
A Win For All: Balancing Profit And Public Health With Lead Generation Campaigns
Lead generation is a marketing strategy that has benefitted various stakeholders of Big Pharma over time. While it focuses on generating income for pharmaceutical companies as a marketing tactic, its benefits to patients and medical professionals are profound. The balanced nature, therefore, made it thrive in the competitive landscape of pharma marketing.
Targeted Audience Identification
Lead generation strongly involves identifying the target audience to convert them to paying customers. Utilizing data from many sources, lead gen extensively analyzes potential customers’ medical needs, wants, and behavioral patterns.
Lead generation also extensively uses profiling tools to analyze a potential lead, allowing for a more streamlined approach. In addition, Lead generation identifies critical opinion leaders who can sway the acceptance of a pharmaceutical product.
Other mediums like CRM tools analysis, engagement tracking, and participating in medical events give a detailed scope on creating demand for a product. Essentially, lead generation leverages profiling tools, data analysis, and interaction with influential figures to identify potential product buyers.
The lead generation work does not stop at tracking potential buyers’ journeys. It goes further to engaging them to facilitate purchases. It creates and nurtures relationships that move the sales process further down the sales funnel.
The primary relationship lead generation builds is with healthcare professionals. Lead generation uses personalized information to engage HCPs with relevant content only. The personalized approach fosters a sense of relevance, establishing the foundation for a solid relationship.
Also, lead generation helps understand the needs and challenges of HCPs, making it easy to tailor the engagement to their needs. Leas generations establish trust, offer support and play a critical role in prescribing medications.
Educational And Awareness
Lead generation tactics encourage educating customers with accurate, relevant product information to foster their interest. Also, companies can create tailored academic campaigns with the information they obtain through lead generation processes.
With enough information in their arsenal, lead gen works can include educational campaigns, seminars, workshops, and direct communication. They can share in-depth information about drug action mechanisms, side effects, and usage scenarios in these events.
The willingness to be forthcoming gives buyers a sense of relief, fostering their trust and leading to a sales-qualified lead.
Lead generation simplifies the job of the sales team. Providing them with an arsenal of actual leads to pursue, sales reps have their duties streamlined to pursuing the generated leads. Lead availability gives direction, reducing marketing time and fund waste.
Meeting Needs: Unveiling Demand Generation In The Pharmaceutical Industry
Unlike lead generation, demand generation diverts significantly from the traditional marketing strategy focusing on healthcare professionals. Instead, it involves a series of adaptable marketing efforts that target a wider audience. Demand generation has a more patient-centric approach, encouraging individuals to make informed and empowered decisions about their health.
Bridging Gaps and Broadening Impact Through Innovative Demand Gen Approaches in Big Pharma
With the patient-centered space of modern pharma marketing, demand generation is a star. Demand gen focuses on reaching patients directly, so it’s unsurprising that pharma sales teams are fond of it. With other numerous benefits, it’s has, it has a case.
Demand generation strategies position the brand at the forefront of the consumer’s view. Intending to catch consumers’ attention, demand generation efforts improve brand visibility.
Demand generation relates directly with consumers. With the target on pharma consumers, brands build a rapport that makes them invaluable and makes the customer feel secure.
Influencing Purchasing Decision
With enough information about products at a consumer’s fingertip, making an informed and educated decision in medication purchasing becomes easier. Also, pharma companies can quickly generate sales even from the cold links they pushed out long ago.
Demand Generation Vs Lead Generation: Which Strategy For The Win?
The key difference between lead and demand generation lies in their target audience. While lead generation gives more relevance to institutions and healthcare professionals, demand generation focuses more on the patients.
Despite their primary differences, brands have used both lead and demand generation to achieve set marketing targets. For instance, in lead generation,
- Pfizer organizes educational webinars and online gated content events requiring healthcare professionals to register. This medium enables them to acquire audience contact information, which then become qualified leads, opening doors for future marketing opportunities.
- Similarly, AstraZeneca has been active in medical conferences and improved in-person relationships. They build relationships through this medium, which they can later convert to qualified leads.
- Moreover, Sanofi uses targeted digital marketing campaigns through mediums like social media ads for content marketing. Through this lead generation content, they got information that converts to qualified leads.
- Also, Novartis collaborated with Key Opinion Leaders who endorse their medications, influencing the prescription behavior and acceptance rate.
Not left out, demand generation efforts have also yielded some valuable results in Big pharma. Let’s look at a few:
GlaxoSmithKline Disease Awareness Initiatives
These demand-generation campaigns provide valuable educational content about specific diseases, symptoms, and available treatments. GSK aimed this demand generation campaign at the public, raising patient awareness. This strategy later generated demand as patients reached out to seek more information and discuss treatment options.
Merck’s Direct-to-Consumer (DTC) Advertising:
Merck has successfully used a direct-to-consumer demand gen strategy to promote their medications. Putting the product out through television commercials and online ads, they educated the public about drug use.
They gave patients adequate information regarding the condition the drug addresses, side effects, and usages while also encouraging them to consult healthcare professionals. This demand generation strategy increased the demand for the medication.
Johnson & Johnson’s Patient Support Programmes
These programs are well known, contributing to the company’s success in over 60 countries globally, with over a billion customers.
Their demand-generation programs offer educational support, resources and tools that empower patients with relevant knowledge and increase the demand for related medications.
Making a Choice, Lead Or Demand Generation?
There is no doubt that both demand and lead generation are pretty effective in pharma marketing. Having contributed significantly to the industry, the rivalry between both strategies is relatively equal. However, the question remains: does demand generation take precedence, or does lead generation do?
A simple answer after closely looking at both strategies is to combine efforts. Lead generation efforts target institutions and professionals, and demand generation targets consumers. Therefore, combining both will help reach the nooks and crannies you need to get your pharmaceutical products to.
The amalgamation of both strategies has yielded excellent results. Therefore, there is no harm in generating demands while simultaneously nurturing leads. You can borrow a leaf from Biogen regarding that.
Patient’s Education Portal by Biogen uses demand generation to target patients for disease awareness. This portal arms patients with disease information, treatment options, and other patient support materials. Concurrently, this portal requires healthcare professionals’ details, generating leads.
Over To You…
Many industries have witnessed the not-so-silent-dominance battle between demand generation and lead generation. These two marketing strategies are quite different and have had variable impacts. However, it all boils down to the same thing: they both aim at increasing engagement and generating sales.
The rarely asked question, though, is whether they have to work independently to achieve their aims. While their separate functioning has generated enough positive results, evidence points to their interdependence being more productive. Therefore, marketing experts continuously advise sales teams to choose cooperation over competition.
Lead generation targets the industry giants, aiming to sell the products to healthcare professionals and authority figures who can, in turn, influence prescription and purchase. Demand generation, on the other hand, takes its business directly to the users, the patients. So, combining both assures a sales team of a more efficient effort to reach every pore of pharma stakeholders.
The confusion of merging both strategies is under-discussed but remains. Therefore, you need seasoned hands to handle your lead and demand generation process, ensuring a better result. In other words, you need Platforce!