Pharmas are growing more assured in their use of digital channels and are increasingly taking a robust multichannel approach to healthcare professional engagement, moving away from their traditional focus on direct sales. Even so, many brands continue to miss the mark with their multichannel HCP efforts. While lack of creativity, poor channel selection and sloppy targeting may play a role, we often find that the bigger culprit is a lack of properly defined objectives and objective measures or KPIs to evaluate the performance of these non-personal marketing campaigns.
A client recently reached out to us to find a solution to this problem that could be applied at a corporate level, across multiple brands. Brand managers juggling multiple products in different therapy areas were struggling with how to effectively measure performance across the product lifecycle. Some of the questions that they had were:
- How do we measure the performance of a product with a new indication?
- Can awareness-based tactics be expected to drive ROI?
- What should our marketing efforts be focused on when a brand hits loss of exclusivity (LoE)?
Our analyst team devised a digital measurement framework spread across the various stages of the product lifecycle and came up with the following key takeaways:
- Focus on measuring awareness/impression metrics (e.g., ad impressions and CTRs) earlier in the life cycle: Pharma marketers often wrestle with the question of whether to invest in impression-driving tactics or focus on concrete engagement drivers, as the latter seem more directly tied to revenue. It’s essential to weigh in on impression-based tactics such as paid ads, especially during the initial stages of the product lifecycle, to drive awareness and to ensure good recall among potential prescribers. Hence, measuring these tactics is key to effectively judging overall campaign performance.
- Engagement is the key to growth: As we progress through the product lifecycle it becomes increasingly important to measure deeper connections or interactions across different digital touch points. Tactics such as video views and product brochure downloads must be accounted for as we move toward maturity.
- Cost-effective and revenue shifting tactics work best at the product maturity or LoE stages: As budgets shrink and brands brace themselves for the post-patent competitive onslaught, it is important that they hold their position and only invest in the essentials. Discontinue tactics requiring greater investment and retain tactics which directly impact Rx. Think about how high-performing content can be repurposed across other channels.
Want to know more about how to measure the performance and ROI for your digital campaigns? Get in touch!