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| 31st July 2014
Back in May, we wrote the blog post 'Top 10 things to consider when planning a multichannel campaign'; we covered the full planning aspect of the multichannel campaign; from the need to respond to overall business and campaign objectives to the all-important customer-centric approach. Sound familiar?
A key aspect that we didn't divulge was how to find the ROI in multichannel marketing. In fact, according to eyeforpharma's Multichannel Marketing Business Case Report 2014, proving ROI has been the main challenge to 28% of pharma executives in 2014. In the same way that digital is no longer an add-on to traditional marketing, ROI should be considered throughout the multichannel planning process and not just as a metric-focused process that is bolted on at the end of your multichannel planning.
The first thing that Blue Latitude Health considers is our clients’ brand and campaign objectives, the KPIs that are specific to them and of course the brand’s capabilities. Like we suggested in May’s blog post, founded on a customer-centric approach, there needs to be an excellent level of efficacy in the channels that you choose; in fact the channels need to be effective in engaging your audience but so too do your metrics. Arguably, for each channel and campaign there will be varying KPIs and different levels of ROI. It may be that limited data is available for certain HCP groups (this doesn't mean you shouldn't be collecting it), so clients might have to consider benchmarking ROI against the available country data; an example of this would be looking at email open rates for a certain target group within a country.
As we mentioned, for every campaign and channel, KPIs will vary, as will the measurements used to judge the success of ROI. Automatically, when we think of ROI, too often large numbers of conversions are judged as a success; but before we break open the champagne and hand out the quarterly bonus - let’s pause for thought; what do these conversion numbers actually mean? And more importantly, are they actually answering your campaign objectives?
In her article, “Measuring multi-channel marketing: metrics that matter”, Deborah Runge states that using metrics simply asking the question – how many? – are limited in the insight they can generate, therefore metrics that ask ‘why?’ are likely to be far more effective. Our customer-centric approach to our work is the perfect answer to the ROI paradigm. The insight that we generate for our clients is founded on choosing the right channel for the target audience and delivering engaging content; the perfect ingredients for delivering ROI.
At Blue Latitude Health, there is no room for idealism; understanding that different channels will bring varying levels of ROI are integral to the multichannel planning process. What do we mean by that? Well we know that a direct email is arguably the most targeted and measurable medium but that advertising can bring unprecedented levels of brand awareness, which we so often find with clients is a key strategic objective. So what’s the answer? It’s important that in measuring ROI, the correct and consistent measures and analytical tools have been put in place but vitally, the ROI must answer the initial campaign objectives.
Below are some recommendations that you can take away from this week’s blog post:
| 11th January 2018
Senior Associate Consultant Jiayi Chen explains the benefits and pitfalls of programmatic advertising and reveals how it can impact return on investment in your marketing campaigns.
| 4th January 2018
Measuring marketing activity is proving to be a major challenge in pharma. Here, Senior Consultant Paul Townley-Jones explores the meaning of success and gives his tips for measuring efficiency and effectiveness, along with the formula for calculating profit and ROI.
| 5th December 2017
Pharma is making measured progress in its adoption of multichannel marketing. But can it actually measure success? And does it even know what good looks like? Chris Ross interviews Senior Consultant Paul Towney Jones to explore the risks and benefits of increased investment in MCM.