| 8th April 2016
In the current market landscape, opportunities are arising to engage with healthcare professionals (HCPs) and patients through a multitude of digital channels. In the last few years, pharmaceutical companies have been increasingly active in carrying out digital marketing activities despite a slow uptake compared to other industries. Even with easy access to large quantities of data, measurement is still a relatively grey area – either marketing efforts are not being measured, or the data is not understood and utilised.
In this article, Associate Consultant Jiayi Chen explains why a measurement plan needs to be in place, and the key steps and common issues in developing a measurement framework for assessing the success of digital marketing efforts.
A measurement framework is used to align top-line business objectives at a strategic level with measurable metrics and data at an operational level, with the objective of evaluating the results of marketing efforts. Setting up an effective measurement framework is used to understand your marketing performance, shape your digital strategy, and help plan your tactical campaigns to deliver better outcomes.
As the first step in creating a measurement plan, you should understand your overall business objectives and define the specific objectives of your marketing activities. Your marketing objectives should support and drive the successful achievement of the business objectives.
While it’s good to be ambitious, marketing objectives need to be realistic, specific and measurable. For example, “increase the number of drug samples ordered by 20% in 6 months”.
Here are some common objectives in pharma marketing:
Based on business and marketing objectives, the next step is to identify critical success factors associated with each of the objectives. Critical success factors are the essential elements that ensure marketing objectives are achieved. For example, improvement in customer satisfaction, and reduction in service cost.
While critical success factors are limited to key areas for success, KPIs are more specific metrics that are used to measure performance in each of the key areas, such as impressions, customer satisfaction rate, number of downloads, page views, and time spent on site. It’s critical for the development of meaningful KPIs, rather than measuring for measurement’s sake.
When choosing metrics, always think about the purpose each metric serves and how it helps you to make better decisions. When the objective is to measure engagement with HCPs, focus should be placed on metrics that reflect the interaction such as the number of returning visitors, or the number of registrations and content downloads rather than “reach” metrics such as impressions and visits.
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Blue Latitude Health speaks to Olav Hellebo, CEO of ReNeuron, to find out about the biotech’s latest innovation in stem cell therapy and to learn his perspective on navigating the challenges that come with developing products in this complex market.
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Good insight gives you the tools to create innovative products and services that meet customer’s needs at the point of need. In this issue of Perspective magazine, our in-house insight experts unite to reveal the best practical tools, tips and knowledge for harnessing insight to empower your customers and inspire innovation.