Measuring Marketing Channel Effectiveness
Realising ROI from Multichannel Marketing: new report reveals keys to success
Multichannel marketing (MCM) certainly isn’t new for pharma marketers – so why is internal commitment and ongoing investment so difficult to agree? A plethora of channels, target segments and technological challenges all add complexity and hamper decision-making clarity. This new report delves below the surface to uncover exactly how MCM can be measured effectively and how ROI goals can be achieved.
Measuring Marketing Channel Effectiveness: Improving the ROI of Multichannel Marketing makes compelling reading as it reveals insights and the successful strategies used by 13 pharmaceutical marketing experts. Based on in-depth interviews as well as secondary research, readers will find out what goes wrong and why – as well as the key factors and activities that determine success.
TOP TAKEAWAYS AND KEY QUESTIONS:
FirstWord is an innovative industry intelligence leader serving over 240,000 Pharma and MedTech professionals worldwide. FirstWord offers a range of products and services designed to help your company gain a competitive edge by making key business decisions with speed and confidence.
FirstWord Pharma PLUS is a personalised and comprehensive intelligence service delivering up-to-the-minute pharma news, insight, analysis and expert views of importance to your company’s success.
FirstWord Reports deliver timely, need-to-know intelligence about your products, your competitors and your markets. Covering biosimilars, market access, medical affairs, sales & marketing, technology and therapy areas, FirstWord Reports provide expert views and intelligence on the challenges facing pharma today.
Multichannel marketing (MCM) certainly isn’t new for pharma marketers – so why is internal commitment and ongoing investment so difficult to agree? A plethora of channels, target segments and technological challenges all add complexity and hamper decision-making clarity. This new report delves below the surface to uncover exactly how MCM can be measured effectively and how ROI goals can be achieved.
Measuring Marketing Channel Effectiveness: Improving the ROI of Multichannel Marketing makes compelling reading as it reveals insights and the successful strategies used by 13 pharmaceutical marketing experts. Based on in-depth interviews as well as secondary research, readers will find out what goes wrong and why – as well as the key factors and activities that determine success.
TOP TAKEAWAYS AND KEY QUESTIONS:
- ROI monitoring and evaluation tools are a ‘must’: How can CRM, CMS and business intelligence investment be justified? What specific ROI measures and insights do they enable?
- Measuring MCM ROI is broader than previously believed: Which quantitative and qualitative metrics are the most powerful when measuring MCM effectiveness? When should they be used and how often?
- Focus remains on an individualised customer experience: How important is customer engagement when assessing the complete picture? Can MCM measures be customised sufficiently to enable enhanced monitoring and ROI?
- Some pharma companies are gaining ground: Who is using digital channels successfully; what do they do well? Which strategies are showing most promise? What is the single ‘make or break’ factor when embracing MCM?
- Traditional marketing skills are not enough: Digital marketing plays a crucial role in successful MCM strategies. What experience is needed? Can existing staff be trained or is ‘new blood’ a necessity?
- Kamil Levent Arslan: Former Sales & Stakeholder Relations Director at Janssen, Pharmaceutical Companies of Johnson & Johnson
- Bill Cooney: CEO, MedPoint Digital Inc.
- John Gerow: Service Team Strategy Partner, Ashfield and Principle at JG Consulting Inc.
- Lanre Ibitoye: Director, Head of Digital Experience at Teva Specialty Pharma
- David Laws: Thought Leader and Customer Advocate, Global Partners
- Danilo Pagano: Customer Engagement & Multichannel Director, Merck Sharp & Dohme (Merck & Co.)
- Panos Papakonstantinou: Head Digital Commercial, Europe at Novartis
- Sarah Rickwood: Vice President, European Thought Leadership, IMS Health
- Tim Ringrose: CEO, M3 EU Ltd
- Pierre van Weperen: Diabetes Sales Director UK at Novo Nordisk
- Donna Wray: Vice President, Digital & Multichannel Marketing, TGaS Advisors
- Kyriakos Zannikos: Former Global Head of Multichannel Management, Abbott EPD (later acquired by Mylan)
- Anonymous: Head of Digital at a large pharma company
FirstWord is an innovative industry intelligence leader serving over 240,000 Pharma and MedTech professionals worldwide. FirstWord offers a range of products and services designed to help your company gain a competitive edge by making key business decisions with speed and confidence.
FirstWord Pharma PLUS is a personalised and comprehensive intelligence service delivering up-to-the-minute pharma news, insight, analysis and expert views of importance to your company’s success.
FirstWord Reports deliver timely, need-to-know intelligence about your products, your competitors and your markets. Covering biosimilars, market access, medical affairs, sales & marketing, technology and therapy areas, FirstWord Reports provide expert views and intelligence on the challenges facing pharma today.
1.EXECUTIVE SUMMARY
2.RESEARCH OBJECTIVES
3.RESEARCH METHODOLOGY
Experts interviewed
Definitions
4.RESPONDING TO THE DIGITAL REVOLUTION THROUGH MCM
5.NEW OPPORTUNITIES ARISING FROM MCM
5.1.Key insights
5.2.The value of MCM in pharma
5.3.Segmenting and targeting the broad customer base
5.4.Efficiency from content and channel customisation
6.CHANGING TRENDS IN HEALTHCARE AND THEIR EFFECTS ON MCM
6.1.Key insights
6.2.Easier access to information with smart devices
6.3.Aligning with patient empowerment in patient-centred care
6.4.Real-time monitoring with the rise of cloud computing
7.MEASURING MCM EFFECTIVENESS
7.1.Key insights
7.2.Data collection and analysis
7.3.Analysis is key
7.4.Understanding the data landscape in MCM
7.5.Tracking the Customer Journey
7.6.Converting data into actionable insights
7.7.Metrics to measure customer engagement
8.MEASURING ROI OF MULTICHANNEL MARKETING
8.1.Key insights
8.2.Establishing the importance of ROI measurement in MCM
8.3.The need to demonstrate the ROI of MCM
8.4.The measurement of ROI on MCM activities within pharma companies
9.MCM CHALLENGES FACED BY PHARMA
9.1.Key insights
9.2.Skills gaps in pharma companies
9.3.Technology gaps in pharma companies
9.4.Reluctance to upgrade from the old marketing model
9.5.Identifying requirements for marketing content
9.6.Barriers to an effective MCM model
9.7.Challenges in measuring MCM performance
10.CRITICAL SUCCESS FACTORS FOR EFFECTIVE PHARMA MCM
10.1.Key insights
10.2.Collecting the right information
10.3.Stages of MCM implementation
11.SWOT ANALYSIS OF MEASURING PHARMA MCM EFFECTIVENESS
11.1.Strengths
11.2.Weaknesses
11.3.Opportunities
11.4.Threats
12.CONCLUSION
13.APPENDIX: EXPERTS INTERVIEWED
2.RESEARCH OBJECTIVES
3.RESEARCH METHODOLOGY
Experts interviewed
Definitions
4.RESPONDING TO THE DIGITAL REVOLUTION THROUGH MCM
5.NEW OPPORTUNITIES ARISING FROM MCM
5.1.Key insights
5.2.The value of MCM in pharma
5.3.Segmenting and targeting the broad customer base
5.4.Efficiency from content and channel customisation
6.CHANGING TRENDS IN HEALTHCARE AND THEIR EFFECTS ON MCM
6.1.Key insights
6.2.Easier access to information with smart devices
6.3.Aligning with patient empowerment in patient-centred care
6.4.Real-time monitoring with the rise of cloud computing
7.MEASURING MCM EFFECTIVENESS
7.1.Key insights
7.2.Data collection and analysis
7.3.Analysis is key
7.4.Understanding the data landscape in MCM
7.5.Tracking the Customer Journey
7.6.Converting data into actionable insights
7.7.Metrics to measure customer engagement
8.MEASURING ROI OF MULTICHANNEL MARKETING
8.1.Key insights
8.2.Establishing the importance of ROI measurement in MCM
8.3.The need to demonstrate the ROI of MCM
8.4.The measurement of ROI on MCM activities within pharma companies
9.MCM CHALLENGES FACED BY PHARMA
9.1.Key insights
9.2.Skills gaps in pharma companies
9.3.Technology gaps in pharma companies
9.4.Reluctance to upgrade from the old marketing model
9.5.Identifying requirements for marketing content
9.6.Barriers to an effective MCM model
9.7.Challenges in measuring MCM performance
10.CRITICAL SUCCESS FACTORS FOR EFFECTIVE PHARMA MCM
10.1.Key insights
10.2.Collecting the right information
10.3.Stages of MCM implementation
11.SWOT ANALYSIS OF MEASURING PHARMA MCM EFFECTIVENESS
11.1.Strengths
11.2.Weaknesses
11.3.Opportunities
11.4.Threats
12.CONCLUSION
13.APPENDIX: EXPERTS INTERVIEWED
