Albert Einstein: The definition of insanity is doing the same thing over and over and expecting different results. What would Einstein say if we told him that we don’t even know what results we expect?
Pharma companies are embracing the changes in the industry by redeploying promotional resources across an ever-increasing variety of personal and non-personal channels. However, the means by which these resources are developed and distributed are as costly, time consuming, and burdensome as ever. For example, while declining rep access is well documented, which has increased the importance of effective and relevant message delivered by reps, significant delays in content development and lack of timely response measurement often leads to sub-optimal impact.
As rep access declines, pharma companies have responded by adding non-personal digital promotional channels. Digital technologies have also impacted the way reps interact with physicians: paper-based brochures have been replaced by digital presentations on mobile devices such as iPads, as part of Customer Relationship Management (CRM) platforms such as Veeva or IQVIA Systems.
An emerging key driver to brand performance is the ability of a pharma company to quickly and readily leverage approved resources and make them available in digital formats through whichever channels or devices it chooses. Despite huge investments in digital tools, Pharma marketers have not fully realized their value. Currently, around 90% of Pharma reps are equipped with a mobile device, but only a small percentage use digital content consistently in their interactions with HCPs. The lack of relevant content for various customers segments and a difficult user navigation experience are often cited as the primary reasons for low adoption.
However, for Pharma companies, even small changes or updates to content require cumbersome manual programming, incur high costs, and cause long turn-around times. This problem has been exacerbated by the “do more with less” approach throughout pharma and increased medical/legal pressures. Hence, many marketers find the current process for updating digital content painful, lengthy and cost prohibitive. Furthermore, many pharma companies struggle with effectively leveraging data analytics intended to generate insights for guiding rep detailing activities. This leads to sales teams using outdated content with their customers: resulting in irrelevant and ineffective messaging, and with the home office team missing actionable insights on delivery and impact of the message. In summary, despite the high expectations and costly investment in digital content, Pharma is not achieving success and ROI.
To optimize promotion resources, identifying and tracking specific key performance indicators (KPIs) is critical. We have identified five KPIs that will enable you to readily track your process and optimize digital content utilization and impact.
- Production Cost Indicator: It is important to calculate total costs associated with resource production. Marketing teams work with limited budgets and look for ways to do more with less. Digital content production and alignment to CRM (Veeva or IQVIA) approved formats requires additional HTM programing and add additional cost and timing. Agency costs often adds 20-30 additional days and 100-150 billable hours.
- Production Time Lag Indicator: Production delays often lead to downstream delays and churn which results in missed commercialization opportunities. By estimating the delayed (weeks or months) impact on market volume and brand share, marketing teams would have a more relevant view of production time.
- Sales Productivity Indicator: This KPI measures the number of calls in which sales reps used the iPad. The availability of better /relevant content motivates the reps to be more enthusiastic and confident which leads to improved access and number of calls.
- Interaction Engagement Indicator: The engagement indicators measures the time and the message and screens used and time per call. This KPI provides deeper insight into the effectiveness of the promotional resource.
- Interaction Impact Indicator: The interaction impact indicator is a lagging indicator as measured by the share and volume of prescriptions and the change in these items.
Incorporating these KPIs related to the impact of digital content can help Pharma marketers improve their processes and build better ROI models and support business growth.
Join us at our upcoming webinar:
Improving the ROI and Impact of Digital Content for Pharma
Thursday, November 1 at 11 am EST
Learn about the innovative approaches to accelerating the Impact of Smart Digital Content to scale customer engagement and drive sales & marketing effectiveness. Our expert team will cover:
- Marketing Performance Acceleration and Digital Content
- Top KPIs to optimize the performance of Digital Content
- The New Approaches to Accelerate Commercial Effectiveness
- Demo of the Innovative SMARTContent Suite