Optimising Pharmaceutical Sales Through Multichannel Marketing
For nearly a decade, the pharmaceutical industry has sustained numerous rounds of cost-cutting and restructuring in an effort to remain competitive. In the years since 2007, when the global economic downturn started, the industry as a whole has seen little improvement.
Further complicating matters for pharmaceutical sales, a paradigm shift in pricing models from volume-based to outcome-based is underway. Couple that with declining pipelines and expiring patents on blockbuster drugs, and the picture that emerges is one of an industry with a challenging future.
Change has been bombarding the pharmaceutical industry from all directions—from evolving regulatory restrictions to the multitude of varying communication preferences of their now tech-savvy customers. This creates significant new challenges for sales and marketing teams as they strive to engage with healthcare professionals in the current economic and technological environment.
This degree of transformation has left the pharmaceutical industry “change fatigued,” according to a 2014 study by McKinsey and Company. In this state, even corporate leaders have difficulty planning for the future: they wonder if they should plan ahead or wait for the next major change to occur first.
Meanwhile, marketing and sales organizations are forced to forge ahead with smaller teams tasked with growing their brands in this increasingly complicated landscape. Again, due to changing regulations, cultural shifts, and new competitors entering the market, sales teams routinely face reduced or no access to health care professionals. Even when they do secure a face-to-face interaction, meeting times are shorter than ever before. This creates a void within territories and stalls communication, thus reducing brand awareness, and ultimatley the potential to increase sales and market share.
One of the best ways to counter these changes is by augmenting the traditional sales process with sales optimisation through multichannel marketing to continue brand growth within these new market norms.
By including a well-choreographed, data driven combination of channels such as email marketing, e-detail, tele-detail, direct mail, websites, multimedia, webinars and social media into your traditional brand plan you can:
1. Increase reach and frequency of communications between a sales representative’s visits.
2. Re-engage areas of “white space” within the territory.
3. Maximize brand awareness for newly launched products.
4. Provide accessible follow-up support and training to health care professionals.
Multichannel marketing, however, is only as good as the plan in place to execute your campaign and maximize the data it yields. Data that will roll back into the campaign as customer preferences to inform the channels you choose, and the copy you develop to communicate your brand’s benefits, is essential to the process. Multiple tactics and wave-based execution alone will not yield optimal results; only data driven plans will provide true return and measurable sales growth.
If you are interested in learning how you can optimise your pharmaceutical brand’s sales with multichannel marketing, create measurable incremental growth, and gain customer engagement with your brand, contact us today to discuss your challenges, and our solution.