Leveraging the success of other industries, pharmaceutical companies have entered the world of utilizing customer centric business models. These models can be a cost effective approach, allowing the customer to reach out for the information they want on their own terms, creating a customer and brand connection which results in financial benefits. As all new adventures, the customer centric model comes with challenges because of the new level of intelligence and technology it requires to effectively engage your customer and drive growth.
As a brand, you must ask yourself the following questions:
- What will motivate adoption?
- Have the legacy methods of patient education material/programs and co-pay cards/samples answered the needs of customers?
With the answers to these questions you can begin to think about creating the right brand without compromising your promotional budget.
Proving to still be powerful tools, the access to better data and advanced analytical models can improve decision making by delivering a deeper understanding of your customers’ behaviors and attitudes. This understanding enables you to dimensionalize segmentation and map engagement trajectory models, and expose efficient promotional investments. Integrating smart data elements and analyzing them through a customer centric lens becomes the goal.
But are you ready to transform your legacy infrastructures to handle the dynamics of customer centric marketing?
The customer centric environment brings together data which most of the time already exists within your organization and analyzes it in a way that has not been done in the past. The result, a clearer customer picture. While the best data strategies begin with traditional methods, they go both broader and deeper into incorporating all customer and influencer touch points from a content, channel, timing, impact, and cost perspective. Historical quantitative data is complimented by current customer perceptions and defined based on your unique challenges to remove extraneous or misleading information. To avoid discrepancy issues, all data must be integrated, managed, and follow governance protocols. A cloud-based analytic ecosystem can help bridge the gap between today’s marketing decision making needs and the permanent operational foundation that supports them.
Along with the need to understand the attitudes and preferences behind customer behavior comes the ability to identify the characteristics most closely associated with customer defection so that pharmaceutical brands can adapt and deliver a relevant engagement. Analyzing customer interaction patterns and value potential can result in sales force augmentation or white space solutions that lead to efficient growth.
Whether you are looking to maximize the value of your customer contract strategy or project the market share impact of your promotional investment levels, analytic solutions can blend deep customer insights and microeconomic analysis to yield effective and efficient customer engagement strategies. Viewing data through a customer centric lens builds new relationships between customer attitudes and actions, as well as uncovers their revenue impact.
The experiences between a brand and its customer or prospect increase brand adoption and ultimately are the underlying principles laying the foundation for effective promotion. But what is the formula for a is. Changing to an analytical-based model offers the ability to strategize, plan, and react quickly across all customer channels while integrating sales and marketing to relevantly engage valued customers. To truly impact brand relevancy and increase adoption, particularly in a regulated environment, full business integration of analytics, data, marketing, and compliance is needed. You can achieve this framework and bring your brand to the forefront of your customers’ minds.