Multi-channel marketing in the pharmaceutical industry
Last week, we read an interesting paper that focuses on pharmaceutical multi-channel marketing in a digital world. We like to share the insights we gained:
Companies, in this case pharmaceutical companies, are not always familiar with multi-channel marketing in a digital world. Nowadays, multi-channel marketing is a transformation of the entire marketing and sales approach. A study by The Boston Consulting Group has showed that no pharmaceutical company is strongly satisfied with their multi-channel marketing efforts. In 55 percent of the cases, they are even dissatisfied. To be successful, pharmaceutical companies need a fine-tuned multi-channel marketing strategy so they know what works and what doesn’t.
As the number of channels continues to rise, the need to embrace multi-channel marketing in the pharma industry will become not only a good idea, but a critical one too.
Companies, especially pharmaceutical companies, have all the information to take advantage of multi-channel marketing. So why do they not use it the right way? Well, most pharmaceutical companies lack an intelligence about how to deal with multi-channel marketing. So the question is: What can you as a pharmaceutical company do to integrate multi-channel marketing? Here are three things you need to consider:
- Decide how you’re going to build personal relationships
- Choose the right combination of channels and digital tools
- Use big data analytics
Beside all of this, it’s appropriate to build the infrastructure to execute multi-channel marketing. We’re not only talking about updating internal processes, but also upgrading IT systems and acquiring new digital skills. This is the only way multi-channel marketing can move from a concept to reality.
It’s not a secret that the pharma industry scores low on multi-channel marketing. There are a few reasons for the low score:
- There’s a lack of integration between the different channels
- The pharmaceutical industry doesn’t always know which channels are most effective at reaching individual physicians
Some good news is that, nowadays, physicians embrace new technology in their professional lives. For example, more than 90 percent of the European physicians use the internet in their practice. We’re not there yet, but it’s a start.