How Can You Deliver Higher Marketing Profit Margins... And Prove That You Have?
Can you justify your Pharmaceutical Marketing Budget?
Can you prove which of your Pharmaceutical Marketing Activities are creating maximum brand sales, now and in the near future?
Do you know which Sales & Marketing Activities that you are using are actually working to grow your brand?
Do You Know What Activities Are Providing What Financial Results?
Why Using Older Analytics Techniques Doesn’t Work Anymore
We all know that the Pharmaceutical environment is turbulent and, as a result, what used to work to create industry-wide growth of 20% no longer does. The profit generated from brands is in decline as market growth slows in the major Pharmaceutical Markets... and this inevitably leads to marketing budget cuts.
After launch, the only way for a brand to grow effectively - and cost-effectively - is to improve the bottom line effectiveness of each marketing spend. Pharmaceutical Marketers are under even more pressure to get more ‘bang for their buck’ from their Marketing spend and be able to justify it. Yet, despite using sophisicated mathematical techniques, companies are unable to get results from their Marketing that are verified by actual results over time.
Why Can't We Keep Using the Same Approaches and Get the Same Results We Used To?
In the old days, Marketers simply modified the Marketing Plan of the previous year + or – 5%. However, this approach was fundamentally flawed as this assumed that the impact of activities would essentially be the same as the previous year and simply needed a minor adaptation. The environment is changing; the impact of activities is not the same year after year and, by continuing to do the same thing year after year, the results will not be as optimal as you could have expected!
Many companies then turned to the "tried and true" ROI Formula, Promotional Response Curve Approaches as well as Econometrics and Predictive Models. These approaches are slightly better and were once successful when the Pharma environment was more stable. Unfortunately, the results of recommendations from these approaches are now being found to be less accurate than guesswork due to the rapid changes in the Pharmaceutical Marketing environment, and their reliance on historical or analogue data. The results found after implementing recommendations from these approaches do not come close to expected and accuracy rates of 20% are commonly found.
Despite using sophisticated mathematics, these models make the fundamentally flawed assumption that historical data, or analogue data, will provide accurate answers for current and future decisions. In a changing environment like Pharma, this simply is not the case and leads to erroneous conclusions that can cost you more than than your brand sales – it can cost you your job!
So Where To Next?
Unlike the majority of older techniques that rely on historical or analogue data being analysed in numerous mathematical ways, Eularis offers Next-Generation Analytics that utilize current market data. Older techniques may have sophisticated maths underlying them but if the data used is historical or analogue, no matter how good the underlying system is, you will be left with a ‘Garbage in, Garbage Out’ situation.
After 5 years in R & D, Eularis created a data collection approach that allows companies to be able to use current market data that overcomes experimental bias of market research data and real data processing techniques. This current market data can be used in sophisticated analytics with a proven track record of 94.8% accuracy in predictions about market share gain if the recommendations are followed.
The 94.8 System was developed in collaboration with leading Ivy League University Professors in the field of Predictive Mathematics and was a highly successful example of collaborative ventures between Industry and Academia in this field as our accuracy results indicate. Our analyses allow you to do the following with a track record of 94.8% accuracy:
• Identify all factors really influencing prescriber behavior the most
• Evaluate which messages are having the most impact on actual prescribing
• Quantify the financial impact from each Marketing program
• Identify which elements of each program are having most actual prescribing impact
• Determine the most effective mix of sales, medical education, advertising, PR, eActivities, etc for optimal market share growth
• Forecast brand performance based on investment assumptions and market dynamics
• Highlight Rep Quality differences across brands and companies
• Provide Agency League Tables [according to which agencies' activities are having most actual prescribing impact]
• Optimize all relevant resources for a brand or portfolio across multiple activities and geographies
Click on any of the links below if you already know exactly what kind of tools you are looking for and we will show how the Next-Generation Analytics is used in these areas:
Sales and Marketing Analytics
Patient Compliance / Patient Adherence Analytics
Individual Marketing Activities ROI and Financial Impact Analysis
Competitor Intelligence for Competitor Drug Brands
Sales Force Effectiveness Analysis, Sales Force Analytics and Sampling Optimization Analysis
Customer Relationship Management CRM Analytics
eDetailing Analysis
Managed Care, Payor and NHS Analytics
Client Quotes
"Powerful stuff! In my 20 years of Marketing I have never seen such valuable data on my drug brands." Specialist Team Leader, Pfizer
"It provides a level of insight which has been difficult to obtain using existing tools. The team was impressed by its ability to predict market share movements based on mix investment decisions." Brand Manager, GlaxoSmithKline
"It actually does what it says on the tin." Business Intelligence Manager, Boehringer Ingelheim.
"Your system allowed us all to fully understand just how our overall company and its brands were perceived versus our competitors and what we were required to do in order to grow. Importantly, having a tool available that allowed us to predict whether or not our market share would grow or decline was invaluable as it allowed us for the first time to realistically evaluate our efforts and investments." CEO, AstraZeneca
"We always had the problem that we had a lot of data but it still required guesswork and gut feeling to get us to our strategic marketing decisions. I wasn't sure you would be able to show me more than I already knew. However, this Workshop really showed me how to connect the data and the decisions and we now have repeatably improving sales results from implementing this!" Attendee from Eularis Workshop on ROI
Why Invest In These Analytics?
Independent research on our system showed an accuracy of 94.8% over several years for what we said our Clients' brands would gain in market share from following our recommendations, and what they actually gained.
Even if not budgeted for, the System pays for itself with the ongoing rise in market share from accurate message focus and marketing mix allocation.
You get a few key, specific, actionable recommendations that will have maximum impact on your brand sales/market share over the next 6 - 12 months.
Eularis' Analytics offer brands the bottom line facts: which messages, which specific sales and marketing activities (e.g. sales, advertising, journal write-ups, CME's, patient programs, etc.) are truly impacting a brand's prescription sales - by how much - and how should the marketing mix budget be allocated for maximum $ results moving forward.
CONTACT US TODAY FOR ANY FURTHER INFORMATION ON ANY ASPECT OR TO SCHEDULE A MEETING FOR A DEMONSTRATION.
|
||
|
Download
Free Report Here
|
||
|
|