Marketing Effectiveness and ROI
Using Analytics to Improve Your Sampling Strategy and Grow Sales
Sampling is a Pharmaceutical industry mainstay. Nearly every company that sells Pharmaceutical products employs
some sort of sampling strategy to get that product into the hands of doctors and their patients. But how informed is
that strategy?...
Boosting Under-Performing Brands
Something’s gone awry in the world of your brand. Perhaps sales are down and physicians are turning to other brands
- or generics - to meet their needs. Or maybe the competition has turned up the heat with new clinical trial data,
or some extra benefit has been uncovered.
“But They’ve Won So Many Awards!” The Problem with Advertising Agencies and What to Do About It
When an advertising agency embarks on an ad campaign with a Pharmaceutical company, acclaim, accolades and even
awards seem a sure sign of success. Ads that are getting attention mean a Pharma company is working with the best and sales will automatically fall into place
Look back in anger? Historical data in forecasting
Hindsight is a wonderful thing; mostly because it represents the perfect viewpoint from which to determine what would have been the best course action - that course of action that should have been obvious at the time, but for some reason was not followed
What a Difference Data Makes! Information Quality in Business Forecasting.
Charles Babbage (1791 – 1871) is recognized as an early pioneer of modern computing due to his career that featured the designing of a mechanical calculating machine, or “difference engine”, able to calculate mathematical functions called polynomials.
Too close to the madding crowd? The role of summed predictions in business forecasting.
Forecasting is central to the business world, from setting inspirational targets to motivate the workforce and estimating budgets for the coming year to determining the best time for a product launch.
How to add muscle to patient adherence programme measurement and results
Pharma companies have been estimated to be losing around $30 Billion p.a. due to non-compliance/non-adherence. That means that, for a product that sells around $1 Billion, a 5% increase in compliance can mean an extra $30 - 40 Million in revenue for the brand that is already being prescribed.
Are You Measuring Return or Activity?
Many descriptions of ROI/Return found in Pharma marketing are not actually measuring ‘return’ at all. They are merely tracking activity.
Are Generics Threatening Patient Protected XL Drugs?
Big Pharma see extended release drugs as a logical follow-on strategy to extend a compound’s patent life, while Generics companies see it as an interesting area in which the law seems favourable to Generics in some cases.
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Where does Brand Equity Fit In with ROI?
Brand equity is a frequently used terms to describe market based assets – be it reputation, good will or customer satisfaction. It may even be the most valuable asset in a company and yet, although auditors value all tangible assets of the company right down to paperclips, brand equity is ignored on the balance sheet because it is an intangible asset.
Obstacles in Using Physicians’ Intentions Data to Predict Their Prescribing Behaviour
It is widely known that what people intend does not correlate with what they actually do. We all have a whole host of good intentions on New Year’s Day every year and yet a few months later, that exercise programme or whatever it was is lying by the wayside.
Is Your Internet Strategy Profitable? How Do You Know?
Unfortunately, for the past decade for many Pharma companies, having Web sites and Internet projects was more a “we just have to have it because everyone else does” kind of approach.
How to Turn Great Marketing Strategy Into Great Results
A recent Harvard Business Review article discussed how most companies’ strategies deliver only 63% of their promised fi nancial value and the causes of this are baffl ing to management. Why is this strategy-results gap happening?
Interview with David Reibstein, William Stewart Woodside Professor of Marketing, Wharton School, University of Pennsylvania
David Reibstein doesn’t dwell in an ivory tower despite his impressive academic credentials and nearly infi nite list of published research. This former executive director of the Marketing Science Institute (1999-2001) also co-hosted the 2002 and 2003 CMO Summit meetings at Wharton.
Is Your Marketing Solution Your Biggest Problem?
Marketing return measurement / ROI follows a continuum (see Figure 1 below) from the basic fundamentals through to more sophisticated analytic.
The Vital Importance of Measuring the Financial Return on your Product Messages – Rather than simply Measuring Message Recall
Doctors get bombarded with product messages every day. It was recently reported by IMS that in 2005, around 34 million messages were delivered by sales reps to Doctors... per month (around 400 million annually).
How to Stop Getting Periodic Promotional Budget Cuts Thrust on your Brand
Many Pharma brands fi nd themselves the target of marketing budget cuts. Given the market conditions (e.g. drug withdrawals, faster patent expiry, heightened competition, increased pricing pressures due to decline in growth rate), periodic marketing budget cuts are becoming the norm in the drive for cost-efficiency and a stronger bottom line
Can you get even more return from your e-Marketing activities?
For many years now, Pharmaceutical marketers have enjoyed a love/hate relationship with e-Marketing. e-Business departments argue the benefits of e-Activities to the brand and yet a signifi cant number of marketers are still sceptics and see it as yet another thing they have to manage so don’t bother, and then throw the old ‘What’s the ROI?’ argument at it.
Is Your Advertising Agency Wasting Your Money?
For many of our 94.8 clients, the CFO attends the results meeting, because his priority is knowing how much financial return they are getting from their advertising spend. On a brand basis, using 94.8, this is not impossible to measure.
An Interview with Professor Tim Ambler (London Business School) no Marketing Return and ROI
AMBLER: It’s arithmetically fl awed. If you’re looking at the return from marketing, you would normally look to things such as net cash fl ow or shareholder value, which all subtract costs from revenue.
Are your sales a result of your marketing or your product itself?
How do you know if the success of your marketing comes down to the superiority of your product or the superiority
of your marketing?
How a brand used this system to grow more than double market share in 6 months with a stable budget
In this case study a newly launched GP product was struggling to build market share and had recently entered a
crowded marketplace with many competitors
Myths and Truths About Advertising Effectiveness
Dramatic advertising successes — defined as a huge increase or reversal of a brand’s performance due to advertising — do happen, but they are rare. Heavy competition combined with the challenges of coming up with new, winning creations, makes this task diffi cult (though not impossible) to achieve.
Moving Beyond Pharma ROI Smoke and Mirrors
Everyone is paying lip service to ROI (Return On Investment) or IRR (Internal Rate of Return) or TCO (Total Cost of
Ownership) and terms of this ilk, so it is important that Pharmaceutical marketers understand what these terms really mean
CFO Budget Battles: How to Win!
Since marketing budgets often represent a signifi cant proportion of a company’s cost base, they can easily become the target of the CFO’s budget cuts whenever lack of performance catches up with unjustifi ed marketing plans.
The Folly of Believing What Physicians Say is What They Do
How do you know if the success of your marketing comes down to the superiority of your product or the superiority of your marketing?
Why ROI Often Fails: Part 1
Most marketers are attempting to utilize some kind of ROI measure. A study by Forrester and the National Advertisers Association found that there was a lack of consensus on how to measure or defi ne ROI in their marketing.
The Top 8 Reasons Pharma Marketing ROI Calculations Go Wrong and How to Avoid Them
A variety of approaches to marketing ROI are being used by most Pharmaceutical companies when assessing their marketing spends
Are you confusing financial ROI with marketing ROI?
The use of Return on Investment (ROI) approaches began, as one would expect, from CFO’s making decisions on corporate investments.
ROI in Pharma Marketing (only available in ROI Centre)
The pharmaceutical industry is under signifi cant pressure to consider its costs very carefully. Since marketing budgets often represent a major proportion of a company’s cost base, they can easily become the target of budget cuts.
Real Marketing Accountability and Effectiveness: ROI and Beyond
Currently, much budget is spent despite marketers being unable to really isolate which synergistic combination of activities has the greatest profit potential and without knowing what specific effect individual activities are having on market share.
Econometric Models of ROI in Pharmaceutical Marketing (only available in ROI Centre)
Due to the inherent limitations of the traditional ROI models, many Pharmaceutical companies are now embracing econometric ROI models.
Marketing to Win Market Share - the Role of Doctor Sentiment and Benchmarking
Marketing should and must give measurable return on investment (ROI) from marketing activities. This is not only possible but absolutely crucial in the current climate of decreasing margins and increased competition.
Measuring Health Care Online ROI
With e-HealthCare, the question of Return On Investment (ROI) and how to measure this is being raised. When looking at this, the overall business model should be examined - not simply sales and marketing efforts. Many Pharmaceutical companies’ online projects are being carried out purely as a result of concerns that ‘everyone else is doing it so we should too’.
Online Market Research: An Analytic Overview
Differences in the online and offl ine media should be carefully considered and the strength of each media taken into account and utilized accordingly when Health Care companies are considering their sales and marketing strategies and tactics.
Benchmarking of Online Pharmaceutical Marketing
All marketing (both online and offl ine) should require objectives, justifi cation and results measurement for all efforts. The method of results measurement should be determined at the beginning of the planning.
Health Care Customer Satisfaction and Profitability: Measure the Correlation
Profitability is something that all companies are striving to increase, yet still many companies doing DTC digital strategies do little more than track hits or user sessions when examining ROI. Pfi zer Health Solutions’ IT Survey found that most ROI measures implemented after implementation go no further than measuring user satisfaction and user sessions.
Is Your Marketing Really Accountable?
The amount of money spent on marketing, promotions and advertising in the Pharmaceutical industry is huge. It is quite common for a Pharmaceutical company to spend more than twice as much on marketing than on drug discovery, research and development.
Boosting Under-Performing Brands
Something’s gone awry in the world of your brand. Perhaps sales are down and physicians are turning to other brands - or generics - to meet their needs. Or maybe the competition has turned up the heat with new clinical trial data, or some extra benefit has been uncovered.
Budget For Real Growth
Budget planning is a detestable chore. That’s the consensus among marketing and business managers in our industry. As the year progresses and budget time inevitably draws nearer, we dread the budget planning process and all theother unlikable aspects of our jobs that it brings to the surface.
How to add Muscle to Patient Adherence Programme Measurement and Results
Pharma companies have been estimated to be losing around $30 Billion p.a. due to non-compliance/non-adherence. That means that, for a product that sells around $1 Billion, a 5% increase in compliance can mean an extra $30 - 40 Million in revenue for the brand that is already being prescribed
Looking Back in Anger? Historical Data in Forecasting
Hindsight is a wonderful thing, mostly because it represents the perfect viewpoint from which to determine what would have been the best course action - that course of action that should have been obvious at the time but for some reason was not followed.
Measuring the Financial Return of a Sales Force
In the good old blockbuster days, when there were fewer sales reps on the road, our sale forces were ‘detail men’ who enjoyed lengthy and in-depth discussions with their target physicians about their drugs. This led to a ‘more is better’ approach and more sales force was deployed.
Racing the Red Queen – The Hunt For The Next “next big thing” In Pharma
DIt is a little sobering to fi nd so many of what are thought of as problems of modern life refl ected in books like Alice’s Adventures in Wonderland, published well over 100 years ago. For example, the musings of the Cheshire Cat sounds suspiciously like an excerpt from a business self-help book,
Measures of Sales Force Effectiveness: Are You Measuring The Wrong Thing? Part One
We all know that today’s Pharmaceutical marketplace is extremely competitive. Not only are there significant budgets at stake but also the environment around big Pharma is becoming increasingly hostile from multiple viewpoints: patients, Physicians, regulatory agencies, reimbursement, competitors and generic competitors.
How to Release the Hidden Value from Patient Non-Adherence: Part 1
Non-adherence to prescribed medication, particularly for long-term conditions, costs the global Pharmaceutical Industry an estimated $30 billion per annum. This represents a signifi cant loss for Pharmaceutical companies who have spent millions in marketing to get those initial prescriptions
How to Release the Hidden Value from Patient Non-Adherence: Part 2
Last month we discussed the enormous unreleased value being lost to Pharma from lack of patient adherence. One approach being used successfully by some Pharmaceutical brands to get more measurable value out of their patient adherence programs is the 94.8 Analytics™
How to Survive Budget Cuts and Sensibly Plan for Growth
When the orders to cut budgets come down from on high, marketing managers begin a time of panic, stress and frustration. CMOs have to make tough and quick decisions, following management’s lead but maintaining marketing plans and goals a
Eularis Conference review: Pharma Marketing Europe
The presentations at the eyeforpharma 7th Annual European Pharmaceutical Congress 25th-26th October, 2007, Barcelona, Spain discussed the challenges faced by the all the constant changes in the industry, such as declining new product introductions, more generics, increasing competition...
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