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Summary
The Pharmaceutical Industry is under significant 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.
Although marketing investments are profitable, in the main, returns are now under intense scrutiny, with all budgets being squeezed. The pressure to measure marketing return and effectiveness has never been stronger.
Currently, much budget is spent despite marketers being unable to identify which combination of activities has the greatest growth potential, and without knowing what specific effect individual activities are having on market share.
Because of this drive for marketing accountability, return on investment (ROI) metrics have become the focus of much attention and are frequently used to guide decisions on budget allocation. Unfortunately, many of these techniques are limited to historical analysis and history does a poor job of pinpointing the way forward in an ever-changing marketplace.
However, approaches are now available that can help a company determine where and how its marketing activities can work together and which synergistic combinations will deliver profitable value growth. This review examines the different techniques and optimal approaches available.
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