Exploring Data Analytics in Pharmaceutical Marketing

Data Strategy and Pharmaceutical Marketing

To start, Caldwell described one of the most critical factors of pharmaceutical marketing: data strategy.

“A comprehensive data strategy is one of the most important components of a successful launch,” began Caldwell. “Bringing the brand, media agency, and measurement analytics partner together at the start of planning can help everyone better understand the launch strategy and goals and align on the most appropriate key performance Indicators (KPIs).”

Data analytics plays a vital role in pharmaceutical marketing strategies, she emphasized.

Having a robust foundation for marketing analytics allows companies to understand whether their efforts are reaching their target audience. In addition to measuring reach, analytics can provide insights into the impact of marketing on consumer habits, including patient behaviors and prescribing practices by healthcare professionals (HCPs).

Access to this data allows companies to and marketing strategies to yield an even broader reach.

Beyond having a comprehensive way to monitor the success of marketing, Caldwell emphasizes the importance of using data early. As companies begin their marketing protocols, establishing benchmarks and baselines is critical for evaluating the role of marketing in health outcomes.

“Working with an experienced marketing analytics partner can help set expectations for campaign performance at launch and down the road as the brand becomes more established,” she posed.

Caldwell notes that a fatal mistake she’s seen some brands make is launching an entire advertising campaign for their product without planning their marketing analytics strategies ahead of time. Waiting until a campaign or product launches to develop a data strategy will cause a lag in information, leaving companies playing catch-up.

“A strong data and analytics foundation can provide a holistic view of marketing investments across patient and HCP promotions, as well as sales and marketing initiatives,” explained Caldwell.

Data Synchronization

Another factor that impacts pharmaceutical marketing is the coordination of data strategy, which allows companies to synchronize their efforts across all markets.

Even though marketing strategies, like advertising and field force activities, can significantly impact product sales, yielding powerful business outcomes, coordinating these activities and deploying them strategically can offer more influential strategies.

“This ‘synchronization’ helps biopharma brands maximize marketing and field efforts across their organizations to improve engagement with HCPs. By creating this enhanced customer experience for HCPs, some brands see a 23% increase in marketing effectiveness,” Caldwell added.

For example, Veeva “takes data across direct-to-consumer (DTC) and HCP marketing touchpoints — from digital to TV, print to the point of care — and connects it to field force engagement for Veeva Customer Relationship Management (CRM) customers.”

This analytics technology allows marketing teams to track whether patients are interacting with the healthcare providers they aim to advertise to and whether these patients begin on the new prescriptions. Comprehensive data approaches, like the one offered by Veeva, allow marketing teams at pharmaceutical companies to gather information on what promotional channels work well, the ideal advertising frequency, and optimal sequencing patterns.

“For example, the data can give insights into the best place to put their next media dollar after a rep visit to a doctor,” offered Caldwell.

More Data Types

Another factor companies should consider when developing a data strategy for marketing is the type and variety of data they’re using to analyze the marketing landscape.

“Analytics products that connect more types of data, more quickly and in an actionable way, are driving ongoing innovation in marketing strategies,” Caldwell revealed. “For example, with today’s data sets, brands can understand frequency and sequencing to serve the right amount of ads in the right sequence, over the right period.”

Beyond traditional data analytics in the biopharma industry, Caldwell highlights that specific analytics infrastructures may be able to integrate more data types, providing a more holistic view of marketing strategies.

One example is using analytics technology to collect information on DTC marketing and connect it to the field force so companies can deliver timely messages to healthcare providers.

Caldwell offers one example of an analytics technology implementing this tactic: Veeva Crossix HCP Trigger.

“Using [that] data, brands can identify HCPs treating patients who have visited their branded site after exposure to media. Every month, the brand receives a data file of these HCPs at the national provider identifier (NPI)  level based on activity from the previous month. This leads to a suggestion directly in Veeva CRM for the field team to act on. The field force can prioritize their activities based on HCPs discussing the brand with their patients and speed up the time to patient treatment,” revealed Caldwell.

Data Analytics Predictions

Caldwell also provided some predictions for data analytics applications in pharmaceutical marketing.

“HCP omnichannel marketing will go from an aspiration to a reality for most biopharma brands,” postulated Caldwell. “Supported by integrated data and analytics, brands can understand the frequency and sequencing of both field force and promotional activities to improve HCP and patient engagement. This can enhance the HCP experience and deliver on brand goals.”

Data Analytics Recommendations

Finally, Caldwell offered PharmaNewsIntelligence with recommendations for biopharma companies hoping to apply or integrate data analytics into their marketing strategy.

She reveals that biopharma clients who partner with analytics companies should consider three primary factors before starting a collaboration:

• Privacy
• Data coverage
• Track record of execution

“When evaluating privacy, brands should look beyond common Health Insurance Portability and Accountability Act (HIPAA) compliance claims and choose analytics partners with privacy at the core of their methodology,” added Caldwell. “HIPAA, which passed into law more than two decades ago, is necessary but insufficient when using data to measure the impact of marketing campaigns.”

Once privacy has been evaluated, clients should consider broad data coverage. For effective and comprehensive evaluations of media campaigns, they must access health, consumer, and media data sets. That is why data coverage is of the utmost importance. Caldwell explained that data availability may not be a conflict, as many datasets are available in the open market. However, biopharma companies should evaluate marketing analytics partners based on their ability to connect disparate data sets quickly, accurately, and safely (concerning privacy).

“Finally, experience measuring complex, cross-channel campaigns over a long period is a critical factor to consider. Even with access to robust data sets, it’s challenging to accurately connect marketing and health data across channels and platforms and deliver it in a timely, actionable way.”

Despite the potential utility of new tools, there are challenges getting companies to integrate analytics technologies. Resistance to using new tools must be addressed before company-wide analytics applications can be successful. Companies must determine the best ways for stakeholders to buy into the technology to increase organization-wide adoption.