In today’s dynamic world of the pharmaceutical industry, where competition is becoming more and more intense, the ability to quickly adapt to constant changes and dynamics becomes a determining factor of success for companies. In this environment, Closed-Loop Marketing (CLM) – a strategy based on feedback and analytics – is becoming an indispensable tool for optimizing marketing strategies in the pharmaceutical industry.
In this article, we will explore the importance and benefits of Closed-Loop Marketing in the pharmaceutical business and how this innovative strategy can effectively optimize marketing processes by improving engagement with physicians, patients, and other stakeholders.
What is feedback marketing in pharmaceuticals
Feedback marketing is a marketing strategy focused on systematically collecting, analyzing, and using data on the effectiveness of marketing efforts to continuously improve strategies. The basic principle is to create a feedback loop between the different stages of marketing actions and analyze the results. CLM in pharmaceuticals is a strategy aimed at creating an interconnected system of interaction between pharmaceutical companies, medical representatives, physicians and patients. The underlying principle of this approach is the continuous collection, analysis, and use of data to optimize marketing strategies in real time.
Unlike traditional marketing methods, where strategies can be developed and implemented and then analyzed upon completion, feedback marketing operates in a closed-loop mode. This means that companies collect real-time data on the effectiveness of their marketing campaigns and then quickly adapt their strategies based on the results.
Utilizing data in feedback marketing allows you to accurately determine market needs, the effectiveness of market research, and the dynamics of engagement with physicians and patients. This in turn helps shape more targeted and personalized marketing campaigns, which increases the likelihood of successfully impacting the target audience and improving the overall effectiveness of marketing efforts in the pharmaceutical indstry. Read more at https://digitalho.com/blog/closed-loop-marketing-clm-an-effective-marketing-and-market-access-technique-in-pharmaceutical-industry/.
Data-driven decision making
Collecting and analyzing data in closed-loop marketing provides companies with:
Understanding consumer behavior
Collecting data from various interaction points, such as website visits, responses to advertising campaigns, and event participation, allows companies to better understand how consumers interact with their products. Analyzing this data helps identify preferences, needs, and trends, determining which aspects of marketing strategy are most effective.
Marketing personalization
The data collected allows you to create personalized marketing campaigns, taking into account individual customer characteristics and needs. This increases impact and customer satisfaction.
Evaluating the effectiveness of campaigns
Data analytics allows companies to evaluate the results of their marketing campaigns in real time. This includes evaluating conversions, sales impact, customer interactions, and other key metrics.
Informed decision making
Based on data, companies can make informed decisions to adjust marketing strategies. This may include changing distribution channels, adjusting pricing policies, and improving the quality of interactions with physicians and patients.
Rapid adaptation to changes in the environment
Closed-loop marketing allows companies to respond quickly to changes in the external environment through continuous data analysis. This is important in a rapidly evolving technology, regulatory changes, or competitive environment.
Thus, the use of data in closed-loop marketing of pharmaceuticals not only provides companies with a deeper understanding of their audience, but also allows them to effectively adapt to market dynamics, which is a key success factor in today’s competitive environment.
Utilizing CLM in pharmaceuticals
Closed-loop marketing in pharmaceuticals provides unique opportunities to establish personalized communication with healthcare professionals, patients, and other stakeholders. This approach relies on active interaction and messaging, which has a significant impact on engagement and the overall effectiveness of marketing efforts.
One of the basic needs of physicians during their practice is instant and 24/7 access to relevant information. This is integral to maintaining an efficient practice and providing high-quality care to patients. Therefore, digital information solutions in the medical field are widely used both in everyday physician practice and for educational purposes.
Successful communication with current and potential patients remains a key and ongoing priority for healthcare providers. CLM is a highly useful tool because it provides access to fully personalized and up-to-date medical information, which significantly increases the likelihood that patients will use this information.
Life sciences and pharmaceutical companies also express a high interest in personalized information transfer. In order to ensure optimal engagement, they often combine traditional sales methods, such as phone calls and face-to-face meetings, with comprehensive multichannel strategies, including web-based recruitment, use of social media and other methods.
Case Studies: Pharmaceutical Success Stories
The pharmaceutical industry is leveraging the power of feedback marketing to go beyond traditional mass marketing, and reach healthcare professionals through personalized, data-driven interactions. A real-life example of a company benefiting from CLM is AstraZeneca, a multinational pharmaceutical company that launched a cancer awareness marketing campaign in 2020.
To increase awareness and promote its new anti-cancer drug among oncologists, AstraZeneca utilized closed-loop marketing tools and segmented oncologists based on their habits, interests and demographics. AstraZeneca then sent targeted emails to each segmented group, providing relevant information and special offers. The commercial created by the company was shared on LinkedIn and Twitter globally, but it quickly went viral in these communities. It soon began appearing on additional digital platforms such as Facebook and Instagram.
The campaign proved successful – AstraZeneca’s oncology portfolio performed outstandingly well, bringing in $2.81 billion in the second quarter of 2020. This figure was up 25% year-on-year, exceeding the expectations of industry experts.
Integration of technology in the provision of CLM
The widespread adoption of closed-loop marketing in the pharmaceutical industry has been driven by the increased popularity of personal digital devices such as tablets and smartphones. These devices facilitate effective clinical communication by providing mobility, accessibility, and data protection. Today, the interplay of various technology solutions such as customer relationship management (CRM) systems, marketing automation, and others is becoming a fundamental aspect of streamlining processes and improving the effectiveness of closed-loop marketing.
Some of the key technologies aimed at better customer engagement, improved data management and more accurate analytical forecasting:
CRM systems
CRM systems allow pharmaceutical companies to manage and analyze customer information and interact with customers more effectively. Integrating CRM into closed-loop marketing provides a single repository of customer data, making it easier to personalize marketing strategies.
Marketing Automation
Marketing automation systems help automate routine tasks by improving audience segmentation, sending personalized messages, and tracking customer responses. This makes campaigns more effective and allows you to respond quickly to changes in customer behavior.
Analytics and big data
The use of analytics and big data in closed-loop marketing of pharmaceutical products provides deeper analysis of campaign performance. This includes evaluating physician and patient interactions, analyzing market trends, and identifying opportunities to improve strategies.
Mobile technology
The integration of mobile technologies, such as mobile apps and SMS messaging, allows for more personalized and engaging marketing campaigns. Mobile devices also allow for more continuous interaction with patients.
Artificial intelligence and machine learning
AI and machine learning technologies can analyze large amounts of data and provide more accurate predictions about consumer behavior. This helps optimize marketing strategies and adapt to changing market conditions.
Integrating these technologies into closed-loop marketing helps in successful product positioning and strengthening customer relationships
Conclusion
Closed-loop marketing is a powerful tool for transforming the pharmaceutical industry. The rapid evolution of the pharmaceutical market requires companies to actively utilize CLM to stay competitive. This approach not only optimizes marketing strategies but also improves interactions with physicians, patients, and other stakeholders.