Data-Driven Approach to Omnichannel Marketing
Significant improvements in HCP marketing campaigns that leverage sophisticated omnichannel capabilities are emerging. New technology has created opportunities to address HCPs as individuals rather than in aggregate. With these omnichannel campaigns, HCPs can access the information on drug treatments of interest, when they want it, through the channels they most prefer, and at their own desired pace. At the same time, these omnichannel campaigns require significant resources and skills to develop and deploy, and many pharma/biotech companies simply don’t have the necessary infrastructure in place to execute these types of personalized campaigns to their customers.
This specific case involved a product indicated for a major psychiatric disorder that is treated by a large base of HCP prescribers, both specialists and primary care providers. Another important factor is that this marketplace is dominated by generics. Our client wanted a personalized marketing campaign that would provide HCP targets with messaging that was highly relevant, deployed through the channels that were historically most preferred by each target, and delivered at the pace desired by the HCP viewer. In addition, they wanted a campaign where spend levels were in alignment with the market potential of HCP targets.
Our first step was to conduct a detailed analysis to determine the potential ROI for our client, given these important marketplace dynamics. We looked at several factors, including market volume, market share, managed care access, and historical promotional response in this category. This enabled us to create a Promotional Value Index (PVI) for HCP segments, which is a proprietary BioPharm service that aligns investment levels to the commercial value of HCP targets and segments. We work in conjunction with the client to create the PVI, applying appropriate weightings for the various marketplace factors.
Our next step was to determine the historical message preference of their HCP targets, and the order in which they like to receive this content. BioPharm has access to this information through our Insights 360° Database which contains data from more than 1500 campaigns we’ve delivered during the past 15 years. We also accessed information from our database on the historical channel affinity seen with these target HCPs. This enabled us to then create 15 microsegments of HCP targets and develop a campaign plan with separate journeys for each microsegment determined through our analysis. This campaign plan reflected spending levels for these microsegments based on their PVI to optimize ROI for the overall campaign. Our agile deployment capabilities used market automation to allow HCPs to progress the journey at their own pace.
Our internal CRM team monitored campaign performance along the way, to look at the effectiveness of specific channels relative to others and made appropriate optimization decisions. In this specific case, we conducted an interim analysis after 6 months that included ROI. The key metric used here was change in new prescription market share with campaign HCPs versus a control group held out over the first six months of the campaign. In this case, we found that the HCPs with a high PVI delivered a very strong ROI, approximately 6:1, while HCPs with a medium PVI had a 4:1 ROI. These ROI achievements were well above campaign objectives set by our client. Our interim analysis also included other key metrics such as engagement rates. We saw that some channels were over-performing expectations, so we reallocated dollars from other channels to maximize engagement rates and campaign effectiveness during the back-half of the campaign. Our interim analysis also indicated that certain creative elements outperformed others, so we worked with our client to revise the creative execution plan for the balance of the campaign. As expected, these mid-stream adjustments resulted in even greater success during the second six months of this campaign.
In most traditional HCP marketing campaigns, all targets receive the same messages, the same way, at the same time. By contrast, with omnichannel campaigns, HCPs are placed into data-driven microsegments and receive content messaging for which they have the greatest interest delivered through the channels they prefer, which has been proven to be significantly more effective. While these campaigns are more costly, ROI data have shown that these additional expenditures are a very sound investment. It’s also important to recognize that these personalized omnichannel campaigns are more challenging to develop and implement, requiring very sophisticated skills and resources to execute. This makes it important for brands to align themselves with partners who have the necessary expertise and experience in effectively implementing omnichannel marketing campaigns to HCPs.