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Ensuring Profitable Return-on-Investment (ROI) in Pharmaceutical Marketing: Using Analytics and Metrics to Improve the Bottom Line
Written by Dr Andree Bates, this report analyses the different methods being used by the pharmaceutical industry such as ROI, promotional response models, econometrics and predictive algorithms and the pros and cons of the different approaches.
Publication Date: 1 March 2007
Pages: 89
ISBN: 9780980182729
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downloadable pdf(4.37MB)
Price:
£995.00
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Publication Overview
The pharmaceutical environment is turbulent, and as a result, what used to work to create industry wide growth of 20% no longer does. The resulting bottom line return for brands is in decline as market growth slows in the major pharmaceutical markets and this inevitably leads to marketing budget cuts. The only way for a brand to grow effectively - and cost-effectively - is to improve the bottom line effectiveness of each marketing spend. Pharmaceutical marketers are under even more pressure to get more bang for their buck from their marketing spend, and be able to justify it. This in-depth report answers the questions that pharmaceutical marketing directors are asking, ‘How do we successfully measure our individual marketing activities bottom line return, and prove it to the CFO?’ and ‘How do we prove exactly which marketing components are really growing our bottom line?’ and ‘How do we know what aspects need to be changed, and how, to grow the bottom line by a specific amount?’ This report explains the different methods being used such as ROI, promotional response models, econometrics and predictive algorithms and the pros and cons of the different approaches. There are step-by-step guidelines on successfully implementing these approaches for real and measurable results, and numerous case studies of actual pharma brands who have successfully navigated these waters, and what they did to measure and improve - and prove - bottom line return.
This comprehensive report helps you navigate your way to competitive advantage prior to wasting significant time and money on an approach that is not providing the evidence you need.
In this report you will learn:
The practical skills every marketer needs for measuring the effectiveness of their marketing
Which tools and best practices really make a difference
The measurement principles that drive successful marketing measurement
How to propel strategy, growth, and bottom line return
Plus case studies in measurement of sales force return, eDetailing return, compliance/adherence programmes, cme speaker programmes, advertising campaigns, PR campaigns, CRM implementation return, and much more.
Includes:
Key learnings from the case studies
Interviews with top pharma marketing leaders on how they're handling pressing marketing return issues
Q&A's with experts on the hottest new measurement concepts and how to implement them
Six specific, practical questions on today's hottest topics in pharma marketing measurement
New ideas you can apply to your area of marketing responsibility - be it sales force, advertising, eDetailing, CME, CRM, PR or something else.
Topics include:
Why CFOs despair of marketing and impose budget cuts
What does marketing measurement provide? Do your tools measure up?
ROI basics: understanding, measuring and avoiding pitfalls
Challenges specific to the pharmaceutical industry that have bearing on measurement?
Metrics progression: from activity tracking to sophisticated analytics
The new thing: an accurate approach using present predictive analytics to measurably improve bottom line performance
Where does brand equity fit in with ROI?
How much market share are your product messages giving you? Do you need to change them?
Bridging the gap between marketing and sales
How do you know how much financial return your sales force is providing you?
How do you know if your advertising is working to increase financial return?
Measuring PR return: sophisticated analytics give high PR return accuracy
How do we measure patient compliance/adherence ROI
Can we measure speaker programme ROI?
What about ‘e’? Can we measure eDetailing ROI and eActivities in general?
How does corporate brand marketing play into our brand financial results?
Can generics/stealth pharma also measure their activities?
Applying analytics to pharma OTC brands
What about pan-portfolio or pan-country analytics?
Can the market share/sales potential of pre-launch brands be measured and optimised using this approach?
How do we measure CRM ROI?
How does marketing measurement and shareholder value fit together?
The future of marketing measurement: interviews and strategic Q&A
ABOUT THE AUTHOR
Dr Andrée Bates is the Managing Director of Eularis, a company that applies sophisticated analytical processes to quantify the sales impact of specific marketing programmes for pharmaceutical brands. These analyses determine the financial return for individual sales and marketing activities, as well as the optimal synergistic combination of activities (and budgets) to have maximum market share growth. Eularis offers brands and their agencies the bottom-line facts: what messages, what activities (and what budgets) - in what combination - will provide what market share for your brand.
Andrée’s career has encompassed academic, clinical and pharmaceutical positions internationally. She has gained wide recognition within the healthcare industry internationally for ROI and marketing effectiveness measures in pharmaceutical marketing. She is the author of many publications on this topic in peer-reviewed journals. In addition, Andrée has been invited to lecture on e-detailing ROI in the Pharmaceutical MBA programme at INSEAD Business School and on marketing ROI at the Center for Pharmaceutical Marketing Studies, Erivan K. Haub School of Business, St. Joseph's University, Philadelphia.
TABLE OF CONTENTS
Section 1: The Need for Marketing Measurement
1.1: Why Accountants Despair of Marketing and Impose Budget Cuts
- Marketing effectiveness is a concern
1.2: What does Marketing Measurement Provide?
- Will measurement change spending?
- Will measurement change growth?
- Will measurement change how management feel about the marketing team?
- What can be measured?
Section 2: Basic Marketing Return Measurement Principles
2.1 Quick History of Return-on-Investment (ROI)
2.2 Differences Between ROI in Marketing and Finance
2.3 Financial Facts and Fallacies when Measuring Marketing ROI:
2.4 Challenges of Applying the ROI Formula
2.5 Where ROI Goes Wrong
2.6 ROI Formula Key Limitations
2.7 Reasons Pharma Marketing ROI Calculations Fail and How to Avoid Them
2.8 Concerns with Using ROI Formulas for Guiding Marketing Decisions
- Boost marketing budget return, not top line profit and brand value
- Assess only what is easily measurable
- Optimise specific individual marketing activities
- Analysis of historical data in a constantly changing environment
2.9 Summary of ROI
Section 3: Specific Pharmaceutical Industry Challenges that affect the Measureme nt of Marketing
3.1 Declining Growth
3.2 Empty Pipelines
3.3 Customer Alienation
- Public image and perception
- Price
3.4 Tightening Budgets
3.5 Investor Returns
3.6 More Competition
- Increased number of competitors
- Legally aggressive competitors
3.7 Impact on Marketing
Section 4: Metrics Progression: From Activity Tracking to State-of-the-art Analytics
4.1 Activity Tracking
- Case study 1: Asacol website (US)
- Case study 2: iPhysicianNet eDetailing study (US)
4.2 Campaign Measurers
4.3a Marketing Mix Analytics Using Historical Data
4.3b Marketing Mix Analytics Using Analogue Data
4.4 Internal Marketing Database Tracking Combined With Analytics
4.5 Predictive Analytics Using Validated Current Market Perception Data
4.6 Brand Optimisers
4.7 Summary
Section 5: More Accurate Predictive Metrics to Improve Financial Performance
5.1 The Eularis System
- Phase 1
- Phase 2
- Phase 3
- Phase 4
- Phase 5
5.2 Summary of Approach
5.3 Case Study: A Brand in Decline
- Current picture of brand
- Budget allocation
- Actions and results
5.4 Comparison across a category
Section 6: Assessing Performance of the Marketing Mix
6.1 Product Messages and Market Share: Are they Working?
- Many brands do not get the messaging right.
6.2 Measuring the Financial Return of a Sales Force
- How to improve the bottom line performance of the sales force
- Case study: primary care brand stagnated
6.3 Bridging the Gap Between Sales and Marketing
6.4 How to Know if Advertising and PR is Increasing Bottom Line Returns?
- Advertising analytics
- Case study: underperforming advertising
- Measuring PR return
- Example of PR component measurement for a pharma brand
6.5 How to Measure Patient Compliance and Adherence ROI
6.6 Measuring Speaker Programme ROI Compliantly
- U.S. regulatory compliance issues
- U.S. continuing medical education ROI standards
- A new compliant way to measure CME bottom line return, but not ROI
- Case study: CME measurement
6.7 Can eActivity be Measured and How Should the eMarketing Mix be Allocated?
- How to plan the optimal internet portfolio
6.8 Measuring eDetailing
Section 7: Accurately Measuring Pharma Brand Situations like Pre-launch Brands, Generics and OTC
7.1 Measuring Market Share and Sales Potential of Pre-Launch Brands
- Eularis brand potential analytics case study
7.3 Generics, Speciality and OTC Brands
- Generics overview
7.3 Approaches to Generic Marketing
- Generic differentiation other than price
- Generic reps
- Branded generics
- Case study: generics analytics
7.4 Applying Analytics to Pharma OTC Brands
Section 8: Measuring Mutiple Brands and Across Regions
8.1 Pan-Portfolio and Pan-Country Analytics
- Case study: measuring a company’s performance
- What was uncovered about current practices?
- What the company did
8.2 Measurement of Corporate Reputation
- Corporate reputation and impact on brand bottom line
Section 9: Customer Relationship Management and Technology Analytics?
9.1 Measuring the ROI of CRM Approaches
- How do you know something is wrong with your CRM roll-out?
- How do pharma companies use CRM?
- Getting value from CRM in pharma
- Case study: a failing CRM system
Section 10: Using Marketing Measurement in your Organisation
10.1 Strategic Measurement Recommendations for the Pharmaceutical Industry
- What are my competitors doing? How successful are they?
- What if I don’t have doctor level, or brick level, prescribing data?
- What will European marketers do as the prohibition of brick level data rolls out after 1st April 2007?
- How will regulation changes affect the way my measurement is structured?
- Will measurement result in better informed CFOs, who don’t want to cut my budgets?
Conclusion
ABOUT EULARIS
Eularis have unparalleled years of experience in pharmaceutical marketing analytics and predictive algorithm analyses of pharmaceutical marketing activities. Their analyses quantify the financial impact of individual sales and marketing activity - as well as recommending the optimal synergistic combination of activities (and budgets) for an individual brand to have maximum market share growth. Eularis offers brands the bottom line facts: what messages and which specific sales and marketing activities are truly impacting on a brand’s prescription sales - by how much - and what elements within each activity need to change (and how) for increased results.
EULARIS ANALYSES:
Identify all factors really influencing prescriber behaviour the most
Evaluate which messages are having the most impact on actual prescribing
Quantify the financial impact from each marketing programme
Identify which elements of each programme are having most actual prescribing impact
Determine the most effective mix of sales, medical education, advertising, PR, e-Activities etc for optimal market share growth
Forecast brand performance based on investment assumptions and market dynamics
Highlight rep quality differences across brands and companies
Provide Agency League Tables [according to which agencies activities are having most actual prescribing impact]
Optimize all relevant resources for a brand or portfolio across multiple activities and geographies
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