Marketing Impact

Realizing Impact – the Pharma Marketer’s #1 Priority

May 20, 2024 - by ER Team

Over the past several months, we’ve attended a number of industry conferences and watched as very accomplished speakers waxed poetic about the value of awareness, impressions, and engagement.  In contrast, we’ve also listened to several Q1 earnings calls where corporate leaders spoke in detail about results and the keys to their future success—and we’ve noticed an interesting dichotomy.  

As pharma marketers, we’ve been conditioned to believe that traditional media, perception, and behavioral metrics are effective measures of the success of our investments in consumer and healthcare professional promotion. Make no mistake, we agree that those metrics are important to track and directionally relevant for marketers. However, when discussing the health of the business with investors, not once did we hear corporate leaders reference awareness, intent, or website visits as measures of success.

There’s a clear gap in expectations, and it’s on the minds of today’s marketers. According to Gartner, 50% of marketers believe they can’t prove the value of investments, leading CMOs to cite that measuring their impact and proving marketing’s value to the business as their most urgent concern for 2024. We tend to agree.

At Evolution Road, we subscribe to the belief that the marketing metric that matters most is impact—and for today’s pharma marketers that means taking three clear steps to toward building a Realization Strategy around the KPIs that allow them to align investments to increases in script volume.

  • Step 1:  Establish the Fundamentals – successful organizations develop a clear measurement plan built upon a foundation of metrics and key performance indicators that can be directly correlated to impact; an effective plan generates the data and insights that allow you to draw a straight line between investment and outcomes 
  • Step 2:  Connect the Dots – brand teams, internal analytics groups, agency partners, etc.—with so many voices in the room, it’s sometimes hard to hear above the din and to recognize the source of truth that should underpin your decision making; to avoid confusion, it’s critical to build a comprehensive, integrated process that organizes all stakeholders around a common approach to assessing and communicating impact
  • Step 3:  Create an Impact Culture – a strong strategy will tell your teams “what” impact they are working toward, but a well-defined culture will inspire “how” that impact is achieved; build your team around an agile approach to translate insights into action, and instill a mindset built upon a foundation of near-term optimization and continuous improvement

Realizing impact requires an organization to have the right partners in place, aligned around common expectations of results, with clearly defined rules of the road. One must also have a clear strategy in place that allows for in-market insight creation and the ability to activate a plan that optimizes investments and impact over time.

In pharma, risk is a constant, but that doesn’t mean that as a pharma marketer you need to accept it—especially when you have a proven way to mitigate it via a focused approach to delivering impact. The rigor of the approach not only reduces risk, but it also provides a bulletproof rationale for the decisions that underlie your marketing plan and increases confidence that it will work.

The road to success starts with impact. Let’s hit it together.

 

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