Marketing Impact

Why Every Pharma Marketer Needs an Impact Strategy

May 6, 2024 - by ER Team

If you’re like most pharma marketers, you’ll soon be kicking off your annual brand planning process. You’ll share your objectives and strategic imperatives with your agency partners, they’ll go off in separate directions to brainstorm, and then you’ll all come back together to review a laundry list of tactical ideas sure to solve your most pressing marketing challenges.

Smart partners, who know your business and have a wealth of experience, are sure to bring interesting ideas; but how do you choose? Especially when you don’t have an unlimited budget, and you have to make hard decisions about where to invest to ensure that you are delivering the maximum impact for the business.

Sound familiar? Well, you’re not alone. Today, more than ever, it’s imperative that marketers allocate every dollar with precision and to deliver impact. Yet, according to the CMO Council, 78% of marketers don’t feel strongly that they can convince leadership to invest in marketing and not cut the budget.

It’s why we believe all pharma marketers need an Impact Strategy that allows them to:

  • Project – built upon a foundation of concrete data and clearly defined, quantifiable measures of success, an Impact Strategy allows you to forecast the impact of your planned marketing investments against a desired outcome so you can objectively prioritize where you will get the greatest return.
  • Expect – before any creative concepts are developed, messages are written or media is purchased, an Impact Strategy provides a detailed, defensible rationale for your investment approach, creating confidence in leadership that inputs are aligned to expected outcomes. 
  • Deliver – where a brand strategy articulates broad business objectives and imperatives, and tactical plans detail specific programs and initiatives, the Impact Strategy provides the framework that allows brand marketers and their agency partners to evaluate every investment decision through the lens of impact, enabling you to forecast results, analyze outcomes and optimize for ROI and scale.
  • Scale – as in-market data becomes available, you can verify what is (and isn’t) working, actively adjusting your models and investment approach to deliver maximum impact. Validating projected outcomes against realized impact allows you to build your business with confidence around a go-forward return on investment.

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 proven ways to mitigate it via a focused approach to delivering impact. The rigor of the approach not only reduces risk, it 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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