The challenge for brand managers and marketing execs is to sift through overwhelming amounts of HCP practice data to identify and target decision makers and key influencers in product life cycle management. The ability to filter practices by payer networks, financial and hospital network affiliations, HCP prescribing behavior, and patient demographic data will help define better pathways for growth as products mature and reach expiration.
At every stage of the product life cycle, optimal use of marketing resources will also help achieve profitability objectives and growth commitments along the way.
Help with Pre-Launch and Launch Strategies
Targeted email campaigns form an essential component in a product's pre-launch and launch marketing activities. In the pre-launch phase, information-gathering involves querying potential customers (HCPs) and key opinion leaders. Detailed practice data helps brand managers identify and target HCPs and key opinion leaders with demographics and patient populations that align with the product's treatment area.
A recent study by UK-based consulting firm Cegedim Strategic Data revealed that 54 percent of brand managers struggled with market segmentation and HCP targeting in the product launch phase. Robust data that promotes a thorough understanding of prescriber behavior and patient populations is crucial to a successful launch. Brand managers need crucial data points to help them identify key opinion leaders, practices with significant patient populations in the brand's treatment area, and the prescribing behavior of member HCPs in order to develop a target audience for pre-launch and launch marketing activities.
Help With Targeting for Saturation and Maturation
In these stages of the product life cycle, marketing objectives include extending the brand's reach and developing new growth platforms. Brand managers need to know which factors are driving HCP prescribing behavior to direct marketing and educational efforts toward increased product acceptance and utilization.
The ability to develop and apply strategic filters to practice data helps brand managers identify practitioners with large patient populations in the product's treatment area who aren't prescribing or underutilizing the product. It can be used to identify and engage mid-level HCPs for informational marketing campaigns to extend the product's reach.
With experience in DMD's ability for complex data analysis and interpretation, brand managers can identify and target practitioners that meet very precise criteria. For example, HCPs can be grouped by healthcare organization or independent delivery network, further narrowed by patient ICD-9 diagnostic profiles, and micro-targeted at providers within that subset who perform a high volume of specific therapeutic procedures.
Help With Patent Expiration/Loss of Exclusivity Activities
As brand managers develop and execute end-of-life marketing campaigns, the need for detailed practice data and analysis grows exponentially. Many brands utilize life cycle management strategies, including new formulations and/or combinations, next generation products, expanded drug indications, and strategic pricing programs.
Developing the target audience for a multi-touch email campaign focused on end-of-life strategies requires filtering by financial network affiliations, prescribing behavior, patient demographics, and diagnostic profiles. A practiced ability to analyze and interpret practice data in order to identify the influencers among practitioners and managers is central to creating programs that will extend a product's life cycle.
Email marketing, the most cost-effective channel, is a proven tool for driving product engagement and sales. Accurate market segmentation, audience micro-targeting, coordinated message deployment, A/B testing, and rapid response analysis can all guide and inform life cycle management activities and push ROI through to patent expiration.
DMD's deep pharma experience, coupled with a its comprehensive database of practice and provider data, helps brand managers develop and refine the most effective target audience for early-stage marketing.