As regulatory changes drive budget considerations for pharmaceutical companies, medical marketing agencies are feeling the pinch in their financial relationships with their pharma clients. The days of percentage-based contracts are long gone and even secure retainer agreements are trickling off in favor of more transparent methods of compensation.
Today, most agencies work on a per-project basis, even those designated as "Agency of Record" (AOR). This shift in compensation forces agency execs to look for new ways to ensure financial security. In short, being pharma's creative engine isn't enough to secure stable long-term financial relationships. The agency must generate opportunities to form strategic partnerships with their pharma clients to remain relevant and solvent.
Pharmaceutical marketers are consistently faced with the task of managing product life-cycle challenges. This is where an agency’s value can be most highly valued by its pharma clients. If the challenge for medical marketing agencies is communicating their long-term value in addressing life-cycle management challenges, strategic and tactical contributions in product life-cycle management is a smart place to start. And, the precision of data-driven email campaigns can add dimension to your stable of creative and service offerings. . Precise email marketing campaigns provide an excellent opportunity to increase an agency's long-term strategic importance to its life science clients.
Email Campaigns Can Help Agencies Participate in the Product Life Cycle Conversation with Pharma Clients
Like clients do, Agencies can map activities to support the product's growth strategies across the life of its patent.life cycle management strategies, especially as the product approaches patent expiration Most brandsPharmaceutical companies are always exploring look for new indications, appropriate subpopulations, updated formulations, and next-generation line extensions or product improvements products to extento bolster the vitality of the product while patent protectedd their product's life cycle. They also look for new and distinctive opportunities to expand their reach with prescribers.
Email marketing campaigns that take advantage of a deeputilize HCP database analysis may enhance each of these life cycle management strategies. Micro-targeting practitioners and prescribing influencers who see appropriate with patient populations matching LCM goals enhance a campaign's effectiveness and ultimate ROI. Agencies can drill down to identify nurse practitioners and physician assistants that may broaden the product's prescriber base.
As new indications are approved, database filters can effectively hyper-target HCPs who treat patients with the designated ICD-9 code(s) for an informational email campaign. When studies are released that support increased efficacy in patient subpopulations, strategic educational campaigns can be directed at practitioners who are most likely to respond based on prescribing behavior, procedure, and diagnostic codes.
With this strategic roadmap in place, an agency can identify a refined target shaped to exploit a strategic opportunity.
Precision Targeting and Email Campaign Success Factors Can Drive Your Strategic Contribution
All competent medical marketing agencies have creative departments that can craft compelling marketing materials. The key is delivering the message to the audience most likely to receive and act on it. This is a value-added service that enhances a strategic partnership between an agency and a brand.
Precise target segmentation that is aligned with a product’s market maturity can helpto deliver results. The prescribing behavior of a particular population of HCPs can drive influence messaging for a more targeted approach; . oOptimizing campaigns based on when and how various practitioners interact with digital messaging produces improved open and click-through rates for email campaigns and enhances ROI.
This level of knowledge and insight distinguishes an agency as a long-term strategic partner as opposed to a creative commodity. When anThe agency identifies opportunities for growth and analyzes practitioner data and becomes adept at identifying opportunities for growth, this level of knowledge and insight distinguishes it as a long-term strategic partner; much more than a creative commodity. Recommendations on sound messaging and effective design based on data also introduces opportunities to test these elements and provide continuous learning for your clients. An agency then offers a way to apply knowledge to specific campaigns, and measure ROI in short order with email.
Email Enhances ROI and Decreases Risk
Email is the preferred marketing channel for most HCPs; it's also an ideal medium for testing a campaign's effectiveness. Email can be subjected to objective metrics such as open rates, click-through rates, and conversion rates.
Email is also relatively inexpensive compared to other marketing channels. This means agencies can take managed risks with email marketing campaigns. Each email campaign can include two or more creative offerings for every market segment of the target audience. This A/B testing ensures that only effective marketing messages are disseminated on other more costly marketing channels.
Once an email message is proven effective, it can be expanded to other channels without exposing the brand to undue risk. Email is the least expensive channel — with the highest ROI — giving agencies a cost-effective tool to measure their messaging without incurring heavy costs.
Mining healthcare professional behavioral and practice data to effectively hyper-target markets with the relevant product content is a smart way to enhance the agency's strategic impact and cultivate lasting relationships with pharma clients.