This week, I was invited to present in front of a distinguished group of pharma marketing professionals at the recent Digital Pharma West conference held in San Francisco.
It's clear that there continues to be significant interest by marketers to use data to help improve campaigns and outcomes. My presentation detailed how Pharma marketing is undergoing a tremendous change with new stakeholder and marketplace dynamics, with a more sophisticated consumer, and interconnected digital world.
Clearly the vast amount of information that marketers need to internalize to develop effective campaigns is simply daunting. Legacy IT systems set up to address repeatable processes are not able to scale to modern day demands, and contrary to popular opinion, standalone visualization and analytics isn't a panacea either.
In fact, a recent survey by Trailblazer research of marketing professionals highlighted the following reasons for their dissatisfaction of their existing marketing applications and processes:
- Limitations surrounding customization capabilities
- Lack of partner/vendor support
- Lack of in-house expertise
- Excessive costs
- Difficulties surrounding implementation
It's no wonder that marketers are crying out for linkedIn or Facebook-style enterprise data-driven applications equivalent to those that they themselves as consumers get to use on a daily basis.
In fact the survey further revealed some of the data management pain points preventing marketing teams from being agile and more targeted in their efforts, and their corresponding plans to address the issue:
Many of the 10 pain points can be addressed through a modern data management platform, that offers reliable data through master data management, big data, data-as-a-service, seamlessly fused with relevant insights with recommended actions through analytics and machine learning.
- Access customer data without IT or 3rd-party support
- Add new social or messaging channels quickly and with ease
- Analyze cross channel efforts to gain marketing insights
- Deliver consistent messages across all channels
- Deliver relevant, contextual messages to customers in order to create ongoing dialog
- Do A/B testing to improve email campaigns
- Integrate messages, data, and insights across siloed channels
- Turn unknown website visitors into identifiable prospect opportunities
- Use predictive analysis to improve marketing effort
- Use real-time data and insights to drive personalized next-best offers
During the session we also discussed what the future holds, including IoT and growing interest in data monetization.
A lively panel following my presentation offered further insight from experienced pharma marketing executives appropriately titled "OK, So Pharma Is Now Successful at Data Aggregation, So What? How to Take an Applied Approach to Leverage Data in a Meaningful Way: Using Data to Meet Objectives."
The panel was moderated by Nuvan Dassanaike , Vice President, Lead, Global Integrated Marketing at Mylan and included:
- Bill Keller , Vice President of Marketing , Acadia Pharmaceuticals
- David DeJonghe , Worldwide Director of Marketing, Digital Solutions and New Product Development , Lifescan, a Johnson and Johnson com
- John Vieira , Senior Director, Global Brand Strategy, Edoxaban , Daiichi Sankyo
Being data-driven may sometime be deemed an overused term, but for marketing professionals in pharma, it's very much becoming the norm. If you would like a copy of my presentation or to exchange thoughts on how data is the new lifeblood of life sciences, please send me an email or leave a comment below.