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  • Writer's pictureSaurabh Pangarkar

Maximize Customer-Base Growth: A Data-Driven Approach for Pharma Companies



With easy access to huge amounts of data these days, the pharmaceutical industry has been quick to leverage the customer insights obtained from it, for very efficient customer outreach. Making informed and well-thought-out decisions based on thorough data analysis is vastly superior to relying on mere intuition leading to a healthier bottom line.


Understanding a Data-Driven Strategy


A data-driven or data-centric strategy entails gathering, analyzing, and interpreting data to obtain critical insights about one’s prospects and customers allowing one to make better decisions. This is made possible with the help of analytical tools that empower one to identify trends and patterns and identify correlations by analyzing and interpreting large data sets. This allows a pharma company to obtain actionable information from a mass of raw data, allowing them to rationalize and optimize operations. This enables it to enhance it to meet its business objectives more efficiently.


A McKinsey report has found that enhanced adoption of data-driven technologies can help increase business operating performance by 15 to 30% of EBITDA in five years. This is expected to go up to between 45 and 75% in a decade.


Let us look in some detail at how a pharma company can strategically leverage data to drive customer growth.



1. Obtain an Ideal Customer Profile


Data analysis helps pharma companies draw up an ideal customer profile in terms of their demographics, lifestyle, healthcare needs, media consumption, and problem areas. This can be done via market research, studying social media activity, and analyzing patient data. All of that helps pharma companies customize their message for the right target audience, thereby optimizing the impact of their marketing efforts.

 

With overall pharmacy spending expected to reach $1 trillion by 2030, pharma companies must get a precise idea about who their ideal customers are and what they are looking for.


2. Personalization is the Way Forward


Data empowers pharma businesses to personalize their outreach to both healthcare professionals and patients. From analyzing prescription trends and discerning treatment preferences to studying online behavior to personalize communication, it helps them perfect the art of bespoke communication. That allows them to reach their target audience offering solutions based on specific needs thereby fostering trust, which in turn leads to better customer relationships.  Pharma companies today realize that the patients' voice matters above everything else and therefore endeavor to empower them with choice.


3. Data-Driven Marketing


The days of indiscriminate mass marketing campaigns are long over. Instead, businesses around the world, especially pharma companies are using data very effectively to optimize the reach of myriad outreach platforms.  They use data to obtain an understanding of the target audience's preferences in terms of the media they access and the kind of content they relate to. It makes eminent sense to allocate your resources towards channels that offer the highest ROI. This can be done by customizing your content for each platform leading to the most efficient and effective outreach and engagement.


4. Technology-Driven Outreach


Leveraging data with the help of technology can help a pharma company drive its sales very well in the digital era. Salespeople can be equipped with incisive insights about prescriber behavior as well as patient needs to experience more targeted and productive interactions. What's more, AI-powered chatbots can be deployed to provide round-the-clock customer support helping added queries and build trust.


5. Data-Driven Culture is the Key


For a pharma company to fully benefit from a data-driven approach, it must develop a companywide culture that realizes the value of data and the insights that it provides. This can be done by fostering collaboration between marketing, sales, and R&D teams allowing them to share data and capitalize on the insights provided by it. That requires the workforce to be made conversant with data analysis and interpretation allowing them to make informed decisions that result in optimal results.


6. Calibration and Refinement


Data is most useful if one uses it to gain insights and improve one's outreach strategy. It therefore makes sense for pharma companies to continuously monitor one's outreach and growth strategies to improve them.  This involves analyzing campaign performance, tracking customer engagement metrics, and measuring the Return on Investment. The insights thus obtained can help pharma companies refine their approach, try out new strategies, and optimize one's marketing strategies to get the best possible results.


Examples of CRM/Salesforce Solutions that can Empower Pharma Companies to Personalize Their Marketing Communication.


Salesforce Marketing Cloud


  • Data Studio: This helps centralize data from across sources including Salesforce to help come up with a comprehensive and holistic customer profile. This can help pharma companies create bespoke content and campaigns.

  • Journey Builder: You can use this to create automated, multi-channel paths or journeys that are based on customer behavior as well as preferences. This enables the delivery of personalized content at precisely the right time and place. Good examples of this are personalized email sequences and triggered mobile notifications.

  • Personalization Studio: This tool can help a pharma company integrate myriad content blocks into landing pages, emails, and other marketing materials. What’s more, these blocks could draw upon individual customer data incorporating things like names, purchase history, website activity, and so on to offer a truly personalized experience.


Salesforce Einstein


  • Einstein Copywriting: Pharma companies can deploy this to obtain personalized email subject lines, product descriptions, and other kinds of marketing copy that speak to the requirements of specific customer segments.

  • Einstein Social Insights: This can help you obtain insights from social media conversations to help you personalize both engagement and content that is based on sentiment analysis and customer preferences.


Other Salesforce Tools


Apart from the above, a pharma company can deploy other Salesforce solutions like Pardot, a very impactful B2B marketing automation platform that helps with personalized lead nurturing and engagement. Then there is Salesforce AppExchange which provides access to a vast marketplace of third-party apps and tools that help take personalization functionalities to the next level. Fine examples of that are email personalization tools and customer segmentation platforms.


There are a host of other CRM and Workflow Automation platforms like Creatio, HubSpot, Microsoft Dynamics 365, and Zoho CRM that offer a range of personalization features via built-in tools or integrations with marketing automation platforms that can help pharma companies maximize customer-base growth by using a data-driven approach.


Conclusion


Data is an incredibly powerful tool in the hands of pharma companies, as it helps them obtain a deep understanding of their customers, allowing them to personalize interactions and come up with targeted marketing campaigns that help drive customer-base growth. In the digital age that we live in, data is critical in achieving long-term success, especially in the highly competitive world of pharmaceuticals.

The global data and analytics market in the pharma sector was valued at $1.4 billion in 2020 and has since grown bigger and is today considered vital to the success of the sector. Any pharma company would ignore this fact at its peril. A data-driven outreach strategy for the pharma sector is something that simply has to be in place in the 24th year of this millennium.


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