In 2020, the life sciences sector is undergoing an industry evolution at an unprecedented pace. The evolution of cell and gene therapies are unlocking new methods to treat and cure diseases that have never been treated before. New technology is rapidly changing the way that every facet of the business operates, creating opportunities for endless business optimization. Download the full 2020 life sciences sales and marketing trends eBook below or read on from an excerpt from the eBook.
A critical area in any life science business – commercial organizations (defined as sales, marketing, and market access teams) – have been accused of being slow to adopt to change in a world full of new opportunities. Yet, our research and client relationships tell a different tale where leading companies are investing heavily in creating new capabilities for these teams. Investments in data analytics are creating, for the first time, true personalization at scale. Focus on enhancing organizational agility is changing the way that these teams engage with key stakeholders and bring information back into the business to continuously improve. Emerging technologies are ushering in partnerships that make the promise of value-based care a reality today.
The COVID-19 pandemic and the resulting halting of nearly all routine healthcare procedures only accelerated the need for companies to digitize and find creative new ways to support their stakeholders. Our research has shown that companies that have invested in these capabilities for their Sales, Marketing, and Market Access teams are creating strategic leadership positions. Those who do not act will find it increasingly challenging to partner across the healthcare ecosystem.
Personalization Through Data Analytics
Personalization at scale offers enormous opportunities throughout patient, HCP, and treatment journeys. Over the last decade with the emergence of digital marketing across industries, the aspiration of transmitting the right message to the right person at the right time through the right channel has never been more achievable.
Understanding how to capitalize on this opportunity starts with understanding the stakeholder and how they receive information today. In the past, life sciences firms relied on generalized data about stakeholders’ channel and communication preferences. Today, that information can be collected and assessed on an individual target basis. Top organizations lead with an understanding of the questions that they are trying to answer before assessing for data gaps or considering the addition of new enabling technologies. They are constantly aligning on the questions, assessing if current datasets can answer those questions, and devising methods to fill data gaps to answer those questions.
Analytics in Action: HCP Channel Optimization
In today’s world, it is harder than ever to ensure that your message is heard by the right physicians at the right time. Typical approaches to messaging include merging paid media content in select digital channels with email campaigns and in-person rep visits. The result is often disjointed, and the message gets lost in the process.
However, data analytics are offering a way to optimize for timing, channel, and message at the same time. Finding the most relevant and influential HCPs, understanding next best actions and resonating messages can be achieved through analytics. The key is in bringing together the right data sources into a consolidated database to handle large volumes of highly connected data. But a single source alone is not enough. Principles of data management, data integration, fuzzy logic matching, natural language processing, network analysis and more must be expertly applied to review the data from multiple perspectives.
When applied correctly, new tools can transform a company’s understanding of physician responsiveness, predict physician engagement, establish an easily replicated process, and scale. It helps leaders select the right speakers and attendees, tailor content and channels, engage up-and-coming KOLs, target those likely to switch, and increase meaningful engagement.