Even though commercial analytics has been on the rise recently, many businesses are still not sure what it is and how to benefit from it. Due to its specifics, adopting and unlocking the full potential of commercial analytics can be a tricky task, especially for the pharma industry. In this guide, we’ll delve into the importance of commercial analytics in Pharma and see how your business can benefit from it.
What is commercial analytics?
Commercial analytics uses data analysis to identify the success of business activities and their impact on a given company. In other words, it is a way to gain insights into how well certain business decisions and strategies perform in the commercial aspect.
Commercial analytics encompasses data collection and interpretation concerning marketing efforts, customer behavior, trends, and many others. Businesses that tap into the capabilities of commercial analytics can understand customers on a granular level and find more opportunities for growth.
So what is commercial analytics in Pharma? In the pharmaceutical industry, commercial analytics is used by marketers to determine the most appropriate marketing strategies and identify the target audience and its needs. Pharma commercial analytics can provide companies with detailed information on various areas and ways to improve each of them, while also making sure that patients and customers receive products and services they’re satisfied with.
What are the benefits of commercial analytics for pharmaceutical companies?
Is commercial analytics worth all the investments and efforts? Here are some of the benefits of integrating it into your business:
- Better KPIs. Commercial analytics is what can help you understand what kind of KPIs you need and why. Pharma commercial analytics KPIs are meant to define problems and outline goals specific to your organization. The efficiency of your team gets an immediate boost.
- Risk mitigation. Commercial analytics is one of the tools that can help pharma companies navigate various challenges and reduce risks early on. With commercial analytics, it becomes much easier to devise the most effective strategies to battle possible problems and issues in the future.
- Advanced budget planning. Commercial analytics will provide you with a more detailed analysis of current and future trends and some valuable insights into Pharma marketing campaigns and products that have the potential to be more successful and attract a bigger audience.
- A deeper understanding of a customer. With the power of commercial analytics, you can easily identify room for improvement and develop better marketing campaigns that are tailored to meet the expectations and needs of a specific audience.
According to the McKinsey, organizations that have successfully implemented data and analytics are nearly twice as likely to achieve their data and analytics objectives, and they are also 1.5 times more likely to report revenue growth of at least 10 percent in the past three years. If you would like to harness the full potential of commercial analytics, it’s time to get started with it now.
Ways to succeed with commercial analytics in Pharma
If not integrated properly, commercial analytics might end up being completely ineffective. Do the following to achieve better results:
- Understand what goal you aim for with commercial analytics. What are the reasons for spending your time and money on something like this? Are there any goals you believe you can achieve with the help of commercial analytics? After determining the reasons behind the need for it, you can make a decision whether to invest in it or not.
- Collect the right type of data. Even if you use all the right tools, if the data is not relevant, the outcomes won’t be precise or, therefore, useful. Gather data on sales, marketing, pricing, product development, and other areas that are aligned with your objectives.
- Make the right metrics your priority. Not all data collected, even if relevant, is equally good. Some of the metrics might be more important than others, and while it’s important to track different types of them, focus on the ones that are more valuable to your business.
Commercial analytics in regard to pharmaceuticals can enable a team of marketers to define areas for improvement and unearth the underlying issues.
Are you looking for the right technology and expertise to leverage the power of commercial analytics? Contact the Viseven team, and we will help you come up with the perfect-fit data solution for your company. Our advanced pharmaceutical data analytics will help you transform the data into an instrument to boost your business performance and enhance the company’s workflows.
