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7 ways analytics help pharma companies boost revenue
Pharma industry has been drastically evolving these days and this growth requires new business approaches. The reasons are quite simple – new markets appear, with a respective increase of competitors and products. Such tendency leads to changes in customers’ mindset and makes pharma business find new ways to reach their clients. As a result, a need for enhanced analytics to meet changing dynamics arises. According to Deloitte Development LLC Report, companies have to identify prospective commercial efficiencies in order to take advantage of available data.
Analytics usually refers to a set of statistical techniques, methods, and metrics aimed at organizing and analyzing data. So why is it so important in pharma? How should we apply its results to evaluate business process performance? There are numerous ways to make use of analytics in healthcare. Here we would like to list the essential ones.
1. Understanding how to move further
No matter you run a long-standing business or a startup in pharma, you can benefit greatly from using analytics. Collect and analyze information, which helps you avoid risks and unpredictability. Knowing the market you are on, gives a possibility to set business goals and concentrate your team on accomplishing predefined tasks. When your people realize the roadmap, their motivation to show better results rises steadily. Moreover, you can measure the progress over time. It lets you always adhere your marketing strategy and keep your stuff well informed and focused.
2. ROI increase
Employing analytics contributes to the return on investment (ROI) you will get the next fiscal period. But examine the previous data first and measure the expenditures you suffered before. It gives a clear picture of what went wrong with profit rates. Apply different metrics and KPIs here to anticipate future ROI increase. The only thing, Sujan Patel, a Forbes contributor, warns us about, is not to confuse vanity metrics, such as a number of social network followers or website visitors, with actionable metrics, like lifetime value, blog shares, a number of active website users and engagement, that really drive your revenue growth.
3. Cost reduction efficiency
When you are done with ROI evaluation, it is high time to cut your costs. Diana Davis, the editor of PEXNetwork.com, highlights a productive approach, known as lean workflow improvement or lean analytics. All we need here is to cut off all irrelevant pricey activities, which lead us nowhere. Focus only on these, which prove to be effective. Economizing the company funds also makes your business prosperity closer.
4. Multichannel optimization
Marketers usually use various channels to deliver key messages to a customer. Still, it is unclear how to evaluate what channels to choose to get a better outcome. It is also a forefront for your analytics solutions. Gathering feedback data from different channels, such as social media, websites, video blogs and email campaigns, gives you full marketing insights. Moreover, such analytics enables you to analyze the channels both separately and together within your marketing strategy.
5. Lead generation and customer acquisition enhancement
With a help of analytics, it becomes possible to understand the target audience, segment leads and convert them into long-term customers. Using right KPIs you can get the right profile of your customer – age, gender, annual income, interests, needs, and desires. Thus, you build up a precise marketing campaign, which meets all the customers’ expectations. Such an approach gives you a good deal of customer growth, which leads to the revenue increase.
6. Customer engagement and retention improvement
In case you are quite confident about your customers’ habits and concerns, analytics let you move further along the customer lifecycle. Collect feedback and sales reps reports and employ metrics to track customer data. Be always the first to nurture your clients and tailor your services to enhance their experience. This guarantees you a stable customer retention and loyalty, and adds value to the brand.
7. Better sales reps performance
With the customers becoming more digitally literate, it turns to be a challenge for sales reps to succeed in closing deals and meeting their quotas. Due to analytics, you can easily analyze the data they gather, keep track of the sales performance and transform the sales approach. It makes their visits to HCPs more personalized and customer centered.
Want to know more about custom analytics tools, which ideally match your business needs? Get in touch and our team demonstrate how such solutions work.
IT2018-09-11T09:02:41+00:00Thursday, 18 August 2016|