Omnichannel KPI: What to Track and How to Improve?

In today’s competitive and complex healthcare landscape, pharma marketers must be on top of their game regarding marketing and engaging with their customer base. As a result, omnichannel pharma marketing —using multiple marketing channels to reach and engage with customers—has become increasingly important. However, knowing which KPIs (key performance indicators) are important to track and how to improve them can be difficult.

In this article, we’ll explore the various KPIs that should be tracked in order to measure the success of an omnichannel pharma marketing strategy and how to improve them.

What are Omnichannel KPIs used to Measure?

Omnichannel marketing is an integrated approach to digital marketing and sales that offers customers a consistent, seamless experience across multiple channels. It involves using different communication channels, such as websites, email, social media, and mobile, to attract customers and build relationships with them. The omnichannel metrics KPIs is the number and quality of customer interactions and the overall customer impression.

One of the main KPI for omnichannel marketing is the number of customer interactions. This includes the number of emails sent, the number of clicks on links, the number of website visits, and the number of social media posts. This KPI can measure a marketing campaign’s success and track customer engagement. It is also important to track the number of customers who purchase a product or service due to the campaign.

In addition to the number of customer interactions, the quality of customer experience is also an important KPI for omnichannel marketing. This includes the quality of customer service, the ease of navigation, the speed of page loading, and the overall user experience. This KPI is important because it measures how satisfied customers are with their interactions with the company. The overall customer impression should be positive, and companies should strive to improve it as much as possible.

Finally, the return on investment (ROI) is also an important KPI for omnichannel marketing. This KPI measures the success of a marketing campaign by tracking the cost of the campaign compared to the revenue generated from it. It is important to measure the ROI to ensure that the campaign is achieving its goals and delivering a positive return on investment.

Overall, the KPIs for omnichannel marketing are the number and quality of customer interactions, the customer experience, and the return on investment. These KPIs are important for measuring and improving a marketing campaign’s success and ensuring that the campaign is delivering the desired results.

The Importance of adopting Оmnichannel KPIs 

Omnichannel KPIs are essential metrics of a successful customer-centric marketing strategy. They measure how well a company’s marketing campaigns, strategies, and initiatives perform across all its channels. KPIs help marketers identify improvement areas and measure their efforts’ effectiveness. They also help to track the progress of channels, campaigns, and strategies so that companies can make informed decisions about their future plans. 

Companies can gain insights into their performance, how it affects completely new customer and their final purchasing decisions, how many unique visitors are generated, and others. They can also measure the impact of their campaigns across multiple channels. This enables them to make better decisions about which channels to focus on and how to optimize their content for each one. Omnichannel KPIs also help companies to track their conversion rate and understand their return on investment.

Adopting KPIs is essential for any company that wants to stay competitive in digital marketing. The metrics provided by these key performances will provide valuable insights into new customers’ behavior, marketing effectiveness, and ROI, allowing companies to make more informed decisions and maximize their success.

How Omnichannel KPIs can measure the Performance

Any business model should be measurable and clearly understandable. It helps keep track of operational processes and improve communication aspects like customer retention rate or social media engagement.

There are many key performance indicators for omnichannel customer engagement strategy, so let’s cover the most important and obvious omnichannel marketing metrics.

CTR

CTR or Click-Through Rate is a crucial KPI in the pharma industry. It measures the ratio of clicks on a specific link to the total number of impressions it receives. This metric is vital for evaluating the effectiveness of digital marketing campaigns, especially in the pharma industry, where regulatory restrictions limit the scope of advertising. A higher CTR indicates that the ad or content is resonating with the target audience, leading to increased website traffic and better chances of conversions. On the other hand, a low CTR implies that the content needs to be optimized to attract more clicks or that the targeting needs to be revised to reach the right audience. Therefore, monitoring CTR KPI is critical for pharma companies to gauge the success of their digital marketing efforts and improve their ROI.

Satisfaction of your clients

Customer satisfaction score (CSS) is a critical key performance indicator for measuring omnichannel marketing performance. This can be measured through surveys and customer feedback. Measuring customer feedback and ensuring clients are satisfied with the customer journey is important.

Cross-channel conversion rate

Conversion rate is another key KPI for measuring the performance of an omnichannel strategy. This metric measures the percentage of customers who make a purchase after engaging with the omnichannel marketing strategy. This metric can be used to track the effectiveness of the cross-channel conversion rate in driving conversions.

Lifetime customer value

Customer lifetime value (CLV) is a KPI that measures the total value of a customer over the entire customer journey. It is important to measure customer value to ensure that the omnichannel approach provides value to customers over the entire customer journey.

Engagement score

This key performance indicator calculates omnichannel strategies’ quality. This metric measures the level of engagement with the omnichannel approach. It is important to measure customer engagement to ensure that customers are actively engaging with omnichannel marketing. Engagement score can include the conversion from registrants to attendees for online events or webinars, from impression to download (medical materials), and from a visit to registration (medical portals).

Loyalty Score

The customer loyalty score (CLS) is a key indicator for measuring omnichannel strategies’ performance. This metric measures the number of customers who remain loyal to the brand. It is important to measure customer loyalty to ensure that the omnichannel strategy provides lifetime customer value.

NPS (Net promoter score)

The net promoter score (or net patient score in pharma) is a vital metric that can help businesses evaluate their activities and make informed decisions. With the rise of omnichannel marketing, it has become increasingly important to track patient impression and engagement across multiple touchpoints. The net patient score is calculated by subtracting the percentage of detractors from the percentage of promoters, providing a clear picture of how patients feel about a particular brand or product. By monitoring this KPI, pharma companies can identify areas of improvement and optimize their marketing strategies to better meet the needs and expectations of their customers. In today’s competitive marketplace, understanding the net patient score and other omnichannel KPIs is crucial for success.

By tracking these omnichannel metrics and KPIs, companies can gain valuable insights into their omnichannel strategy’s performance and identify improvement areas. Through tracking these KPIs, companies can ensure that their omnichannel approach is effective and delivers more value to customers.

How to Begin with Omnichannel KPIs?

Omnichannel key performance indicators are essential for pharma companies to track and improve the conversion rate. By understanding the performance of offline and online channels, companies can make data-driven decisions that influence communication and even turn a completely new customer into a lifetime customer.

First, you must identify relevant KPIs that are most important for your business model. Many omnichannel KPIs are available, but not all are relevant to your company’s needs. Consider factors like customer lifetime value, average order value, and conversion rates from each channel. Once you’ve identified the most important KPIs for you, you can start tracking them.

Next, you must set up a system to track your omnichannel KPIs. This could involve setting up web analytics, utilizing customer relationship management (CRM) software, and/or developing custom dashboards. The data you collect should include information on customer behavior, product performance, and marketing effectiveness.

Finally, you must ensure that you are measuring the right metrics. Omnichannel KPIs are only as valuable as the data they provide. Make sure that you are collecting accurate and up-to-date data and analyzing it in a way that will provide meaningful insights.

Following these steps, you can begin tracking the omnichannel key performance indicators most important to your business. This data can help you understand how your channels perform and make data-driven decisions that will help to attract customers and improve conversion rates.

Learn more about the role of KPIs in the omnichannel approach from Viseven’s Head of Omnichannel Excellence, Pavel Klymenko — fill out the form here to get the recording.

If you want to improve your customer engagement strategy, do not hesitate to contact us. Our experts will reach out shortly.

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