The Benefits of Closed-loop Marketing for Pharma Companies
Closed-Loop Marketing (CLM) is a digital marketing concept & tool used for knowing your customer better. With this new concept’s debut, CLM impacts pharma companies significantly. It creates a significant change in corporate culture and working methods.
The goal is to build a positive bond between a target and a sales-oriented multi-channel digital marketing tool. CLM gathers the feedback, preferences, and attitudes of Healthcare professionals (HCPs) while updating the information in real-time. This personalizes the messaging based on the feedback received. The CLM analyzes each HCP’s reaction to key information delivered through various content (videos, images, PowerPoint presentations, questionnaires, etc.) and adapts the messages and marketing approach accordingly.
CLM is fundamental to the customer relationship. It enables improved targeted marketing thanks to better measurement of KPIs. CLM processes have spread rapidly worldwide, especially with the increased popularity of iPad devices.
Life science and biotech companies need to turn toward new communication channels
Since the 2000s, the profile of HCPs has been changing: 67% of HCPs are using mobile technology as part of their job – they are used to accessing information easily and rapidly. They also have less time for representatives (reps) meetings.
HCPs require information at all times, from any location, and in any format. Although the majority still favors face-to-face contact, a sizable proportion prefers digital communication. However, not all countries are equal in terms of digital maturity: The United States and Japan are very advanced in digital communication. Many HCPs are requesting digital communications. On the other hand, Europe is digitally lagging considerably behind.
Customers today request offers adapted to their preferences, as they aspire to be valued as individuals. It is the case in various sectors like the retail and the pharmaceutical industries. That’s why pharma companies must include in their communication the notion of customer experience and build a digital strategy focused on a personalized offer.
These new trends are a real opportunity for laboratories to develop new e-detailing strategies (i.e. digitalization of sales content on a mobile device).
The benefits of Closed-Loop Marketing: an innovative and essential tool for life science & biotech companies
1. CLM allows pharma companies a more accurate HCP targeting and a better-defined market segmentation. Understanding the preferences and behaviors of HCPs permits a sharp targeting strategy, defined by adapted content to every customer. Therefore, each key message hits the target and there is no irrelevant or non-informative data submitted to the physician.
2. Once analyzed, data from the CLM provides real insight into the profiles, preferences, and habits of each HCP. Moreover, it allows to measure precisely the ROI (Return on Investment) of the marketing strategies by indicating the best working channel, the greatest impact campaigns, etc.
3. By offering content adapted to the profile of each HCP, CLM allows to give value to each one. It makes it possible to strengthen the engagement and the relationship between the physician and the representative while enriching their interaction. Also, CLM does not disrupt interaction between HCPs and reps; instead, it ensures a continuous relationship.
CLM offers great opportunities for life science and biotech companies to develop a personalized relationship with each HCP and refine their marketing strategy so that every key message hits its target. Some pharma companies have already deployed the CLM, but it is a long and bumpy ride. The implementation must be done carefully and include all the benefits and vigilance points of the tool.