Closed Loop Marketing Done Right, Significantly Drives ROI
The more you know about your customers, the better your marketing will be and subsequently, the better your sales. However, is it really that simple? If you’ve ever tried to dip your feet in the murky waters of marketing, especially in the complicated world of Pharma, you know how far-fetched this statement is.
The truth is, marketing is challenging. The countless customer relationship managements systems available, not to mention the nearly limitless marketing channels, are all too often disconnected from the customer. Marketing activities that don’t take the customers’ pulse, don’t listen to their preferences (and probably more carefully to their aversions) frequently end up off the mark.
The secret to successful marketing is neither a tool nor a campaign; it’s an underlying strategy. In the Life Sciences market, your best bet for marketing strategy is based on Closed Loop Marketing (CLM).
Closed Loop Marketing changes the status quo of what organizations expect from their marketing investments. No longer will you be satisfied with so-so results. No longer will you wonder what’s really working, and guess what’s not.
CLM drives results, giving Pharma management key insights and data on their marketing strategies, improving marketing returns and, ultimately, driving conversions.
What is closed loop marketing?
Closed Loop Marketing, as the name suggests, is a finely tuned feedback loop that monitors marketing activities, measures success and allows you to tweak and adjust to constantly improve results.
CLM continuously captures data on marketing touch points employed in campaigns and correlates your sales team’s actions with your marketing team’s activities. It delivers a picture of the effect of every piece of marketing collateral and the kind of results it gets – whether good or bad.
CLM monitors the data gleaned from mobile devices, content that lives in the Cloud, social platforms, web site clicks, even speaker engagements and events, providing instant, real-time interaction between sales reps, managers and marketing personnel in the Pharma organization.
What can CLM do?
Closed Loop Marketing programs enable Pharma companies to:
· Personalize content for multiple audiences.
· Maximize insights based on data (including third party)
· Measure feedback from physicians and other vendors.
· Course correct campaigns based on feedback.
Essentially, Closed Loop Marketing tracks and analyzes a number of data types, from transactional to behavioral. Transactional responses range from real-time feedback on opt-ins and click-throughs, email open rates and document downloads, time spent on website pages and channel preference based on segments. Behavioral data records physician prescribing patterns, preference for media channels and engagement patterns.
With the key insights that data provides, combining transactional and behavioral activities, and correlating it with sales performance, Pharma organizations gain significant leverage when personalizing content and interacting with clients.
Once the data is collected, IT teams gather with creative, marketing and sales teams to develop responsive content and messaging that’s continually improved upon, based on the cyclical nature of interacting with physicians, tracking data and adjusting messages.
Benefits for Pharma
Organizations that invest in CLM and do it right – collecting ALL the data that matters, and analyzing it to understand interdependencies and correlations between cause and effect – realize notable benefits:
Targeting the right channels
Investing in Closed Loop Marketing ensures your organization knows which marketing events are getting traction and which conversion channels are drawing the most engagement and traffic.
By identifying the strategies that are working, you can identify patterns of behavior that are consistent across the board, and engage these behaviors to qualify leads and ultimately convert prescribers.
CLM essentially provides you with strategic intelligence to get to the right targets, at the right time, in the right ways.
Knowing your audience – Better prepare for sales calls
Every marketer understands that it’s important to “know thy audience.” But the rub is in knowing how to really get to know your audience, and CLM lights the way.
Analyzing the sales cycle from every angle helps build accurate prescriber personas and dig into their needs and challenges.
With this information in hand, teams can better prepare for sales calls and respond to objections physicians have to a certain drug (and educate them on its primary features or benefits) or adopt better marketing collateral to overcome cost issues.
Decreasing the sales cycle
Better knowledge of your audience results in improved marketing communications that lead to a shorter sales cycle. Ultimately, decreasing the sales cycle results in considerable savings to your organization.
CLM is a powerful marketing strategy. It requires robust analytics to perform it right – integrating the various data that is involved in the marketing-sales cycle, and analyzing it well to actually understand how one activity influences another, how an event affects prescribers’ behavior, how marketing impacts sales.
When analysis is timely and easily available, users can continuously adjust their marketing activities to get the most out of them, to the benefit of the entire organization.