Measuring the ROI of Marketing Efforts

In a recent video interview with Pharmaceutical Executive, Amanda Powers-Han, Chief Marketing Officer, Greater Than One and Pharmaceutical Executive Advisory Board Member discussed the importance of patient engagement in pharma marketing. She emphasized the need for personalized marketing strategies that build trust and ensure data privacy. The use of AI and advanced analytics tools was highlighted as crucial for extracting meaningful insights from healthcare data. Powers-Han also addressed the evolving regulatory landscape and the importance of ethical marketing practices in the digital age. Additionally, conversation was had surrounding the challenges of measuring ROI in the pharmaceutical industry and the potential of personalized audio and video content in future marketing efforts.

How can CMOs effectively measure the return on investment (ROI) of their marketing efforts in the pharmaceutical industry, particularly in light of the long-term nature of drug development and approval processes?

That's the Holy Grail, isn't it? If in how we connect all of the marketing and the investment to the true business outcomes on the back end, there's a number of ways that we can get at that. Of course, when it comes to the leading indicators of advertising and content, we look very careful. At KPIs that we in the client together agree are the most representative of the behaviors that then will lead to those longer term outcomes in terms of brand choice and RX, we also are pushing in the context of HCP marketing to connect all of the campaigns and media to NPI level data. So, as you know, every healthcare professional has an NPI number. All of the NPP programs that we're running, we have the ability to get the NPI level data back, so we see what physicians have been exposed and what physicians have actually engaged with that content. And we have a product that we've developed greater score that creates a weighted scoring system with that NPI level data, so that we can use that data to further optimize our NPP programs. We're feeding that data back into the CRM programs with our clients, and that data is being deployed to the sales team, so that the sales team and NPP are very closely connected and synchronized.

So, the conversation that we're having create the halo effect and the connectivity ultimately that will drive those HCPs to make RX decisions that hopefully support our brands and businesses. And then, of course, there's the actual RX data. When we have the HCP level NPI data, we can, in fact, connect it to the claims data and the writing behavior. And using our own methodologies, collaborating with clients, we're able to now connect the dots between NPP program, exposure, and engagement to what is being driven in terms of script behavior at the physician level, and with confidence, define and prove the role that NPP has in terms of driving those prescribers to prescribe more the patient, caregiver side is harder. So of course, there's, you know, all of the third party studies, and we work with many of the leading third parties to be able to look at Audience Quality analyzes and then media mix modeling. And ultimately, in many cases, we can get very close to right, what is the business impact that those programs have had, but just in terms of that one to one connection that I teed up on the HCP side of the business, of course, that's not possible in terms of privacy when it comes to caregivers and patients,