Following the lead of many others, the pharmaceutical industry is shifting to a customer-centric business model in order to drive growth and deliver cost efficiencies. This new environment will require a brand to think differently about their relationships with customers, as the customer-centric approach recognizes that consumers want to get information for their individual needs on their own terms.
Before a brand decides to build relevant relationships with customers, the below challenges must be addressed:
- How can we accelerate growth for my mid-lifecycle brand?
- Are there more customers who could help grow my brand?
- How can we maximize ROI for my mature brand?
- What are the implications of budget reallocation?
- How can we optimize our current campaign?
The customer-centric evolution is built on data, analytics, customer connectivity, continuous change, and technology. Integrating new intelligence and methodologies to solve today’s challenges allows a brand to adopt customer-centric practices to drive growth and optimize investment. This evolution dictates an organization change requiring a new level of intelligence and technology.
The best data strategies still begin with traditional customer demographics, which allow you to draw correlations and understand historical behavior. By expanding data exploration and analyzing this data together in a way that has not traditionally been done before, brand managers can gain an even deeper understanding of both customer behavior and sensitivities.
The introduction of new data produces complexities and technology challenges with many legacy systems. There are a variety of options available to build data foundations for brands that do not have the depth needed to achieve this customer understanding. Standardizing data into a consistent framework, enables an analytic ecosystem and provides a 360-degree view of your customer, this is the key.
Utilizing Advanced Customer-Centric Analytic Methodologies
Translating the complex information into knowledge requires advanced analytic methodologies. Various modeling techniques and predictive algorithms can help brand managers to derive associations, facilitate comparisons, and uncover causal relationships generating insights that lead to deeper customer understanding and higher performance. In combination with viewing data in a customer-centric analytic lens, new customer insights are discovered. These insights will reveal customer behavior and sensitivities, predict value potential and likely responses to promotions while answering the following questions:
- What brand behavior needs to be changed?
- Who are the right customers?
- What are the most effective and efficient ways for our brand to engage with them?
Standard analytics primarily look at correlative relationships, such as when A occurs, B also occurs, but a customer-centric analytic lens observes a causal relationship and identifies how one variable affects a second variable. Exploring causal relationships across expanded data allows brands to fully identify value potential, predict how customers are likely to respond to promotion, and understand behavior triggers. Pharmaceutical data scientists understand the business behind this data allowing them to determine relevancy, correct for bias, and draw sound conclusions.
Connecting with Your Customer
The insights revealed through a customer-centric analytic lens can drive new customer strategies designed to continuously elevate brand engagement and optimize ROI while defining how to build the right relationship with the right customer. True customer engagement is similar to a dialogue that strategically layers personal and multi-channel interactions offering content based on customer needs and delivering content when and how customers choose to receive it.
Promotional thinking shifts from campaigns to conversations in a customer-centric world. True success shifts from quantity of brand-customer interactions to the quality of fewer connections. A fully developed customer engagement setting will move beyond segmented campaigns.
Once communications are implemented, a constant feedback loop delivers new information that allows for performance optimization. Key Performance Indicators (KPI), established as part of every engagement strategy, are aligned to your brand’s strategic priorities. KPI’s define what you want to achieve and evaluate the engagement quality, incremental customer performance, and ROI. The continuous input of data into the analytic ecosystem allows the right adjustments to be made to target audience, channel mix, message, and allocation of value added assets. Modifications to the conversation are customer-led rather than channel-led.
Beginning Your Journey
The customer-centric journey begins with vision alignment across the organization, with agency partners and channel vendors. This includes expanded data, new analytic approaches, conversations versus campaigns, different measurement plans and new technology.
The key to success lies in identifying the right partner for the journey. For more information, please visit the link below.