Big data will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus—as long as the right policies and enablers are in place (click on the title link for more information).
Traditional pharma has been data rich but has not fully acted on the insights it brings. Can pharma learn from other sector especially if it wants to move to a more customer centric model? Firstly, it needs to look at its data systems in particular its CRM. Pharma CRM is all too often primarily a sales force management tool rather than a means to improve customer communications in every channel. With the rise of digital communications (from rep ipad sales aid to social media), so much more data can be collected to give extremely detailed profiles of customers including interested, influence, influencers and drivers for behavioural change. What this offers pharma marketing teams is highly personalised communication opportunities rather than the one size fits all approach.
Amazon is a perfect example of understanding its customers and personalised communication.If you are stuck trying to find your partners ideal birthday present, just try logging in as them on Amazon and look at what it recommends (if you get nothing out of this article then this is an extremely useful top tip for solving present buying). By understanding your behaviour and comparing to other users allows, Amazon can recommend things that you may want, which improves your experience but also boosts Amazon’s sales.
Creating useful data sets for pharma is the first challenge and this should start by looking at the customer not your brand. What are the factors that will change your customer behaviour? What and who influences your customers? Understanding this can help your business shape data markers for you customers. Once you have this information on a customer-by-customer basis, pharma needs to look at its communication tools so it can effectively deliver a personalised messages. By ensuring that data is collected in a feedback loop, marketing communications can be constantly refined giving you further insights into your customers and the market. More effective communication and engagement as Amazon has shown us can only have a positive impact on sales.
Via Dave Pinnington
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