DATA JUKEBOX
  • Home
  • About us
  • Overview
  • Portfolio
  • Trends
  • Blog
  • Contact

Blog

What is personalization?

8/7/2023

 

​In marketing, personalization is when seller organizations use data to tailor messages to specific users’ preferences.

McKinsey Article
May 2023
Picture
Personalization marketing has real advantages for companies: it can reduce customer acquisition costs by as much as 50 percent, lift revenues by 5 to 15 percent, and increase marketing ROI by 10 to 30 percent. Personalization has also been shown to improve performance and provide better customer outcomes. Companies with faster growth rates derive 40 percent more of their revenue from personalization than their slower-growing counterparts.

​Empathy will scale. Empathy is the basis of all strong relationships. Understanding social cues and adapting to them builds trust. And it’s not easy to do digitally or at scale. Machine learning is changing that. Sophisticated algorithms are allowing programs to extrapolate emotions from data more easily. Ultimately, these advances can help marketers respond to customers’ specific moods.
link to article
Multiple studies show that HCPs (as we all) prefer specific channels and respond well to a personalized communication by pharma companies. AI and machine learning algorithms are able to predict the channel preference and preferred communication style for each HCP.  

We see these positive effects of effective personalization on empathy and trust on a daily basis. Precise data at doctor level helps sales representatives and marketing departments to drive relationship and growth.

HCP Channel preference in 2023

30/5/2023

 

​For Physicians and Pharma, Hybrid Engagement Is the New Normal

Boston Consulting Study
​April 2023

Picture
For health care professionals (HCPs), the new normal is hybrid. Virtual engagement channels are clearly here to stay: webinars, video calls, and telemedicine, in particular, are now firmly established as core channels for engagement. 
​
Overall, 84% of physicians prefer to maintain or increase the share of virtual interactions with pharma companies:
  • Offering a variety of different channels, including those for both face-to-face and virtual engagement, is more effective than providing ones for face-to-face-only or virtual-only contact.
  • Virtual models can drive increased efficiency—particularly for specific therapeutic areas, markets, or life stages of a product—making consideration of these factors important when setting the overall engagement mix.
  • Companies should personalize the mix of engagement channels for HCPs.
The use and timing of each channel should be based on consideration of physician preferences, behavioral patterns, and schedules, as well as practice-specific and regional factors.
Link to Article
The findings are in line with our experience: Most HCPs prefer being addressed at their preferred channel (email, phone, video chat, face to face) rather than a one-size-fits-all channel.
Pharmaceutical companies are now able to customize the optimal channel for each doctor based on their individual personality and preference. These insights help to improve communication and relationships with HCPs, including digital opinion leaders and other influencers.
​
Note on 
Channel preference vs Acceptance: Historically, the metrics to identify the optimal channel were linked to the acceptance rate (clicks, emails opened). This information identified the accepted channel(s), however did not necessarily indicate what the HCP actually wants/ prefers. Fortunately this challenge has been overcome and the actual channel preference for each HCP can now be identified.

Elevating customer understanding leveraging AI

14/3/2023

 

​Advanced digital HCP segmentation
Elevating customer understanding leveraging AI


​Deloitte Whitepaper
​October 2022
Picture

​Traditionally, customer segmentation tended to follow a qualitative and hypothesis-driven approach. The definitions of HCP segments were based primarily on subjective evaluation by the field force, and therefore, potentially biased reasoning.
In today’s fast-paced and competitive environment, companies need to make the segmentation process more objective and robust by leveraging the growing amount of available information on HCPs.
Advanced digital segmentation approach enables to define data-driven HCP segments by means of AI and machine learning algorithms. This approach relies on the identification of hidden patterns from data to group customers into segments based on individual behaviours. Such behaviours can be detected along different dimensions depending on the primary segmentation focus.
LINK TO Article
Sales segmentation has come a long way from the traditional approach described above. Today, pharma companies benefit from AI driven predictions of HCP level sales potential. This precise segmentation at doctor level is particularly helpful when launching new products or branching into new therapeutic areas. With these insights, companies are able to roll out highly targeted sales and marketing initiatives. 
In some cases (for example rare diseases) the majority of prescription will be driven by a handful of HCPs. Advanced AI algorithms are able to identify them - even before product launch.

Omnichannel engagement in Medtech

11/1/2023

 

​Omnichannel engagement in Medtech - The time is now


McKinsey Article
May 2021

Picture
​Leading Medtech companies are shifting to omnichannel models to build personalized engagement and stronger relationships with healthcare professionals, which will ultimately translate into better care for patients.
In the most advanced applications, machine-learning algorithms use data on stakeholder characteristics, to simulate the content, channels that will create the best experience for a given stakeholder or healthcare institution. A “recommendation engine” can then be developed to suggest which step a sales rep or other professional can best take to engage a particular stakeholder.
link to article
We agree with the findings and see a strong related trend in the pharma and medical devices space:
HCPs tend to expect more personalized interactions with pharma and medical device companies.
The right content and optimal channel in marketing has an increasing importance and benefit for both parties.
Not only omnichannel, but personalized omnichannel appears to be the new level and expectation. 
​

The "new" rules of healthcare provider engagement

15/11/2022

 

The "new" rules of healthcare provider engagement

Accenture Article
December 2021

Picture
When asked in 2020, healthcare providers (HCPs) told us that COVID-19 was driving lasting change in what they need and value and how they want to engage with pharmaceutical companies. They indicated that pharma companies had shown improvement in both relevance and the support services they provide.
​HCPs most value connections that blend the best of virtual and in-person, focused on the needs of their patients.
LINK to article
Reviewing this interesting article after 12 months of its appearance shows how much of a change happened in very little time:
Despite Covid-19 restrictions mostly discontinued, pharma companies have not gone back to the old ways of one size fits all channel. Based on new technologies and insights they now cater to the actual channel preference of HCPs.
As each HCP tends to prefer one channel (email, phone, video chat, face to face) the use of the preferred channel has shown to provide multiple benefits. These include improved relationships, efficiencies an ROI.

Demystifying the omnichannel commercial model for pharma companies

17/8/2022

 

​Demystifying the omnichannel commercial model for pharma companies in Asia

​McKinsey
January 2022


Picture
An analytics-enabled omnichannel commercial model can elevate HCP engagement, but many pharma companies are not sure where to start. 
Analytics can transform the HCP experience to enable highest-impact engagements.
​Predictions on initiation potential, growth potential, and impact of interactions—answering what is likely to happen in future through machine learning–powered predictive analytics.
Importantly, predictive performance can be boosted over time through data updates. Specifically, for an individual HCP or a microsegment of HCPs, the model can help predict a variety of scenarios at specific moments in time, such as the likelihood to initiate first patient, expect increased patient numbers with the prescription of interest, respond positively to reps’ face-to-face visits that are focused on benefits for a particular patient population, stem declining share, or start prescribing drug in the next six months.
​Such insights guide optimization of sales-force deployment across HCP segments and prioritization of HCPs within a territory.
LINK to article
Data powered customer segmentation and omnichannel strategy is at the heart of many pharma companies.
As HCPs expectations increase in terms of personalized communication, pharma companies now have access to precise insights on channel preference and other HCP characteristics.
These tools are powered by AI and help to improve communication and sales effectiveness.
The technology allows doctor level insights to be produced within a few weeks. This compares with traditional approaches that took multiple months to complete.

A new operating model for pharma: How the pandemic has influenced priorities

3/5/2022

 

A new operating model for pharma: How the pandemic has influenced priorities

​McKinsey Article
December 2021

Picture
The COVID-19 pandemic has prompted pharma companies to rethink their organizational strategies.
​At the top of the list is the broader development of digital and analytic capabilities. That development was a high priority before the COVID-19 pandemic, but many companies are now doubling down on building these capabilities to strengthen virtual interactions with healthcare professionals, give more employees more data and information for fast decision making, and facilitate seamless engagement with stakeholders.
Until recently, few companies saw reason to change the traditional “push” marketing model, whereby sales representatives largely relied on face-to-face meetings with HCPs. During the pandemic, however, physical meetings have often been barred because of pandemic protocols, and HCPs have been too busy to meet with salesforce personnel—physically or virtually.
Companies are also newly prioritizing HCPs’ and other stakeholders’ access to subject-matter experts.
link to article
Only a few months after this article the new reality is already established in the pharma industry:
The trend to use data for marketing and sales initiatives has not only been accelerated by COVID-19 - most companies already have embraced and established a data drive culture by now.
The reasons for this speed are multiple: HCP expectations, global competition, cost pressure, new product launches, speed to market requirements, limitation of physical meetings etc.
Precise sales potential, channel preference and other data based on new technologies can help pharma companies to address these challenges.

Pharma Marketing’s Data-Driven Omnichannel Future: Four Interconnected Themes

15/3/2022

 

Pharma Marketing’s Data-Driven Omnichannel Future: Four Interconnected Themes.

Reuters Pharma Article
December 2021
​
Picture
Omnichannel engagement is the key to creating personalized customer experiences and relevancy, but it remains something of a holy grail within the pharmaceutical industry. 
As marketers, we’re instinctively drawn to “shiny new objects,” but the relentless pursuit of innovative tactics and novel channels risks creating fragmented customer experiences.
Content is still king, but pharmaceutical companies now need to shift their content creation engines into top gear to deliver dynamic, relevant content to HCPs at different stages in their journey.
​Far from displacing the field force, the pharmaceutical industry’s move towards data-driven decision-making reaffirms the critical position of sales reps and MSLs at the heart of the organization.

​The opportunity here is to start creating the right content through the right channels that really have an impact. The new data capabilities will enable reps to become “superheroes in the field,” by empowering them with greater insights, increasing their relevancy, and helping to elevate their relationship with HCPs. 
Link to article
Personalized customer experiences rely on data at doctor level: This data includes individual channel preference, persona, interest and personality.
These insights allow pharma companies to meet the customer at their preferred channel, using the right tone and relevant content.
As AI has moved to the next level this holy grail is now available in the pharma and medical devices sector.
Each HCP of an entire country can be assessed and optimal customer experience can be achieved using the resulting insights.
The reps of leading pharma companies already become "superheroes in the field" and relevancy and relationships are elevating as a result.

The rise of digital marketing in medtech

12/1/2022

 

​The rise of digital marketing in medtech

McKinsey Article
September 2021
Picture
Digital marketing offers medtech companies powerful ways to personalize engagement with healthcare professionals and respond to their changing needs.
More than 90 percent of surveyed companies reported that the success of their digital marketing had improved by 10 percent or more.
With most trade shows and conferences canceled because of the pandemic, medtech product launches have largely shifted to digital channels. Among the companies in our survey, 80 percent reported having used email and social-media campaigns to launch a new product in 2020, while 65 percent had launched products at online conferences.
​By using a coordinated, multichannel approach to marketing campaigns, medtech companies are able to engage with HCPs at the right time with the right message in the right format.
​Successful companies are including digital campaigns along with more traditional channels, such as inside sales and face-to-face rep visits, as an important component of their omnichannel strategy to reach HCPs.
LINK TO ARTICLE
Digital marketing capabilities have been growing in the pharma industry since a number of years.
Covid-19 has increased the speed of adoption - both from HCP side and from pharma company side.
Many pharma companies seek as next step to identify the best channels - both physical and digital - to meet the HCP at their individual preferred channel.
New technologies based on AI are now available in support of this - to identify the preferred channel at a doctor level.
Another opportunity is to identify the HCPs social network engagement levels. Precise and up to date snapshots of each doctor can help to optimize the evolving digital marketing strategies.

The post-COVID future of physician sample access and engagement

12/10/2021

 

The post-COVID future of physician sample access and engagement
Pharmaphorum article
​September 2021

Picture
Building modern commercialization strategies requires pharma to find the right balance of old ways and new approaches.
One of the most significant challenges for pharma companies to navigate was how to continue to access and engage with healthcare providers (HCPs) as part of the commercialization strategy.
With increased usage of digital tools including tele-detailing, tele-sampling and direct-to-physician sampling during the pandemic, many teams are questioning whether in-office pharma sales rep visits will decrease over the long term. The answer is probably, but to stop using them entirely would be short-sighted.
Recognizing the drastic divide in preferences among HCPs, pharma teams and their partners must deliver more sampling options to effectively reach their entire target market.
“An omnichannel approach will be the key to driving forward a futuristic commercialization strategy”
link to article
The pandemic has certainly increased the speed of adoption of new channels. However, this trend is not new and can bring benefits aside form efficiency and access:
Multiple studies show that we all have tendencies of channels we prefer. Identifying the preferred channel of each doctor can help improve communication and relationship between HCP and pharma company.
These preferences and related opportunities are present regardless of pandemics or other challenges.
<<Previous

    About

    In this blog we review important articles from global thought leaders  (McKinsey, BCG..) and reflect on our related experience in the pharma and medical devices sector.

    Categories

    All
    Artificial Intelligence
    Channel Preference
    Digital Strategy
    Omnichannel
    Sales Potential

    Archives

    July 2023
    May 2023
    March 2023
    January 2023
    November 2022
    August 2022
    May 2022
    March 2022
    January 2022
    October 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    July 2020

HOME | OVERVIEW | PORTFOLIO | ABOUT US | ​CONTACT | DATA PRIVACY POLICY | DJ4GOOD
Picture
© Data Jukebox 2023 - ALL RIGHTS RESERVED.
  • Home
  • About us
  • Overview
  • Portfolio
  • Trends
  • Blog
  • Contact