
Category: Pharma & LifeSciences
Data Analytics: Discovering the possibilities in Pharma Marketing & Sales
Nowadays, people are greatly dependent on technology to
carry out their everyday activities. The urge for social media and the internet
is rising every new day. In this technology studded world, the role of big data
is growing bigger and more important in the pharmaceutical industry. The
digital wave and big data have extensively transformed each and every market
around the world. The pharma industry is rapidly moving towards digital transformation but embracing digital marketing skills and tools. Big data is
becoming a vital tool to reduce the expenses of the pharma industry.
Pharmaceutical industry is adopting big data analytics and
other analytics tools at a much slower rate as compared to that of major
industries like manufacturing, retail, and automotive. Traditional
pharmaceutical companies gained higher profit margins without even investing in
marketing activities. But in today’s scenario, due to the rising competition,
the pharma market has started utilizing extensive informatics & highly
advanced data analytics tools to accelerate market shares and build powerful
commercial value in the market.
Big Data Analytics Renders Excellent Data & Insights
With increasing regulatory frameworks and market
competition, the major pharmaceutical companies are adopting big data analytics
and advanced solutions like market analytics and predictive analytics. This is how it contributes towards Pharma Marketing:
- Plan effective promotional activities and
enhance marketing strategies with impact insights derived from marketing
analytics tools and techniques.
- Elevate the performance if existing product
lines. With big data analytics, in-depth pharma market analysis can be done and
niche customer market segments can be easily targeted.
- Predictive analytics can help pharma companies
to accelerate their influence of marketing activities and simply measure their
marketing ROI.
- Produce effective materials and communication
messages to target right patients and to ensure it reaches them at the right
time through the right medium; thereby optimally utilizing
resources.
Enhancing Pharmaceutical Sales
Pharma companies have a staggering amount of data in its arsenal and the goal of the marketing department is to optimally use data in order to deliver better results. Predictive marketing utilizes machine learning to provide accurate insights to encourage sales from the already existing as well as new customers. Pharma Sales largely depends upon the customer funnel – from customer behavior to insights, the effectiveness of ads/ campaigns, enhancing customer lifetime values and customer retention. Companies can easily reach these goals with predictive analysis. It derives patterns within the data that are gained from the customer touch points. Predictive technology gains predictions from data for each individual for driving powerful decisions. This helps in utilizing data science which identifies common characteristics of the accounts that were won by sales and it also predicts the likelihood of closing each prospect.
Let us summarize the impacts of Predictive
Analytics on Pharma Sales:
- Predictive Analytics has a positive impact on
leads and accelerates conversation rates.
- It supports sales efficiency by rendering
sophisticated machine-learning techniques for sales users.
- It works more effectively and renders best
results with myriad data-sets, thus highly benefits the pharma companies.
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