Imagine the impact of a successfully conceived and executed marketing strategy: heightened brand visibility and reputation as well as increased market share and revenue. Effective brand teams draw a direct link between investment and results — and they prioritize elements in their marketing mixes based on the impact of each activity, channel or promotional tool.
Discover how 28 top pharmaceutical and biotech teams have built their products’ marketing plans, then explore the brand lift derived from each investment decision:
Get the most out of your marketing money
See which activities generate the most revenue as you examine investments in nine key marketing activities. Follow teams as they prioritize certain channels over others — including physician and patient marketing, web-based and mobile tools, and other critical platforms.
Track ROI and brand lift to ensure effective campaigns
Explore the returns generated by those nine key marketing activities via six brand lift measures — as well as innovative techniques for building an optimal balance of hard and soft ROI metrics. Along the way, learn new strategies for overcoming common problems in proving marketing impact.
Uncover marketing spending trends
Peruse 15 brand profiles to see, on a drug-by-drug basis, how teams prioritize their marketing investments — and either benefit or suffer as a direct result. Isolate the impact of critical promotional activities, and learn how teams would allocate a 10% budget increase.
The following excerpt is taken from Chapter 1, “Marketing Budget Allocation.” The full chapter examines marketing activities’ benefits and challenges, as well as surveyed companies’ interest in increasing spending on these activities going forward. Another topic explored in this chapter is web-based activities, including product websites, email-based campaigns, social media usage and online advertising.
Plans for Future Funding
Cutting Edge Information’s survey asked marketing executives how they would allocate a 10% budget increase if one were granted; their responses varied. Figure 1.7 [which appears in the brochure downloadable from this website] shows that provider support receives the largest amount of the budget increase on average, with 23% of the increase going to provider support activities. This category — which includes activities directed toward assisting physicians in prescribing a medication and in getting the prescription filled — contributes directly to the bottom line. The paperwork associated with reimbursement for these products can be a burden, and many patients cannot afford the full cost of the product. Provider support activities help the physician ensure that these issues do not hinder patients’ access to the product. If writing a prescription for a product means that the patient and the physician’s office will be drawn into time-consuming paperwork, the doctor may select another product instead.
Disease education and patient adherence would receive a large amount of the budget increase, at 13% each. These activities received a relatively low level of initial funding, and the increase would allow companies to fund patient-directed activities outside of mass-market advertising.
Figure 1.8 [which appears in the brochure downloadable from this website] shows that these three activities receive the majority of budget increase in the United States as well. Once again, provider support activities receive the largest amount of the budget increase, with 35% of the total increase directed toward these activities. Disease education and patient adherence total 33% of the budget increase. Other activities would receive a relatively low amount of funding. Notably, no company surveyed reports that it would put any additional money to mass-market advertising in the United States, despite mass-market advertising consuming the largest amount of the current budget. Mass-market activity is expensive, and companies do not see a high return for additional money aimed at these activities.