Evolving Pharmaceutical Marketing Strategies: Digital as a Key Component of Multichannel Marketing
The pharmaceutical field has always experimented with and adopted technology to provide medical advancements, leading to robotic surgery systems, gene therapies, stem cell treatments, next-generation synthetic limbs and cameras that can be swallowed. However, it has been much slower to adopt new technologies in its marketing efforts, mostly relying on traditional channels and methods (Niemi, 2015). However, the decreasing effectiveness of these channels – given changing physician, patient and consumer trends in today’s increasingly digital society – is forcing an evolution of marketing strategies.
Certain digital channels and marketing methods have traditionally been perceived as too risky by pharma marketers, such as social media, Big Data for personalized targeting, and programmatic advertising. However, effective implementation of digital marketing, in conjunction with traditional channels in an integrated multichannel marketing strategy, has the ability to expand marketing reach, increase audience engagement, provide higher return on investment (ROI) and improve methods of tracking ROI for pharmaceutical companies.
While the challenges and risks posed by new channels and overhauls of traditional processes are very real, the pharma industry can no longer ignore these channels, given the widespread advantages they can provide. It should look to minimize the risks through best practices and guidelines.
Key Questions Answered
- What factors are driving change in the traditional pharma marketing strategy?
- What is a multichannel marketing strategy? What are the benefits, and how can they be implemented effectively?
- What are the different digital marketing strategies that pharma can utilize in order to keep pace with changing needs, and maintain ROI? How can these be implemented effectively?
- What are the main challenges and risks associated with digital marketing methods, and what are some potential solutions and approaches to overcoming these?
- What digital marketing strategies and campaigns have been employed by pharma in recent years?
- What are the key strategic recommendations and guidelines for digital marketing as part of an integrated multichannel marketing strategy?