Optimizing omnichannel marketing efforts with a data and analytics-powered measurement framework

25 Sep 2023

The life sciences industry is undergoing a remarkable transformation in how it engages with Healthcare Professionals (HCPs). The advancement of omnichannel capabilities is empowering companies to gain deeper insights into the needs of HCPs and deliver personalized experiences. As a result, companies are significantly increasing their investments in this space.

However, as these investments climb higher, a critical question emerges: How effective are these omnichannel capabilities really proving to be?

At the Indegene Digital Summit, industry experts Brandon Drew (UCB), Jane Urban (Otsuka), Daniel Kuo (Takeda) and Suyash Singh (Janssen) delved into the significance of omnichannel measurement and optimization frameworks, shedding light on how companies can gauge the true impact of their omnichannel efforts.

The key takeaways from their discussion are summarized below.

Measuring impact and ROI

The panel emphasized the importance of understanding the interconnection between customer and campaign data, as well as how different channels are interwoven into the customer journey. This understanding is imperative for evaluating the effectiveness of omnichannel tactics. They stressed the need to assess not only digital channels but also to compare them against non-personal and in-person promotions. This approach helps in better understanding the customer journey, identifying the audience’s challenges, and assessing how effectively their tools contribute to problem-solving.

If you can develop a promotional marketing mix and essentially determine your ROI through various approaches, that would yield significant benefits. This process entails a substantial amount of data analysis, nuanced understanding, and decision-making regarding business rules

– Jane Urban

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Companies must adopt a dual approach to measurement. On one hand, a bottom-up, detailed approach is necessary. On the other hand, a top-down approach is crucial to determine if your investment aligns with the value you are deriving. This retrospective assessment helps you gauge whether you have witnessed a significant performance change over time after implementing different capabilities.

Managing change

Panellists highlighted the importance of change management as companies embark on the omnichannel measurement journey. These changes include adjustments to technology, processes, leadership-level change management, upskilling the existing workforce, and recruiting new talent.

For change management, a central top-down Center of Excellence initiative isn't sufficient. We must ensure consistency in metrics across various partners, media agencies, and brands

– Suyash Singh

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Building the right talent

The panel echoed the importance of assembling a significant mix of internal individuals who possess an in-depth understanding of the company, and external experts who bring their knowledge and experience from various backgrounds and organizations. Finding the right balance between these two groups is crucial. According to the panel, a good starting point is to form a coalition of the willing - individuals who genuinely express excitement about embarking on this journey.

Addressing the “cold start” data challenge

Panelists suggested that leading indicators serve as the best guide for deciding what steps to take next when teams lack sufficient data. As Jane Urban put it, "You have to pick up a shovel and find the best data you can with what you already have going on."

Focusing on engagement metrics, whether through field or digital channels, such as open rates and click-through rates is crucial. Additionally, conducting sentiment and perception analysis (ideally in the first three to six months), which involves qualitative and quantitative feedback received through surveys from HCPs, doctors, and representatives helps companies gauge if something is working or if they have encountered a major issue that needs addressing.

Building “fit-for-purpose” omnichannel models

While building an omnichannel strategy, it is crucial to respect and understand the strategic competitiveness for each brand. The panel echoed the importance of determining the fit-for-purpose omnichannel solution and omnichannel measurement solution required for a particular brand.

Instead of trying to force what we have in place to work across the board, we need to adapt to the unique needs of each brand

– Daniel Kuo

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Daniel also emphasized that a good measurement framework should be channel-agnostic. It shouldn't matter which channels are added into the mix. Ultimately, the objective is to measure the same things, moving from leading indicators to lagging ones. Hence, having a clear view of the objectives is essential.

Conducting “controlled” experiments

The panel agreed that conducting omnichannel controlled tests is a surefire way to bring consistency to the process and provide teams with the ability to optimize omnichannel efforts based on their findings. These tests provide a structured framework for comparing and contrasting different omnichannel strategies or elements within the omnichannel marketing ecosystem. This enables organizations to evaluate what works and what doesn't across channels and make data-driven decisions based on that.

It's about finding those pockets where you have the chance to experiment, whether it's with the next best action functionality or modular, dynamic content

– Brandon Drew

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Conclusion

The panel underscored the critical importance of omnichannel marketing in optimizing marketing efforts, emphasizing the need for robust measurement and analytics-powered frameworks, managing change effectively, building a diverse talent pool, addressing data challenges, tailoring omnichannel models to individual brand needs, etc. Companies that seize this opportunity will be comfortably poised to achieve unparalleled excellence in omnichannel activities.

Explore how Indegene accelerated major drug launches with effective omnichannel orchestration and delivered a 28% boost in open rate.