The Benefits of Establishing a Measurement Framework
On February 1, MM&M co-hosted with sponsor IQVIA an intensive half-day event, titled, “Gauging Pharma Campaign Lift: Why the process gets derailed and how to fix it.” Held in Princeton, NJ, discourse throughout the day focused on how to leverage data, not only to drive measurable impact on the top and bottom lines, but also to help orchestrate customer touchpoints in multichannel campaigns.
Event keynoters provided strategies to overcome institutional obstacles and educated participants about the benefits of establishing a measurement framework. Speakers from Eli Lilly and Merck, well versed in HCP and consumer marketing, respectively, discussed how to justify investments, set expectations, and achieve organizational alignment.
In his presentation, Kirk Keaffaber, senior director of integrated marketing/MCE, Eli Lilly and Company, addressed “The Measurement Roller Coaster.” He noted that most of pharma is not engaged in measured marketing; historically, it hasn't needed to be. But as the industry modernizes, and with the advent of the internet, social media, and digital marketing, measurement is increasingly essential. To build a campaign that includes measurement, much effort is required. To build the structure and pull a campaign uphill, it is wise to bring on partners to help.
Jarrett Roth, associate director US marketing, Merck and Co. Inc., tackled “Every DTC Strategy Needs a Measurement Campaign.” “Creating a measurement plan at the outset of your campaign is key,” Roth said. “It gives you the chance to set goals and benchmarks.”
Also key is measuring throughout your campaign. It gives you the opportunity to see if you are meeting your goals, and if not, the opportunity to pivot, said Roth. If performance data shows certain channels are underperforming, you can fine tune strategy, make changes, and reset expectations. The hope is to optimize and continue along on a trajectory towards success. At the least, armed with the latest data, you are building confidence in your leadership.
Peter Stark, GM, U.S. multichannel marketing, IQVIA, discussed “Overcoming organizational obstacles and strategies to move forward.” Traditionally, he reported, pharma placed much of its investment and importance on the sales force, not on multichannel or digital marketing. The focus was not on optimization. But, noted Stark, “We're living in a world where it's not just sales and marketing. It's engagement. Sales and marketing are just another way by which we engage.”
Springboard is IQVIA's method to meet the challenge of aligning an organization's leadership and assessing its maturity, Stark explained. Through this process, senior leadership aligns on priorities and next steps, and develops a plan to more forward that includes data consolidation, breaking down organizational silos, and acknowledgement of where investments must be made. The process is focused on creating a culture of optimization.
Following the formal presentations, audience members, speakers, and IQVIA representatives broke into smaller-sized groups for interactive sessions and then shared insights with the group at large. Participants discussed in more detail the barriers faced on the road to measurement.
One of the day's most memorable pieces of advice, “Create a culture of optimization,” came from Stark –a fitting way to sum up this educational event.