The second day of Digital Pharma East 2022 opened with a simple question: Is omnichannel over?
Based on the fact that the buzzword was the theme of most of the day’s discussions, the short answer is no.
However, the next biggest theme at this year’s event was connected TV (CTV) and pharma’s continued foray into streaming services like Hulu and Netflix. Next month, Netflix will introduce its new ad tiers after years of resisting calls to join the fray of other streaming services.
During an afternoon panel focused on outcome-based marketing, execs from IQVIA, Novartis and CMI Media Group discussed CTV along with some of the challenges marketers face when showcasing business results. They also examined how to use the large amount of data pharma companies currently have to their advantage.
Over the past 18 months, data has become available to brands on a more consistent basis. In the next three to six months, this will enable even faster execution of campaigns, the panelists noted.
“Platforms that allow you to see weekly updates — things like audience quality — will help ascertain campaign data sooner,” Andrew Burkus, senior principal at IQVIA, said. “As we look toward the future, the infrastructure is starting to be in place. This is what you have to do to optimize a campaign and see better results.”
CMI Media Group’s chief media and innovation officer Justin Freid said he expects CTV will grow “exponentially” in pharma marketing going into 2023.
Firstly, he explained, the barrier to entry from a cost perspective is lower than linear TV to make an impact: “With digital tactics, it’s a lower cost and better target,” he said.
Fried expects that growth to be seen even among the older generation, noting that even his parents are now consuming most of their content on CTV.
“For many of our clients, we’re getting out of the testing phase, and into ramping up our spending phase,” Freid pointed out. “It’ll be the biggest increase in spending in the coming years, similar to social spending in the last four to five years.”
