Pharmaceutical companies are increasingly shifting from traditional multichannel advertising to an omnichannel marketing approach. However, the industry faces significant challenges in overcoming siloed operations and embracing a fully integrated marketing strategy. Despite these hurdles, innovative organizations are exploring new ways to gain competitive advantages.
Omnichannel marketing is gaining traction in the pharmaceutical sector, promising to coordinate and enhance marketing efforts across multiple channels and stakeholders simultaneously. This approach provides a clearer view of promotional ROI and helps reduce marketing waste.
Transitioning to an omnichannel model may seem daunting, but pharmaceutical organizations willing to make the shift stand to gain remarkable benefits for their brands and their customers, including patients, healthcare professionals, and payers.
Why is the Shift to Omnichannel Marketing Challenging?
Several factors contribute to the difficulties pharmaceutical companies face in adopting a full omnichannel approach. The traditional multichannel marketing framework is deeply ingrained in the mindset of many organizations and brand marketers, leading to inertia. This longstanding model has seen moderate success over the years, and many teams cling to the mantra, "We've always done it this way."
The existing multichannel marketing structure reflects the fragmented nature of today's organizations. Consequently, brand health and KPIs are often tied to this outdated model, which rewards performance based on legacy metrics. Integrating various components into a cohesive strategy requires effort and patience, which many teams may lack due to time and resource constraints.
What Breaks are Emerging in the Multichannel Model?
Despite the entrenched nature of the multichannel approach, cracks are beginning to show. In a multichannel setup, channel impact or return on investment is assessed on a channel-by-channel basis, often assuming that a single channel is solely responsible for attracting new customers.
As marketers recognize the disconnect between these KPIs and actual business outcomes, they are left questioning how to bridge the gap.
How Can Pharma Move Towards the Omnichannel Approach?
Adopting an omnichannel marketing strategy necessitates a fundamental shift in how marketers simultaneously coordinate and execute their promotional strategies across media channels while addressing the needs of diverse stakeholders, including consumers, healthcare professionals, and payers.
Pharmaceutical organizations generally agree that the omnichannel model represents the future. They acknowledge that integrating channels and audiences is the best way to understand overall impact and optimize their efforts. However, discussions often stall at the implementation stage, as it requires buy-in from influential stakeholders across all brands.
Successful Strategies for Transitioning to Omnichannel Marketing
Here are several ways that leading pharmaceutical companies have effectively begun transitioning to the omnichannel model:
- Leadership: Successful transitions often depend on sponsorship from an individual or group in a position of power. Organizations need the right leader with a clear vision and empowered partners to drive change.
- Resources: Change agents alone are insufficient. Those leading the charge also need adequate resources, time, and budget to effect meaningful change.
- Pilots: If the transition must be gradual before securing organizational buy-in, it may be beneficial to collaborate with IQVIA on a pilot brand. However, the pilot approach can be challenging, as selecting the right brand is crucial. Investing in multiple channels and audiences is essential, as the proof of concept must demonstrate effectiveness rather than remain siloed.
Is Omnichannel Marketing the Future?
The omnichannel marketing approach is the future for pharmaceutical brands and organizations. While achieving broad adoption will be challenging, as it requires dismantling organizational silos and changing mindsets, the potential rewards are compelling. Organizations will benefit internally while delivering improved outcomes for all their clients. Click here to learn how to start making smarter marketing decisions.
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