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Closed-loop Marketing Analytics

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The weakness of current Closed-loop Marketing systems is their inability to drive a holistic analytical process - reports YES analytics NO. This presentation describes the importance of analytical to ...

The weakness of current Closed-loop Marketing systems is their inability to drive a holistic analytical process - reports YES analytics NO. This presentation describes the importance of analytical to CLM success and the analytical process that is possible with Closed-loop Marketing.

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Closed-loop Marketing Analytics Closed-loop Marketing Analytics Presentation Transcript

  • Closed-loop Marketing AnalyticsThe 62.5% Question
  • Analytics Defined:
    Analytics leverage data in a particular functional process (or application) to enable context-specific insight that is actionable.
    Source: Gartner
  • Closed-loop Marketing Analytics Defined: Day-to-day Impact
    Holistic Analytics =
    Describe what is going on?
    +
    Explain why is it going on?
    +
    Establishobjective metrics
  • Closed-loop Marketing Defined:
    Driving Evidence-based Decision-making
    Closed-loop Marketing (CLM) refers to a business process where physician behaviour and physician attitudes are captured, analyzedand integratedinto the sales & marketing process.
  • Analytics: The “Holy Grail” of Closed-loop Marketing
    Quantifiably proving the financial / prescribing impact of Closed-loop Marketing
  • Traditional Closed-loop Marketing Metrics:
    Subjective / No Quantifiable Impact
    • More effective customer interactions.
    • Reduce cost and add flexibility over paper based detail aids and reprints .
    • Lower administrative cost and better data with automated call capture.
    • Minimize Compliance Risk by taking control of your content.
    • Increase in Physician commitment to the brand
  • Traditional Closed-loop Marketing Metrics:
    Subjective / No Quantifiable Impact
    • Rep credibility increased
    • Physician Preference for tablet detailing
    • Ease of call reporting
    • Enabled longer calls
    • Impact versus a paper-based detail
    • Easier for Rep to handle physician objections
    • Usage by reps
  • Why 62.5%?
    Closed-loop Marketing is 62.5% analytics
    The remaining 37.5% is driven by analytics
    25%
    25%
    12.5%
  • Why 62.5%?
    Step #1: Analysis of Data Required
    Learn from campaign experience by measuring campaign results and automatically feeding that intelligence back into the system to fine-tune future campaigns
  • Why 62.5%?
    Step #2: Analysis of Data Required
    Plan the most effective marketing campaign offers and strategies.
  • Why 62.5%?
    Step #3: Analysis of Data Required
    Target campaign activities to tightly defined market segments with high propensities (probability) to prescribe.
  • Why 62.5%?
    Step #4: Captured Required Data
    Act on those plans by Delivering promotional activity and support programs that are in sync with defined business opportunities & capture the dynamics of the interaction for later analysis.
    Deliver
    Capture
  • Why 62.5%?
    In Summary
    Analytics represent the bedrock of Closed-loop Marketing – the core process or supporting the core process
  • In Summary: Closed-loop Marketing Vendors & Analytics
    The 12.5% solution
    Sole focus of CLM is currently on tablet based detailing (the ACT phase)
  • Closed-loop Marketing AnalyticsEstablishing an Operational Framework
  • Closed-loop Marketing Analytics:
    Key Quantifiable Deliverables
    • Increase brand revenues
    • Build business case for Closed-loop Marketing
    • Deliver true ROI from CLM investment
    • Recognize the customer base as a manageable financial asset
    • Improve operational efficiency on key revenue generating metrics
  • The Power of Closed-loop Marketing Analytics:
    Traditional “Analytics” / Reporting
    Aggregate Report
    Closed-loop Marketing Analytics
    From Rx Pad Back to Aggregate
  • The Power of Closed-loop Marketing Analytics:
    Drilling Down
    Corporate
    Business Unit
    Brand
    Region
    Territory
    Customer Segment
    Individual Customer
    Business Unit
    HIV/AIDS
    Business Region
    Northeast
    Territory
    XXXX
    Customer Segment(s)
    Growth Segment
    (Dr. Dan Bowers)
  • Closed-loop Marketing Analytics:
    Key Operational (sales/marketing) Questions
    Impact on Business
    Key Question
    Defines the opportunity dynamics of the business relationship
    Where are we?
    Objectively describes the state of the business relationship
    Where are we going?
    Objectively measures the impact of promotional activity
    How do we get there?
    Establishes an objective customer development milestone
    What’s our progress?
    Objectively calculates customer profitability in terms of the protracted Pharma selling process
    Are we making any money?
  • Closed-loop Marketing Analytics:
    Tracking – Financial Impact
    Unrealized Revenue
    What is going on?
    7 performance metrics impacted
    by Closed-loop Marketing
    Equal to ~10-30% of revenue
    Sub Optimal Spending
    Why its going on?
    8 metrics that impact the Performance Metrics
    Equal to ~12-15% of revenue
  • Closed-loop Marketing Analytics:
    Performance Metrics Impacted by Closed-loop Marketing
    Example - Metric #1:
    Basic functionality of a Closed-loop Marketing system:
    Brand Opportunity and Promotional Activity in synchronization.
    Sales Issues - Analyzed
    If the message delivered is in synch with the immediate brand opportunity:
    - relevancy to the physician
    - relevancy to the brand
  • Closed-loop Marketing Analytics:
    Performance Metrics Impacted by Closed-loop Marketing
    Example - Metric #1:
    Basic functionality of a Closed-loop Marketing system:
    Brand Opportunity and Promotional Activity in synchronization.
    Marketing Issues - Analyzed
    Support programs/materials are in sync with Primary business opportunity
    - relevancy to the physician
    - relevancy to the brand
    - relevancy to the sales force
  • Performance Metrics Impacted by Closed-loop Marketing:
    Brand Opportunity and Promotional Activity in Synch
    • Utilize a Sales Continuum to define physician position.
    Value
    Growth Threshold
    Acquisition Threshold
    Time
    Definable:
    Opportunities / Objectives / Customer Issues / Promotional Strategies /
    Promotional Tactics / Promotional Channels / Contact Frequency
  • Performance Metrics Impacted by Closed-loop Marketing:
    Brand Opportunity and Promotional Activity in Synch
    • A CLM system with a robust analytical capability would answer:
    • Right product being targeted
    • % of calls not in synch
    • Cost of calls
    • Impact on NRxs / customer share
    • Impact on Revenue – unrealized revenue
    • % of CME event non-target audience members
    • Impact on Lifetime Value
    • Promotional materials utilized against defined opportunity
  • Closed-loop Marketing Analytics:
    Does Your CLM System Deliver Analytical Functionality
  • Closed-loop Marketing Analytics:
    Holistic Analytical Solution
    Product
    Closed-loop Marketing Application
    “Is my Closed-loop Marketing program impacting performance?”
    Analytical Tools
    “Is my Closed-loop Marketing program increasing sales?”
    “Is the Closed-loop Marketing system defining the right strategy being employed?”
    “Does my Closed-loop Marketing system need to automate the opportunity definition process?”
    “Is the messaging delivered by the Closed-loop Marketing system in sync with the opportunity profile of the physician?”
    “How does my Closed-loop Marketing system track campaign effectiveness in near real-time for our new product?”
    Analytical/Solution Tools
    “Is the surveying functionality of my Closed-loop Marketing system capturing data / information that will impact promotion?”
    “Is my brand strategy a barrier to maximizing revenues?”
  • David Delong, Chief Customer Evangelist
    The Customer Management Group
    (800)-477-0907
    ddelong@cmg-pharma.com
    QUESTIONS