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Page | 1
Finding & Showcasing Digital Impact:
ROI, Performance Metrics, Launch & Maximizing Digital Performance
Best Pract...
Page | 2
Table of Contents
 Executive Summary pp. 3-10
• Research Overview p. 3
• Key Findings & Insights p. 6
 Detailed...
Page | 3
Field Research & Insight Development:
Best Practices, LLC engaged 39 digital marketing
leaders at 30 companies t...
Page | 4
Data Segments:
 Larger Companies: Annual revenue > $10 billion
(US) in 2014
 Medium & Smaller Companies: Annual...
Page | 5
Universe of Learning: 30 Top Companies Contributed to this Research
This research engaged 39 digital marketing le...
Page | 6
The following key findings and insights emerged from this study:
 Medium & Smaller Companies Better Leverage Con...
Page | 7
Digital marketing teams in the medium/smaller company segment show relatively greater success in their use of
dyn...
Page | 8
104
111
129
132
139
154
188
190
195
Social media engagement
Advanced analytics & predictive modeling
2-way online...
Page | 9
Regulatory pressures in the healthcare industry render approval hurdles with various medical,
regulatory and lega...
Page | 10
Universe of Learning: Insights Drawn from Host of Biopharma Experts
Q. What is your current job title?
N=39
Part...
Page | 11
One-Third of Respondents Claim Global Digital Responsibility
Q. What is the geographic scope of responsibility f...
Page | 12
Best Practices®, LLC is an internationally recognized thought leader in the field of best practice
benchmarking®...
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Digital Marketing Impact: ROI, Performance Metrics and Maximizing Digital Performance

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Digital marketing is no longer an optional component in the go-to-market strategy for health care companies in modern tech-savvy marketplace. As the use of digital technologies evolves, organizations must constantly reassess the impact, effectiveness and Return on Investment (ROI) of key digital and multi-channel marketing activities to ensure they are utilizing the best possible approaches.

Best Practices, LLC undertook this study to examine benchmarks required to maximize performance in digital marketing in the health care sector. The study analyzes critical operational areas for measuring and demonstrating return on digital investment, key drivers and timing factors for maximizing ROI, cross-channel performance metrics for individual channels, program approval times and insights for overcoming common regulatory hurdles. This study can also help drug and medical device manufacturers to foster stronger digital culture throughout the organization.

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Digital Marketing Impact: ROI, Performance Metrics and Maximizing Digital Performance

  1. 1. Page | 1 Finding & Showcasing Digital Impact: ROI, Performance Metrics, Launch & Maximizing Digital Performance Best Practices, LLC Strategic Benchmarking Research & Analysis
  2. 2. Page | 2 Table of Contents  Executive Summary pp. 3-10 • Research Overview p. 3 • Key Findings & Insights p. 6  Detailed Research Findings p. 11 I. Measuring Return on Investment p. 12 Top Areas for Digital ROI ROI Drivers & Characteristics Measuring Impact across Lifecycle Stages II. Performance Measurement p. 25 Assessing the Value of Multichannel Metrics Effective Metrics for Individual Tactics & Channels III. Assessing Digital Competitiveness p. 34 Top Forces Undermining Digital Competitiveness Impact of Regulation on Digital Approaches Approval Speed & Effective Approval Tactics  APPENDIX: Benchmark Class Profile p. 43  About Best Practices, LLC p. 48
  3. 3. Page | 3 Field Research & Insight Development: Best Practices, LLC engaged 39 digital marketing leaders at 30 companies through a benchmarking survey instrument. Research participants worked in such functions as digital, multichannel marketing, business excellence & intelligence, marketing, and sales. • Identify high-ROI areas around the industry • Assess performance measurement approach to better capture progress, publicize successes and inform longitudinal strategy • Determine competitive vulnerabilities and enhance speed and ease of new service delivery Research Objectives & Methodology Research Objectives:  This benchmarking deliverable is part of a series of Best Practices’ studies designed to examine Digital Marketing performance excellence in the healthcare industry.  This study analyzes benchmarks around:  Top operational areas for measuring and demonstrating return on digital investment and high customer impact  Key drivers and timing factors for maximizing ROI  Valuable cross-channel performance metrics and proven tracking measures for individual channels  Impact from regulations, program approval timeframes and removing competitive obstacles Business Objective: This research examines a host of foundational benchmarks required to achieve best-in-class performance in digital marketing in the healthcare sector, and foster a stronger digital culture throughout the organization.
  4. 4. Page | 4 Data Segments:  Larger Companies: Annual revenue > $10 billion (US) in 2014  Medium & Smaller Companies: Annual revenue <$10 billion (US) in 2014  Global Teams: Any respondent company where the digital marketing is a global responsibility  US Only: Any respondent company where the digital marketing function is responsible for US region. To help distill the most precise and relevant benchmark insights, several data segments were used in this study. Definitions of these data segments, as well as other research terms and acronyms used throughout this research are provided below. Key Terms & Acronyms:  DM – digital marketing  EHR – electronic health record(s)  HCP – healthcare provider  MCM – multichannel marketing  ROI – return on investment  SEO – search engine optimization  SM – social media Data Segmentations & Acronyms Used in this Study
  5. 5. Page | 5 Universe of Learning: 30 Top Companies Contributed to this Research This research engaged 39 digital marketing leaders from 30 leading pharmaceutical, biotech, and life sciences companies. Thirteen study participants represent large pharma organizations, while the remaining benchmark class represent medium or small companies. Benchmark Class: Large Companies (Revenue > $10 Billion US in 2014) Medium & Small Companies (Revenue < $10 Billion US in 2014)
  6. 6. Page | 6 The following key findings and insights emerged from this study:  Medium & Smaller Companies Better Leverage Content, Analytics than Large Pharma: Digital marketing teams in the medium/smaller company segment show relatively greater success in their use of dynamic content, advanced analytics, and online engagement tactics. Roughly one-third of these teams report “high ROI,” compared to just 15% of large pharma peers. Sixty-one percent of large companies also indicate “unclear ROI” from social media programs.  Traditional Websites Register Highest Impact, with Mobile Gaining Steam: Websites were ranked by benchmark companies as delivering the highest impact overall, followed closely by content and collateral development and field support activities. Driven by market demand, mobile is climbing the ranks as a valuable customer engagement channel. Analytics may have little direct impact on customers, but predictive modeling is key to informing strategy and tactics across a wide spectrum of customer channels.  Compliance Hurdles Are Ranked the Most Significant Force Undermining Today’s Competitive Digital Deployment, followed by Insufficient Resources: Regulatory pressures in the healthcare industry render approval hurdles with various medical, regulatory and legal teams the most persistent challenge to digital competitiveness.  Most Content Approvals Require >1 Month Across the Industry!: Approval is required for mobile, email, website and video content and campaigns at virtually all benchmarked companies – but a sizeable percentage of surveyed DM teams (between 39% - 61% depending on the area) need more than a month to gain this approval! Almost 60% call the use of a business case as at least somewhat effective in securing new content or program approvals, though 13% find them ineffective. A carefully developed pilot program with cross-functional input and buy-in was seen as at least somewhat effective for gaining digital campaign approvals by 79% of benchmark partners. Using FDA guidance alone was insufficient for most respondents. Page | 6 Key Findings
  7. 7. Page | 7 Digital marketing teams in the medium/smaller company segment show relatively greater success in their use of dynamic content, advanced analytics, and online engagement tactics. Roughly one-third of these teams report “high ROI,” compared to just 15% of large pharma peers. Sixty-one percent of large companies also indicate “unclear ROI” from social media programs. Medium & Smaller Companies Better Leverage Content, Analytics N=16 % Respondents 6% 11% 11% 17% 17% 17% 28% 28% 17% 44% 22% 28% 39% 44% 44% 28% 44% 17% 11% 11% 6% 6% 11% 11% 6% 6% 6% 61% 39% 50% 56% 39% 28% 28% 39% 28% 13% 13% 27% 33% 38% 13% 13% 19% 20% 13% 33% 20% 13% 13% 63% 44% 31% 47% 20% 7% 13% 7% 19% 6% 13% 13% 13% 7% 13% 7% 6% 47% 33% 33% 47% 25% 19% 31% 38% 20% E-marketing Internal training & skills development Mobile Websites Dynamic content & other collateral building Advanced analytics & predictive modeling 2-way online community engagement SEO & online advertising Social media engagement Large CompaniesMid-Small Companies N=18 High ROI Some ROI No ROI Negative ROI Not Clear Q. What degree of ROI have you been able to show for each of the following digital activities? Top Areas for Digital ROI:
  8. 8. Page | 8 104 111 129 132 139 154 188 190 195 Social media engagement Advanced analytics & predictive modeling 2-way online community engagement SEO & online advertising Mobile E-marketing Internal training & skills development (e.g., iPad field support) Dynamic content & other collateral building Websites Traditional Websites Register Highest Impact, with Mobile Gaining Steam Q. Which of the following common digital activities have had the greatest positive impact on engaging and influencing your customers? Ranking the Impact of Digital Activities: N=35 Websites were ranked by benchmark companies as delivering the highest impact overall, followed closely by content and collateral development and field support activities. Driven by market demand, mobile is climbing the ranks as a valuable customer engagement channel. Analytics may have little direct impact on customers, but predictive modeling is key to informing strategy and tactics across a wide spectrum of customer channels. Research Note: The above scores represent a weighted average based upon survey participants’ rank order of impact of various digital activities. Higher scores indicate higher impact ranking for a particular digital channel or activity area.
  9. 9. Page | 9 Regulatory pressures in the healthcare industry render approval hurdles with various medical, regulatory and legal teams the most persistent challenge to digital competitiveness. Insufficient time and resources was are also clearly hampering overall performance, followed by difficulties in aligning with brand teams. Compliance Hurdles Are Single Largest Factor Undermining Today’s Competitive Digital Deployment Q. Please rank the most decisive factors which undermine the digital performance of your organization in the marketplace. N=24 Factors Undermining Competitive Digital Deployment: 216 161 120 72 23 Med-Reg-Legal hurdles Lack of time & other resources Brand reluctance/inability to integrate new tools & strategies Poor demonstrated ROI Changing healthcare & customer landscape Note: Score is a weighted calculation. Items ranked first are valued higher than the following ranks, the score is the sum of all weighted rank counts.
  10. 10. Page | 10 Universe of Learning: Insights Drawn from Host of Biopharma Experts Q. What is your current job title? N=39 Participant Job Titles: C-Suite/VP, 5% Director, 33% Manager, 38% Lead/Head, 13% Other, 13% *Other research participants: Business Analyst, Digital Project Specialist, Assistant, Senior Territory Business Executive * This research features quantitative insights from a wide range of leaders from the digital marketing function. Roughly half of respondents serve at the VP or director level, or as heads of digital units.
  11. 11. Page | 11 One-Third of Respondents Claim Global Digital Responsibility Q. What is the geographic scope of responsibility for the digital or multichannel marketing team to which you belong? N=39 Geographic Responsibility: US Only, 25% Region, 18% Global, 33% Single Country (ex-US), 25% * *Region: Americas, APAC, Europe (2), Middle East & North Africa, North America, UK and Ireland † †Single Countries: Brazil (2), Canada, China, Germany (2), Japan, Korea, Portugal, Russia A third of survey participants currently handle global DM responsibility for their organizations. A quarter focus only on the US, with another 25% tasked with country-specific (non-US) responsibility.
  12. 12. Page | 12 Best Practices®, LLC is an internationally recognized thought leader in the field of best practice benchmarking®. We are a research, consulting, benchmark database, publishing and advisory firm that conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by leveraging the best business practices, operating tactics and winning strategies of world-class companies. 6350 Quadrangle Drive, Suite 200 Chapel Hill, NC 27517 (Phone): 919-403-0251 www.best-in-class.com Learn More About Our Company:

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