Navigating to Insights-Driven Customer Engagement
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CRM solutions are not widely used to actively guide sales processes, and few organizations use them to obtain deep customer insights and recommendations for next steps. While CRM systems can provide useful information on market conditions, pricing, and customer channels, partnerships with data science companies are needed to integrate predictive analytics and turn customer data into actionable insights. These predictive insights, like details on influential doctors and healthcare provider networks, are highly valued by both field and office sales teams.
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Navigating to Insights-Driven Customer Engagement
- 1. Navigating to insights-driven customer engagement
- 2. Customer engagement starts before you hit the road The sales funnel is like a road trip. You have your starting point, you have your end goal, but the steps you take along the way will ensure whether it is a successful journey for all involved.
- 3. We asked respondents whether they were using their CRM to plot their course
- 4. Very few are using CRM solutions to plot their course for pro-active and intuitive guidance
- 5. We asked which tools deliver the most insight in profiling and prioritizing customers 23% 7%
- 6. Neither field sales or home office saw deep customer profiling and next-best actions as a current capability
- 7. We asked which areas of commercial and customer intelligence is CRM most useful To get updates on market conditions and suggestions on next best actions To get Information such market access, pricing and reimbursement To identify the best channels for customer engagement
- 8. The opportunity for integrating predictive insights Partnerships with data science partners to bring customer and market data, and analytics into CRM are the beginning of a market transformation to insights-driven customer relationships
- 9. We asked which predictive insights field and home office sales teams valued most Details of up-and-coming prescribers Details on networks of co- located accounts Healthcare professionals’ financial relationships with competitors Changes to payer status and market access More detailed customer profile data
- 10. Insights-driven customer relationships are the vehicle for success Connected global health data Get comprehensive physician, institution and account data for every major disease area Machine learning-based data linkage Proprietary algorithms link disparate data sources delivering actionable insights Easy integration with existing systems Cloud-based, easy-to-use software integrates with existing enterprise systems
Editor's Notes
- We asked respondents which tools and tactics helped to deliver the most insight in profiling and prioritizing customers. While both the home office and the field sales respondents said that pre-built relationships were core, it was clear that very few of them were actually using their current CRM systems to prioritize or profile their target customers. And, when we asked them about key information on the marketplace, like competitor information, less than 7% said they were using their CRM for that today. Central intelligence combined with local knowledge – like competitive information or market updates – creates a smoother customer journey So, in the navigation analogy, Pre-built relationships are the “central intelligence” that set you on the right path, but they might not always be the best source of the most recent information. In the same way that your Sat Nav will tell you if a rest stop is coming up or if there is a toll bridge ahead, CRM, if used properly, can provide you with competitive product information and market intelligence that is vital for a smooth journey. With a regularly maintained and updated database, you can equip yourself with the local knowledge needed to factor in any roadblocks along the way.
- We asked respondents which tools and tactics helped to deliver the most insight in profiling and prioritizing customers. While both the home office and the field sales respondents said that pre-built relationships were core, it was clear that very few of them were actually using their current CRM systems to prioritize or profile their target customers. And, when we asked them about key information on the marketplace, like competitor information, less than 7% said they were using their CRM for that today. Central intelligence combined with local knowledge – like competitive information or market updates – creates a smoother customer journey So, in the navigation analogy, Pre-built relationships are the “central intelligence” that set you on the right path, but they might not always be the best source of the most recent information. In the same way that your Sat Nav will tell you if a rest stop is coming up or if there is a toll bridge ahead, CRM, if used properly, can provide you with competitive product information and market intelligence that is vital for a smooth journey. With a regularly maintained and updated database, you can equip yourself with the local knowledge needed to factor in any roadblocks along the way.
- We asked respondents which tools and tactics helped to deliver the most insight in profiling and prioritizing customers. While both the home office and the field sales respondents said that pre-built relationships were core, it was clear that very few of them were actually using their current CRM systems to prioritize or profile their target customers. And, when we asked them about key information on the marketplace, like competitor information, less than 7% said they were using their CRM for that today. Central intelligence combined with local knowledge – like competitive information or market updates – creates a smoother customer journey So, in the navigation analogy, Pre-built relationships are the “central intelligence” that set you on the right path, but they might not always be the best source of the most recent information. In the same way that your Sat Nav will tell you if a rest stop is coming up or if there is a toll bridge ahead, CRM, if used properly, can provide you with competitive product information and market intelligence that is vital for a smooth journey. With a regularly maintained and updated database, you can equip yourself with the local knowledge needed to factor in any roadblocks along the way.
- We asked respondents which tools and tactics helped to deliver the most insight in profiling and prioritizing customers. While both the home office and the field sales respondents said that pre-built relationships were core, it was clear that very few of them were actually using their current CRM systems to prioritize or profile their target customers. And, when we asked them about key information on the marketplace, like competitor information, less than 7% said they were using their CRM for that today. Central intelligence combined with local knowledge – like competitive information or market updates – creates a smoother customer journey So, in the navigation analogy, Pre-built relationships are the “central intelligence” that set you on the right path, but they might not always be the best source of the most recent information. In the same way that your Sat Nav will tell you if a rest stop is coming up or if there is a toll bridge ahead, CRM, if used properly, can provide you with competitive product information and market intelligence that is vital for a smooth journey. With a regularly maintained and updated database, you can equip yourself with the local knowledge needed to factor in any roadblocks along the way.
- Where real-time data is concerned - the data that can change the insights and hence bring those predictive actions right to a reps fingertips – we asked them if they were using any solutions for that today, in particular were they using their CRM solutions for that? And here is where we discovered that predictive data and insights are still very nascent, so there is a great opportunity for life sciences companies to really improve their business here. So in fact, less than 7% are getting market access, pricing and reimbursement data and insights, less that 7 are using their existing systems to identify the best channels for customer engagements, and even fewer – only 4% are actually getting any kind of update on market conditions that could suggest next best actions. Use real-time data to avoid roadblocks in field force activity Does local knowledge end with the best spots to grab food and take a break? Of course not. Today Sat Navs go much deeper than that, and in doing so can help you to prepare for the unexpected. Is there an accident ahead? Has a road along your route flooded? The Sat Nav of 2016 helps you plot a course to avoid any delays and keep you on the right track – just look at the way Waze, for example, deploys crowdsourced information for user-generated, real-time updates, including great alternative routes. Similarly, a CRM that provides real-time data updates on market conditions and customers will help you accelerate your customer engagement and commercial success. CRM continues to play an essential role as a business technology solution for Life Sciences companies to manage and track sales and commercial activities. Our survey shows alignment between frontline sales and strategic managers around the potential for CRM to deliver more - to truly provide market and customer specific insights that can foster real, insights-driven customer relationships.
- Example: High sales potential score (comes from integrating sales and claims data from your product and your competitor, measured against peers with the same), combined with High Competitor payments coming from Sunshine Act data, combined with CRM details that shows the prescriber with current low sales volume, will generate a Recommendation to target as high potential account. This information today is available in various places, but when aggregated and linked and refreshed, it produces the insights that can generate this predictive recommendations. Example 2: Dr. Smith is identified as a High Referral Potential (here the score comes from combining patient volume for referring HCP and volume of historic referrals, weighted by the treatment experience of the physicians she is referring patients to), then we combine that with a low engagement score based on data showing that no sales contacts have taken place for over 90 days, but we do see that she opened an email – part of a non-personal promotion – sent out last week. This recommendation then is to contact Dr. Smith to drive additional referrals and that she can be contact in person, but that she also responded well to NPP. hey. high level, referral potential is based on patient volume for the referring HCP and volume of historical referrals (weighted by the treatment experience of the doctors they're referring to) High Sales Potential + Low Sales Volume + High Competitor Payments = “Dr. Smith is a high-potential account who has received $20,000 in payments from PharmaCorp in the last year.” Data sources: Sales Potential: Nicky to comment Sales Volume: CRM sales and claims data Competitor Payments: Sunshine Act Data High Referral Potential + Low Engagement + NPP response = “Dr. Smith is a specialist who has high potential to drive additional referrals to centers of excellence. He has had low field interactions in the last 5 months but he responded to the Acmeimab's email outreach campaign. Data sources: Referral Potential: Nicky to comment Engagement: CRM data (sales interactions) NPP Response: Customer data [ 3:31 ] we don't actually have a sales potential score in the platform today, but V1 of that will pull from sales and claims data (which is not from CRM, but customer-provided data, usually from IMS or Symphony), and will likely look at the difference in volume of competitor products vs company product... possibly augmented by overall claims volume and/or patient demographics. Example – combining high Sales potential score, with medium HQ interaction score, detail in engagement that Dr. Smith does not respond to non-personal promotion, and finally combining that with Veeva CRM indication that last sales visit was 30 days ago, a rep can get a Recommendation that says to go visit Dr. Smith.
- The vast majority of survey respondents are not using their existing CRM solutions to connect the dots between multiple points of information on their key accounts, or to suggest a course of action based on that data. The failing is not with CRM itself, but with a lack of real-time, internal and external data integration with some CRM platforms. Plug this data into CRM with an advanced platform that can provide real-time data analytics based on this information, and it becomes a predictive powerhouse.