How to Maximize ROI for Digital Healthcare Investments
With pharma playing “catch-up” in digital marketing, the benchmark for is simple and clear: Digital should be 20% of the overall marketing budget, based on a 20% digital budget increase, with 20% of the total digital budget devoted to strategic planning.
In 2013, digital constituted only 15.3% of overall marketing budgets.1 Digital spending is expected to jump 16% from 2013 to 2014, with digital grabbing a steadily growing share of marketing budgets into 2017.2, 3 Within digital, spending will increasingly target key stakeholders in the channels they use most frequently: mobile for HCPs, and mobile, video and social media for patients, a significant shift away from traditional tactical marketing spend.
In the new normal, access to, and ownership of, outcome data will drive the value proposition. Pharma execs are looking at different investment tactics to make that happen: buy (acquire), build (add to existing internal structure), or borrow (outsourcing).6 In addition, such investment will support efforts to create cost efficiencies in customer acquisition and retention, build profitability and market share, and streamline R&D and other internal processes.
Maximizing ROI for digital investments will mean finding the perfect balance between “soft” and “hard” KPIs, making sure that each is anchored in, and supports, the overall business plan, for the company and for each therapeutic area and associated brand.
The trend is a product of an evidence-based research study undertaken by the Healthcare Division in Valtech to map the pharmaceutical landscape of digital mega trends. The research study provides essential insights on how Pharma companies could utilize digital engagement to break down stakeholder barriers, impact stakeholder behaviour and demonstrate more cost-effective outcomes. The research study is based on information from 100+ trusted sources and has resulted in the identification of 14 mega trends.
Reach out to gain an understanding of how to execute on the underused digital opportunities
The Healthcare Division in Valtech has developed an analytical framework that can identify the engagement potential of your brand.
Make sure you did not miss the previous blog posts on pharmaceutical megatrends:
Megatrend #1: Pharmaceutical CEOs Lack Confidence to Act
Megatrend #2: Transforming to a Digital Business: A Fundamental Paradigm Shift
Megatrend #3: The “Trust” Gap: Leveraging Digital to Reconnect with Stakeholders
Megatrend #4: Reinventing the Marketing Function for a Digital Environment