Closed Loop Marketing: Unlocking the Benefits of Customer Centricity
Challenges continue to mount in the world of Pharmaceutical Sales and Marketing. The sales force arms race has resulted in a backlash that is leading to new regulations which are changing the scope of interactions between the physician and the sales representative. Moreover, as physicians tackle growing patient numbers and administrative demands at their offices, their willingness and availability to see multiple sales reps is declining. These challenges are magnified by the fact that pharma’s current commercial model is product focused and has limited knowledge of the customer groups such as providers, payers, patients, funders (government and employers), and third party organizations (quality organizations, patient advocacy groups, etc.). Customer strategies, for example segmentation, are often based on little more than prescribing histories and are executed through disconnected channels that rarely talk to each other. To overcome these challenges, pharmaceutical companies must move from a product orientation to one of customer centricity. This can be achieved by defining and implementing a Closed Loop Multichannel Marketing strategy tailored specifically to the needs and capabilities of the customer and the company.