Making the Jump from Multi Channel to Omnichannel
We hear about omnichannel marketing and services in the customer goods industry all the time as retailers seek ways to leverage the best parts of online and physical shopping to create better experiences for customers and drive increased revenue for their businesses.
That’s all well and good, but the pharma industry is also going through an omnichannel evolution right now and brands the world over are innovating and creating new levels of value through the intelligent meshing of the online and offline worlds.
However, due to the severely differing natures of the pharma and customer goods sectors, the process of moving to an omnichannel mindset is a wildly different prospect for those selling medicines and treatments.
How then can the pharma industry effectively make the leap from a multi-channel business model to omnichannel and reap the benefits of the results?
Multi-Channel
Due to its unusual position of needed to market to the end user of its products, while simultaneously not strictly being a customer facing business, pharma has been slow to wake up to the idea of omnichannel, lagging other industries which started the process decades ago.
However, the advancement of the digital world and the sophistication of the average user when it comes to interacting with that world has led the pharma business to come to the realization that multi-channel – and all the siloing which comes with it – is no longer suitable for the contemporary market.
"Growing digital sophistication means that healthcare practitioners (HCPs) are increasingly expecting more tailored and engaging experiences,” writes McKinsey. "However, proliferation of channels and touch points is making conventional experience-based engagement with HCPs more challenging: a one-size-fits-all approach will not fulfill HCPs’ expectations, and sales reps’ experience alone is not enough to determine the optimal engagement plan across channels for individual clinicians.”
One must also consider the impact of the COVID-19 crisis and the way it has driven more people online and led to the proliferation of medical consultations carried out via video link technology instead of face-to-face appointments.
Healthcare providers and patients are increasingly expecting content from pharma brands which is personalized and relevant to their practice and their main challenges and will happily switch providers if it means achieving those experiences. The traditional model of sales reps is straining under this pressure to deliver intelligent, and data driven content compared to the personality and instinct driven sales relationships they are used to.
However, as McKinsey’s research shows, switching to an omnichannel data-driven model can see significant improvements in a multitude of metrics.
"Pioneers that have adopted analytics and omnichannel approaches as part of their commercial model have garnered significant rewards,” the management consultancy leader reports. "Globally, we have observed that, when implemented well, commercial transformations can create 5–10 percent revenue uplift, a 10–20 percent increase in marketing efficiencies and cost savings, a 3–5 percent increase in prescribers, and 5–10 percent higher HCP satisfaction.”
Data
When a company begins the switch to an omnichannel model, the need to start gathering data can seem overwhelming to begin with. However, many pharma brands already have access to plenty of information with which they can make a solid start.
Healthcare provider characteristics, details of interactions with healthcare providers, content engagement data, Google data [while it lasts], sales and market context information, CRM data, and insights gleaned through research and other third-party sources. This data can all be collated and analyzed to gain a complete picture of customers – both current and hypothetical – and equip sales reps with all the information they need to engage with healthcare providers in a more personalized and meaningful manner.
Outside of facilitating these kinds of interactions a switch to an omnichannel model can help pharma companies gain a deeper understanding of the healthcare providers they serve through analysis of market trends, prediction models on initiation potential, growth potential, and the impact of interactions, agile content and delivery, and optimization throughout the value chain.
"Advanced analytics enables optimization of the […] right messaging in real time via sales-force activities that can maximize impact, while also applying constraints to reflect real-world feasibility and brand priorities,” adds McKinsey. "Additionally, sales reps would need to continuously provide feedback and updates to the system about the outcome of their interactions and changes in HCP characteristics so as to keep updating the system to improve its recommendations over time.”
Final Thoughts
Making the leap from multi-channel to omnichannel can seem a daunting prospect for pharma brands. However, with much of the data necessary to get started already in place and the potential for incredible growth at every level of the business, switching now could be the best decision you make.
Omnichannel in the pharma business is sure to be part of the conversation at DigiPharma Connect 2024, being held in March at the Westin Hilton Head Island Resort & Spa, SC.
Download our 2023 agenda today for more information and insights on the DigiPharma Connect experience!