Webinar Recap – Measurement Strategy for Pharma Marketers
This week, some of pharma marketing’s leading minds came together for an insight-packed discussion on the value of measurement strategy. If you weren’t able to attend our webinar, “The Ultimate Marketing Measurement Payoff,” check out these three key takeaways. Then, download the full webinar recording here.Measurement strategy drives smarter targeting
Gone are the days of “one size fits all” approaches to targeting. Analytics can provide a plethora of data on your targets, and in the hand of the right strategists, can help you determine your highest-value targets and their channel preferences.
To combat the ineffectiveness of traditional segmentation, Mojo created our IntelliScore® Engagement Score, which we shared with our webinar attendees. We start with the data. After weighing key factors such as multi-year sales data, channel preference and past engagement, we use that to develop a score that reflects each target’s true ROI value.
When using IntelliScore® with one brand, Mojo was able to identify nearly 5,000 quality targets, many of whom would have otherwise been left out of their 2014 MCM campaign. These IntelliScore-selected targets yielded a 7x higher sales lift than targets identified through the brand’s traditional targeting—demonstrating the power of measurement strategy to help your brand target smarter than the competition.
Measurement strategy saves you money and costly planning oversights
Do you ever find yourself wishing that you could accurately plan for and forecast ROI across vendors and tactics? Smart measurement strategy puts that power in your hands.
When Mojo analyzed one brand’s campaigns to determine spend, revenue per target and forecasted ROI, we were able to outline key areas with high-revenue potential. For example, the brand’s core targets accounted for only 4% of overall targets, but generated 41% of the revenue. We also discovered that although this brand spent a good deal on fax in its 2013 MCM campaign, the actual revenue derived from this tactic did not justify a high level of spend moving forward.
Based on these findings, and our IntelliScore® methodology, measurement strategists like Mojo are able to help pharma brands spend money in proportion to the forecasted revenue of each target, tactic and vendor. By accurately forecasting revenue, and allocating budgets according to these data-driven calculations, our pharma brands ensure that every dollar counts. And in the case of Brand X from our webinar, our smarter targeting resulted in an improvement in YOY ROI of 60%.
Measurement strategy reveals key best practices that you can implement today
Data is power, but only when it’s paired with expert strategy. That’s why our PhD data scientists and veteran pharma marketing experts work in tandem to uncover the actionable insights behind our analytics. Some key best practices that measurements have uncovered for one pharma brand (and that can apply to your brand as well):
- Use non-open resends to drive 30-60% additional email opens
- Utilize the most effective real estate in your emails. ¾ of email clicks came from the top right location within the email.
- Don’t overlook the power of air cover. Called-on targets have 3X higher ROI than white space.
- Contrary to popular practice, high-value targets benefit tremendously from MCM. With additional waves across tactics, new targets engage.
At Measurement Mojo, we’re passionate about helping pharma brand managers, BI teams and procurement departments use data-driven insights to deliver measurable results. Stay tuned for more insightful webinars from our expert data scientists and marketing strategists, and visit our YouTube channel for quick best practice videos from our trailblazing CEO.