RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--A recent survey found that pharmaceutical manufacturers increased the involvement of digital media in their marketing mixes from 27.6% in 2009 to 48.8% in 2011.
“Pharmaceutical Digital Marketing and Social Media,” a study published by Cutting Edge Information, describes a variety of methods that drug companies use to measure their digital channels’ successes. The challenge in measuring return on investment (ROI) for digital marketing depends on the type of digital channel used.
Traditional marketing metrics do not often apply to digital channels. Despite the pharmaceutical industry’s penchant for hard numbers, the evolving nature of digital channels alters what is practical when it comes to measuring ROI. Print and television campaigns allow companies to plot marketing expenditures against increased sales. Unfortunately, digital channels are not as direct. Companies have to look less to sales and more toward how well the channel circulates the company’s message.
Some companies have gotten creative when measuring digital marketing ROI. Companies incorporate soft measurements, such as targeting website traffic, within their broader tracking of financial ROI. For more in-depth social media channels, companies link to online activities or measuring the equivalent of “shares” or “likes” on social media platforms.
As far as strategy is concerned, “the key is to define tracking metrics before the campaign and apply them just as one would with traditional pharmaceutical marketing strategies like a television spot or print ad buy,” said Michelle Vitko, the study’s lead author.
Current use of ROI metrics remains divided. Cutting Edge Information’s data show that 26% of surveyed companies strictly use financial ROI on 22% of companies only use soft metrics. Ultimately, companies need to track the metric that best illustrates the depth and degree to which their digital strategies have generated value.
“Pharmaceutical Digital Marketing and Social Media” (http://www.cuttingedgeinfo.com/research/marketing/pharmaceutical-digital-marketing-social-media/) helps pharmaceutical marketing teams:
- Prioritize objectives with case studies that illustrate successful digital marketing goal-setting.
- Build a team structure to manage both internal and external relationships, emphasize compliance and mitigate regulatory risks.
- Create a team equipped to meet current digital marketing needs and adapt to future challenges.
For more information on digital marketing, social media, and pharmaceutical marketing strategy, contact Cassie Demeter at 919-403-6583.