Beverly Smet | SVP, Global Accounts, Precision AQ | 27 October 2024
In the dynamic and increasingly customer-centric landscape of pharmaceutical promotion and education, connecting with HCPs through omnichannel engagement strategies has become paramount. However, measuring the ROI for such endeavours isn't always straightforward – in fact, our data show that concerns about ROI are a common bottleneck for digital evolution in many organizations (Maturometer™ 2024). Part of the challenge is that traditional metrics often fall short in capturing the full spectrum of impact, necessitating a more holistic approach that incorporates both internal and external key performance indicators (KPIs).
Another challenge for companies who wish to assess the impact of their engagement efforts includes working with local countries who will likely exhibit varying levels of digital maturity. This inevitably means finding the common denominator (i.e. the least mature) which consequently lowers the bar for all markets.
One promising solution is for pharma companies to leverage third-party benchmarks like the Navigator365™Cx Benchmark that can complement their own internal KPIs with external metrics, enabling a more comprehensive view of omnichannel performance across the industry. Other benefits include the application of a standardized set of metrics and benchmarks across markets that ensure consistency in measurement and reporting, and incorporating data from a much wider range of sources. Such benchmarks empower pharma companies to inform their strategy decisions with the latest actionable customer (HCP) insights and measure their efforts against key competitors, thus identifying key areas for improvement.
So how does Navigator365™ Cx Benchmark data fit into our measurement approach and inform our own evidence-based strategic services? Let's delve into the full KPI framework we have developed at Precision AQ.
1. Quantitative leading KPIs: Here we assess channel reach and interaction quantitatively, encompassing traditional internal metrics for both offline and online engagement, like number of rep visits, website traffic, email open and click-through rates, and event attendance. It's the foundation of ROI measurement, showcasing the extent of audience reach across various channels, and it’s probably the one area where pharma is already performing quite well. Internal data can be enriched with external KPIs, including our own proven MCQ methodology for assessing channel weighting.
2. Qualitative leading KPIs: Moving beyond numbers, here we delve into customer experience and engagement. Internal KPIs like customer satisfaction scores for a product website or following an event can be complemented by external metrics from Navigator365™ Cx Benchmark that allow you to compare your own brand’s performance on channel and Cx attributes to your competitors. These external KPIs provide insights into the quality of interactions as seen from the HCP’s perspective.
3. Qualitative lagging KPIs: Here, the focus shifts to attitudinal conversion, evaluating shifts in HCPs’ perceptions and attitudes towards the brand. Surveys, focus groups, and in-depth interviews help gauge changes in mindset and sentiment over time and fieldforce can help determine whether a customer has moved up the adoption ladder. In terms of external KPIs, we have previously shown how brand-level NPS (which assesses how likely a customer is to recommend your brand to their peers) can be an effective differentiator. An ongoing way of measuring customer impact holistically is by measuring your (and your competitors’) brand NPS over time. Not only will it tell you if you are progressing versus your own baseline, but it will also give you insights into how this compares to your competitors.
4. Quantitative lagging KPIs: Finally, behavioural conversion takes centre stage, measuring tangible outcomes such as prescription rates and market share. These metrics reflect the ultimate impact of omnichannel engagement on prescribing behaviour. However, they often are expensive to measure, while brand NPS is less expensive, and is a key predictor of sales and market share evolution.
It’s clear that measuring ROI in omnichannel engagement with HCPs demands a multifaceted approach that transcends traditional metrics. Only by embracing a holistic KPI framework and leveraging industry benchmarks can pharma companies unlock new dimensions of success in their pursuit of customer-centricity and commercial excellence.
We would be happy to arrange a call with one of our omnichannel experts to explain further how we can support you with your omnichannel impact measurements approach.
Interested to find out how competitive Cx Benchmarking could lead to improved business outcomes? Make sure to read our next long-read blog to find our more.