Have you applied Omniscience to measure Cross Channel Marketing?
Today’s pharmaceutical industry leaders must know where they stand on providing exceptional outcomes; both for businesses and customers.
As businesses take a leap from traditional methods of outreach to a long-term relationship-based approach with customers in the digital space, it is imperative that leaders revisit their goals and objectives, and hence, evolve their performance measuring methods and marketing spends.
This is exactly what has led to a new wave in Digital Physician Engagement and Measurement today, compelling a shift from counting views, impressions, and clicks to more holistic Indicators.
The three indices below have thus been developed to help business leaders make better decisions.
1. Omnipresence Index (Ox): Represents the Breadth of Engagement across channels. It accounts for Health Care Professionals’ (HCP) channel richness (number of channels engaged) and recency (last successful interaction) at 3 levels: physician, brand and franschise; and suggests how effectively the channel mix is performing today as well as is likely to perform in the future. This helps business leaders understand how Omni-channel their customer (Physician) relationship is.
Omnipresence Index is a unique score for each HCP and is calculated by a logarithmic algorithm developed by Indegene which takes recency of successful interactions into account on all channels.
2. RACE Index (RACEx): Represents the highest Depth of engagement, through customer journey stages - Reach > Action > Conversion > Engagement for an HCP across any of the channels deployed. Thus there are 2 RACE indices -
a. Channel RACE Index (Channel RACEx) – It’s a unique score calculated for each channel by successful interaction through the journey stages (R>A>C>E) and highlights the definitive path of least resistance for an HCP. For example if for a physician, the Channel RACE Index of e-Mails and text messages is 70 and 50 respectively, it means that the physician is more receptive to interactions via e-Mail than via SMS.
b. HCP RACE Index (HCP RACEx) – It’s an average of all Channels’ RACE indices for a particular HCP and highlights who is the high-value target for successful interaction.
3. Marketing Impact Index (MIx): Represents the spike or decline in sales caused by increase or decrease in engagement level. This ratio establishes the financial relationship between the number of engaged HCPs created/nurtured by sales and marketing and its impact on prescription/revenue.
The Context of Digital Physician Relationship Measurement
The digital revolution has been adding new platforms and media channels to help build customer interactions; be it e-Mail or SMS, websites, social media, chat apps, and more. One reason why Digital is garnering such fame amongst businesses is that it’s measurable hence quantifiable. And anything that’s quantifiable produces insights for significantly improving business and customer outcomes.
The next wave of Digital Physician Engagement Measurement is essentially putting the Customer at the heart of Scoring Efficiency and Impact in order to stay aligned with these evolving trends -
1. Measuring the Breadth of Engagement due to a shift from siloed channel metrics to a unified, cross-channel Interaction Metric
2. Measuring the Depth of Engagement due to a shift from counting siloed metrics at each customer journey stage (Reach, Action, Conversion, Engagement) to a unified, Engagement Penetration Metric
Measuring the Outcome of Engagement because advanced analytics can now measure the impact of engagement on sales/revenue
These KPIs, worthy of Business Leaders’ attention, serve as vital navigation tools to understand whether their business/organization/function is on a successful voyage or veering off the growth path.
HCPs current approach to digitising is using archaic measurement frameworks. It is beneficial and in fact imperative that intuition is replaced with evidence for decision making based on available analytical tools.
If you are a commercial pharmaceutical leader and are looking to realign the focus of your senior leadership and to improve the effectiveness of your Omni-channel HCP Engagement, get a free assessment of your omniscience KPIs with the help of Indegene’s data science experts. You can email them at email@example.com.