Nowadays, people are greatly dependent on technology to carry out their everyday activities. In this technology studded world, the role of Big Data Analytics is growing bigger and more important in the pharmaceutical industry. The urge for social media and the internet is rising every new day. The digital wave and big data have extensively transformed each and every market around the world. The pharma industry is rapidly moving towards digital transformation but embracing digital marketing skills and tools. Big data is becoming a vital tool to reduce the expenses of the pharma industry.
Pharmaceutical industry is adopting big data analytics and other analytics tools at a much slower rate as compared to that of major industries like manufacturing, retail, and automotive. Traditional pharmaceutical companies gained higher profit margins without even investing in marketing activities. But in today’s scenario, due to the rising competition, the pharma market has started utilizing extensive informatics & highly advanced data analytics tools to accelerate market shares and build powerful commercial value in the market.
Big Data Analytics Renders Excellent Data & Insights
With increasing regulatory frameworks and market competition, the major pharmaceutical companies are adopting big data analytics and highly-advanced data analytics solutions like market analytics and big data analytics. This is how Big Data Analytics contributes to Pharma Marketing:
- Plan effective promotional activities and enhance marketing strategies with impactful insights derived from marketing analytics tools and techniques.
- Elevate the performance if existing product lines. With big data analytics, in-depth pharma market analysis can be done and niche customer market segments can be easily targeted.
- Predictive analytics can help pharma companies to accelerate their influence of marketing activities and simply measure their marketing ROI.
- Produce effective materials and communication messages to target right patients and to ensure it reaches them at the right time through the right medium; thereby optimally utilizing resources.
Enhancing Pharmaceutical Sales
Pharma companies can integrate and interpret myriad data while receiving a 360-degree overview of the customers without the need of the laborious manual process that proves to be an obstacle in the progress of the company.
Pharma companies have a staggering amount of data in its arsenal and the goal of the marketing department is to optimally use data in order to deliver better results. Predictive marketing utilizes machine learning to provide accurate insights to encourage sales from the already existing as well as new customers. Pharma Sales largely depends upon the customer funnel – from customer behavior to insights, the effectiveness of ads/ campaigns, enhancing customer lifetime values and customer retention. Companies can easily reach these goals with predictive analysis. It derives patterns within the data that are gained from the customer touch points. Predictive technology gains predictions from data for each individual for driving powerful decisions. This helps in utilizing data science which identifies common characteristics of the accounts that were won by sales and it also predicts the likelihood of closing each prospect.
Let us summarize the impacts of Predictive Analytics on Pharma Sales:
- Predictive Analytics has a positive impact on leads and accelerates conversation rates.
- It supports sales efficiency by rendering sophisticated machine-learning techniques for sales users.
- It works more effectively and renders best results with myriad datasets, thus highly benefits the pharma companies.