According to the 2019 report by Iqvia entitled, “The Global Use of Medicine in 2019 and Outlook to 2023,” the constantly growing and in-demand pharmaceutical sector will surpass a $1.5 trillion total market value in 2023 with a CAGR (Compound Annual Growth Rate) between 3 percent and 6 percent.
Take note that these are merely estimates generated prior to the Covid-19 pandemic as we are still in the midst of this outbreak. However, one thing’s for sure–that Digital Marketing in the Pharma Industry will be paramount and more strategic than ever before but will have to take on more responsibilities. Such responsibilities can be turned into opportunities for both companies in the pharmaceutical sector and to all the citizens.
To achieve this, here are some of the few key points in building effective marketing strategies in the Pharma Industry.
1. Launching A Value-Driven Content Creation
The influence of the digital age has significantly transformed the pharmaceutical sector. They are no longer the providers of information or the sole owners when it comes to their treatments or products.
Due to social media, mobile applications, online communities, and countless web content, everyone can now have access to all these pharma-based insights.
Take online pharmacy Malaysia, iPharmaHome, for example. The online store understands the current situation of the people right now as they stay at their homes to keep themselves safe from the virus brought to us by the outbreak.
In line with this, iPharmaHome established a 24/7 safe and secure online pharmacy store where customers can now purchase pharmacy goods without the hassle of visiting a physical store. They also provided a blog feature to offer helpful articles that not only discuss recommendations on the best products in the market but also tips & advice. Plus, through their online shopping feature & responsive customer service, people can now get their goods and even ask questions with just a click away.
This is a good demonstration of how our first marketing strategy works. Marketers today take advantage of the digital advancement and use that to build targeted, value-driven, and even branded content that offers current and possible patients insight into the relevant information while simultaneously growing their audience.
The pharmaceutical field can demonstrate transparency and amplify its patrons whilst encouraging its brand and establishing trust as a thought leader. Here, they can provide answers to common patient queries in an inspiring and engaging manner.
Marketers can also offer a combination of value, emotive messaging, social media posts + blog content (written or through a video), and even attention-grabbing graphics for the pharma sector’s campaign. On top of all this, the content can be shared by people across their own social media networks, which boosts more trust and brand recognition.
It is crucial, however, to create your campaign around a unique product or topic with a stirring message that will not only inspire the audience but increase user-generated content as well. This will serve as a vessel for social sharing across various channels.
2. Integrated Augmented and Virtual Reality
According to Statista, the consumer VR software market is expected to reach a whopping amount of $16.3 billion by 2022.
As Augmented Reality (AR) and Virtual Reality (VR) become an increasingly integrated part of everyone’s daily lives, pharmaceutical sectors can use this immersive technology to knock down walls between clients and business partners, consumers, or patients.
While the adoption of AR and VR in pharmaceutical companies is still in its infancy, some businesses are already utilizing immersive tactics and apps. These technologies not only place customers at the core of their company but can also offer care and information through product demonstrations and virtual clinics.
To illustrate this, the GlaxoSmithKline brand called Excedrin, produced a VR-driven campaign entitled “The Migraine Experience.” This project helps people empathize with loved ones and friends that suffer from migraines while aiding to promote its research and products at the same time.
With the use of VR headset, migraine sufferers can program their specific symptoms such as auras, blind spots, and sensitivity to light prior to handing it over to their friends so they could also experience the traumas themselves and filming the results to develop video content.
This campaign did not only encourage a host of positive engagements and conversations but a notable increase in profits within just two weeks of its launch as well!
The key point here is whenever you use VR or AR as a tool for your digital marketing, you need to place your audience at the heart of the narrative. This offers a unique opportunity to put life to your brand’s mission, product, or treatment.
3. Chatbots And AI-powered Messaging Apps
This marketing tool is being used by many companies around the globe to incite meaningful dialogues and debates with existing or potential patrons. For the pharma industry, this provides a distinctive way to hold personal conversations with those that purchase or use their products.
AI-powered messaging apps or machine learning chatbots can play a significant role in any communication strategy and marketing plan in pharmaceuticals.
Chatbots can play a pivotal part in any pharmaceutical’s marketing plan and communication strategy.
Using this system, the pharma industry can answer basic client queries, strengthen their organization, not to mention expand customer satisfaction while boosting your company’s productivity. Chatbots have proven their adaptability, and people have shown an increased trust in utilizing them.
When it comes to social messaging, chatbot communication will demonstrate a soar in consumer experience and provide valuable data for digital marketers to build on interactions and strategies with their products or treatments.
4. The Role Of Marketing Influencers and KOLs
According to collectivebias.com, when making a purchase, 70% of millennials are addressed by “influencers”. Meanwhile, adweek.com says that influencer marketing has an average ROI of $6.50 for every $1 spent by the audience.
Based on this data, it’s evident that influencer marketing has relished great success and it is in turn highly linked to the world of social channels with pivotal growth, particularly on Instagram. As a result, it’s normal for pharmaceuticals that deal with health to learn and reap the benefits of its dynamics.
But that’s not all. As mentioned by doxee.com, among the most efficient agents that the pharmaceutical sector has at its disposal today to retain and reach its audience, there are Key Opinion Leaders (KOLs) who have been recognized for their expertise and professionalism.
Ergo, they are authoritative voices, which are imperative for conveying sensitive areas such as pharmaceuticals. This is fundamental especially in a world like an online environment which is typically being swarmed over with misleading information and fake news, which can backfire on marketers in the sector.
So how do influencers and Key Opinion Leaders effectively communicate their messages? That’s simple, it’s through a video.
5. The Blockchain
In today’s digital age, transparency and trust are indispensable elements to success. As the pharma business becomes more informational, offering considerably more direct medium of communication between clients and the provider, remaining open and trustworthy is no longer optional, it’s now requisite.
While this is yet to be examined to its fullest capabilities, implementing blockchain technology as part of your business tactics could help promote organizational advancement and growth.
When it comes to navigating digital marketing’s evolving landscape, employing these various digital marketing approaches will help your business’ chances of becoming more prosperous and sustainable. With these points, you can offer a higher level of customer support together with patient care which is the essential aim of the pharmaceutical sector.