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You Want Marketing ROI? You're Not Ready to Measure ROI!
Traditional analytics tools that evaluate ROI, promotional response curves, marketing mix analytics and econometrics utilize historical data. Historical data is insufficient in the pharmaceutical sales environment, where product recalls, new regulations, new competitors, legally aggressive generic competitors and other factors bring about constant change. These changes mean that using methods that rely on historical data have significantly reduced accuracy as historical reactions to promotions are no longer reliable in projecting future prescribing. The complexity of more accurately calculating return while better accounting for changes in the marketplace calls for a new breed of analytical tools.
Dr. Bates has led marketing analytics programs for numerous top-tier pharmaceutical companies that have resulted in measurable growth in profit and market share. The Company's innovative 94.8 Analytics Process offers clients more accurate measurement of brand growth in the changing pharmaceutical market environment. She has authored many articles in peer-reviewed journals and several chapters in books on this topic.
Dr. Bates has spoken at more than 45 international conferences in the past five years, and is currently working with pharmaceutical marketing programs in the ROI field at two universities
If You Can't Define It, You Can't Measure It!
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WAX Audio File for Windows Media Player (Archive available 30 minutes after the show).
Background
Pharmaceutical marketers used to be mainly concerned with effectively delivering their messages, and ensuring the value of the individual programs. Now, pharmaceutical marketers are being asked to more thoroughly prove the effectiveness of their programs by quantifying exactly which messages impact prescribing the most, what the return on each sales and marketing program is, and what optimal combination of programs (and budgets) will deliver maximum prescribing (market share) results.
Dr. Andree K. Bates
Dr. Bates is a leading expert in pharmaceutical marketing analytics. Her career has encompassed academic, clinical and pharmaceutical positions around the globe, and she has gained worldwide recognition within the healthcare industry for ROI and marketing effectiveness measures.
Some questions:
- What is ROI anyway?
- What are you measuring?
- Why is good ROI a paradox?
- So, you got a good ROI, now what?
- Forget R-O-I! What do you really want?
Additional Resources
- TBD