Read up on our latest pharmaceutical marketing strategy recommendations to optimize your marketing plan and convert more customers over the next 12 months
Take stock heading into 2021 after what has been a challenging year for pharmaceutical marketers, healthcare, medical and high-science marketers, and all who work in the industry. The strategic evaluation and forecasting season that comes with year-end means many of you are scanning, benchmarking, and prioritizing to strengthen your pharmaceutical marketing strategies for the coming year.
When getting ready for 2021, before even looking at your strategy it's essential to revisit your planning framework. So, let's quickly take a whistlestop tour of why the RACE Framework is the key to setting up your pharmaceutical marketing strategy for success.
Using the RACE Framework to plan your pharmaceutical marketing strategy
The RACE Framework is a practical framework to help manage and improve results from your digital marketing. When planning your overall marketing strategies,…
Tracking tools are tricky and require a lot of attention, in spite of analytical thinking. To avoid gray hair, follow these step-by-step instructions to success.
Collecting and analyzing data is one of the many important keys to setting up a beneficial promotional campaign. No one wants to leave money on the table in the form of online platforms. It is crucial for every business to know what they are paying. Since many purchasers decide on a product over days, weeks or even months during the customer buying cycle , it's important to understand attribution of media which influence purchase (or leads).
Google defines conversion windows as follows:
A conversion window is the period of time after a customer clicks your ad during which a conversion, such as a purchase, is recorded in AdWords. In AdWords, you can edit the conversion window setting for any of the webpage, import, in-app action, or phone call conversions you're tracking.
Synchronization of Facebook and…
Chart of the Day: Many clients and agencies aren't using Martech tools for marketing attribution.
Attribution isn't very glamorous. But it's critical to evaluating ad spend, proving ROI and optimizing your marketing mix to get the most bang for your buck.
Because of this, marketers should be using the best technologies available to help them attribute marketing effectiveness as accurately as possible. But research by Adroll shows that shockingly almost half of agencies and close to half of clients are using spreadsheets and manual attribution processes, rather than using vendor technology or an independent third party.
This report also shows where marketers are using tech for attribution, it's overwhelmingly vendor technology. This tech can be useful, but as recent analytics errors at Facebook have shown, it can result in over-reporting. Third party attribution tools can provide a less biased picture, although these can't be used for certain platforms which are 'walled gardens' where the…
New report shows most effective attribution methods according marketers
What should be the top 3 priorities for people working in analytics for marketing?
Attribution, Attribution, Attribution. Without attribution, what's the point of measuring anything? You might be able to say traffic is up, or traffic is down, but you won't have the slightest idea why, or what to do to change it.
But attribution isn't easy, it takes a lot of knowledge and some clever tech to get it right. For those looking at improving their existing attribution methods, it is helpful to know what top marketers find the most effective way of achieving accurate attribution.
A new report from AdRoll can go some way to providing the answers. By asking a mix of client-side marketing professionals and agency marketers (75% in-company, 25 % agency) in the UK, France, and Germany, they discovered what types of attribution marketers found the most effective.
Algorithmic came top of…
An introduction to Attribution Modelling
In a bid to connect web users with great content (and generally make the world a better place) Google is constantly tweaking its algorithm and filling SEO managers with dread.
Updates like Penguin and Panda have altered the fabric of search entirely. The things that used to take your website to Page 1 simply don’t work anymore. But don’t believe the harbingers of doom just yet: SEO isn’t dead… it’s different.
There are plenty of ways to understand your SEO effectiveness and so boost your rankings and improve the visibility of your site. An important part of the process is attribution modelling,
What is Attribution Modelling?
Attribution modelling is a system which can help you get the most from your marketing mix.
Modern web users are smart and they don’t always purchase the first thing they see online. Often, they don’t buy something…
Why is attribution modelling important?
Ever since its birth in the mid 1990s, online advertising has been lauded as the most accountable advertising medium ever, but it has taken a while to live up to the promise... The early days of measuring online display campaign effectiveness based on click-through rates alone seem excruciatingly painful to recall for example!
Fast forward to 2014 and the latest online media spend figures show that digital media spend has increased dramatically, with predictions that Digital media will account for 75% of all marketing spend in 5 years. With this kind of money comes a responsibility to ensure media spend isn’t being wasted, or at the very least to find ways of explaining how just much value is being derived from it.
More advanced digital marketeers have started looking towards attribution modelling to help better understand what their budget is doing for them and how it can be made to…
It looks cool, but how should you use insights from attribution to improve media spend?
With the growing maturity in analytics tools and the geniuses at Google and other analytics services working to improve them, it is great to see attribution modelling data and insights now widely available. But availability of these tools doesn't equal use, indeed the Smart Insights Customer Experience Management report shows that while we're pretty good at reviewing engagement with websites, email and social media through hurdle rates, the use of attribution is languishing way down at the bottom of methods of assessing engagement.
[Editor's note: To help shed some light on the what-why-how of attribution modelling and as part of our mission to make analytics more actionable, we asked Hugh Gage to write a…
How to assess the contribution of different communications touchpoints
In my last post for Smart Insights I published a complete list of today's channels. Thanks to some comments and suggestions , the channel list has reached 106 channels so far. 95 of these are suitable for marketing purposes be they physical, digital or a bit of both. This is the way they break down.
[caption id="attachment_32020" align="aligncenter" width="550"] Venn Diagram of Marketing Channels[/caption]
Naturally there are at least two questions that arise when faced with such channel choice.
Firstly, how do you pick which channel to use? And then secondly, how do you measure the combined performance across channels? The latter question of course relates to the tricky issue of attribution - the apportioning of sales revenue to the channels that lead up…
The John Wayne view on marketing attribution
'You’ll never know where you’re going until you know where you’ve been.'
– John Wayne
Within the marketing technology community, we find ourselves speaking on the topic of marketing attribution a lot. It’s constantly on the front burner of every modern CMO – how do I do more with less? How do I demonstrate ROI from my various channels, tactics, campaigns – and then boost it? How do I not only defend my budget, but make a data-driven case for more?
Make my day, pilgrim
It’s not just market competitiveness that’s driving this pressure. It’s becoming a cliché to point out the ever-increasing crush of customer behavioral data today – from digital properties, mobile devices and apps, social media, third-party sources, offline transactions, and so on.
Marketers have more data than ever, and technology vendors are scrambling to…
Practical guidance for modelling full customer lifecycle attribution
With ongoing pressure on marketing budgets and a burgeoning array of digital marketing channels and choices, attribution is a hotter topic than ever.
‘Last click’ is the most common approach; attributing 100% of a sale’s value to the last or converting click.
‘Last click’ is a flawed, though, because it ignores all previous activities that led to the sale, which could result in reduced or cut investment regarding the key contributing activities.
To build a truly accurate attribution model you need current and historic individual-level data from your online channels.
Read on to see why.
The value of aggregated individual-level online data
Only by piecing together each individual customer journey can you build up a truly accurate picture of the inter-relationship between your digital marketing activities and the relative role, importance and value of each one…