Market Analytics
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Market Analytics

Driven by changes in the healthcare commercial model, healthcare companies have had to change the way their sales reps manage relationships with doctors. Netcom has helped healthcare customers to transform from brand-centric to customer-centric organizations.

To support these changes, Netcom offers a unique approach and solution for professional marketing. Netcom develops solutions with a creative and holistic approach. Netcom’s approach to measuring campaign effectiveness, for example, integrates sales analytics with multi-channel communications, manages marketing across brands and franchises. The focus is on accuracy of measuring customer engagement, prescription lift and profitability utilizing advanced statistical and econometrics techniques.

Netcom’s engagements have spanned a diverse range of offerings including marketing strategy, primary and secondary market research, database development, campaign measurement and reporting. NetCom teams engage closely with the client throughout the life-cycle of the project, recommending creative solutions for improved marketing efficiency.

Netcom teams can create and/or fine-tune a KPI Framework and prioritize KPIs according to impact and feasibility including data source identification for new product launches. Netcom can also gather geographic specification benchmarks by validating country specific targets for selected KPIs benchmarks. The following diagram is an example of a KPI metrics framework for tracking a product launch performance.

Market Analytics

1. Execution Metrics

Direct marketing campaigns that deliver the highest return on investment are properly executed. Marketing runs from strategy and content development through campaign execution and conversion analysis for marketing campaigns such as email, direct mail, sales reps, digital marketing campaigns and inbound/outbound telemarketing etc. Execution Metrics measure the effectiveness of marketing campaigns. Some of the KPIs for execution metrics are target pharmacists, physicians, pharmacy segmentation, call per pharmacy etc.

Pharmacy Execution Metrics are as:

  • Dialed Calls
  • Completed Presentations to Pharmacist
  • Target List
  • Penetration of Target List
  • Hang-ups
  • Non-Viable Accounts
  • Pharmacists who stock your products
  • Pharmacists who are aware of products offered
  • How the call was received – Positives
  • How the call was received – Neutrals
  • How the call was received - Negatives

2. Diagnostics Metrics

Diagnostic Metrics measure the long term effectiveness of marketing campaigns such as brand equity, pharmacists’ adoption of brand, market access, pharmacist awareness, brand awareness and patient awareness etc. In addition to long term effectiveness, it also measures the qualitative impact of marketing campaigns such as message recall and share of voice.

Pharmacy Diagnostic Metrics are:

  • Brand Equity (Brand Power Score)
  • Message Recall
  • Share of Voice
  • Pharmacist Adoption
  • Market Access
  • Pharmacist Perception of Reps
  • Patient Awareness and Perception

3. Performance Metrics

A performance metric is a measure of marketing activities and performance. Performance metrics supports a range of stakeholders needs. While traditionally many metrics are financed based, inwardly focusing on the performance of the marketing, metrics also focuses on the performance against customer requirements and value. Developing performance metrics usually follows a process of:

  1. Establishing critical processes
  2. Analyzing customer requirements
  3. Developing measures
  4. Establishing targets which the results can be scored against

Performance metrics measure the overall impact of all sales activities on the sales, market share, sales contribution of each marketing activity.

Pharmacy Performance Metrics are:

  • Dynamic Share
  • Market Share
  • Sales Performance (Sales vs. Plan)
  • Contribution to Growth
  • Promotion Efficiency
  • Price Awareness

The following is a sample project plan for implementing a KPI Metrics plan.

Market Analytics

NetCom’s analytic approach provides better integration by leveraging consumer, patient, and market data. From this data, Netcom can identify key influencers, in turn creating strategies and programs that effectively build relationships directly with physicians and patients. This strategy results in maximizing our clients’ return on marketing and sales investments.