According to Dan Rizzo, the head of global business
consulting for Veeva Systems, the pharmaceutical industry needs to adopt a new
approach to marketing and sales tactics in order to achieve a more effective
and efficient collaboration. This new environment will also require the
development of a new compensation model.
A study conducted by Veeva revealed that video meetings are
more effective than in-person engagements when it comes to driving new sales.
The study also found that the average time spent on a video call with providers
was 21 minutes, which is significantly longer than the average time spent on a
face-to-face interaction.
Around 5% of the interactions between healthcare
professionals and sales teams during the pandemic were digital, and this number
continues to rise following the outbreak. According to the study, field sales
teams are also more likely to interact with healthcare professionals via email,
video, and over the phone.
Due to the emergence of the pandemic, pharmaceutical
companies have to create new and expanded content to help their sales teams
meet with their clients. Sales teams are also required to submit content that
they previously stored in paper to be considered for electronic distribution.
According to Dan, the best sales representatives will need
to create engaging and compelling content in order to meet with their clients
and healthcare providers.
The main reason why digital meetings are more effective than
in-person engagements is due to the physicians' preference for a planned
meeting time.
According to Dan, a scheduled video meeting provides the
providers with the opportunity to focus on the matters that are important to
them. He also noted that the increasing number of healthcare professionals who
are willing to participate in this type of format has increased the value of
the meeting.
The next step in the evolution of the pharmaceutical
industry is to find the best balance between the traditional and digital
content. This will allow marketing departments to create effective and engaging
content that will keep the providers' attention.
According to Mike, if the balance is right, pharmaceutical
marketers will not be experiencing the digital fatigue that some believe. He
noted that the overall mix will likely settle at around 70% digital and 30%
in-person. Given that, the majority of the interactions will be conducted
through email, video, text, and chat.
According to Mike, the phone is the worst digital channel
for marketers, as it can be very inefficient and leads to the creation of mass
email marketing campaigns that will not work. He also noted that email can be
very effective if personalized, but avoid the temptation to send mass messages
to healthcare providers.
In addition, according to Mike, the increasing collaboration
between marketing and sales has made it more interesting to see how both
organizations work together. He noted that the sales team is serving as a
bridge between the two.
The sales reps are also valuable to the marketing team as
they can provide insight into the channel preferences of their customers. This
information can be used to improve the marketing efforts.
According to Mike, the sales force can also benefit from the
collaboration between the marketing and sales teams as it allows them to
understand that they have a role in the organization.
The next step in the evolution of the pharmaceutical
marketing industry is the reevaluation of the compensation models for sales
teams. Due to the increasing number of details being shared, the financials and
analytics have to adapt as well.
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