The pandemic is changing consumer behavior, and there is zero chance they will return to their carefree spending ways. Using the same ads to advertise prescription drugs repeatedly is a waste of money and doesn’t lead to sales.
I’ve been working with various pharma and biotech companies with my consulting group for over ten years. Some things have changed, but a lot has not. Here’s what I have learned during that time.
Pharma DTC marketing is unique, and drug marketers need to think more about the journey from awareness to requesting an Rx. In addition, the patient journey is different for each product category and audience. Some will lead to more online research, while others may not.
The old model of looking at performance in the first six months of product launch isn’t relevant. Today, colossal budget product launches are not returning the same ROI as before. Product launches are going to need to be micro-targeted to specific audiences.
The word influencer was added to the Merriam-Webster dictionary in 2019, but influencer marketing is nothing new. Scandals, fake followers, bot technologies, and the pandemic crisis converged have put a halt to influencer marketing growth and tarnished the public view of influencers as a whole. Can pharma leverage influencer marketing?
Yes, there will be changes in healthcare in the coming years but put away the thoughts that telehealth and wearable devices will revolutionize healthcare. More and more patients demand a level of service they want with the increased costs of health insurance premiums. Here are things I believe are more realistic.
LEAD-IN: “What is the reason to believe?”. It seems like a simple question, doesn’t it yet? In today’s micro-segmented audience environment, it’s often hard to come up with one reason that might resonate with everyone in your target audience.
- People are going online more and more to sarch for health information after seeing a DTC pharma TV spot.
- Pharma websites are not consdiered a top resource for infromation on new products.
- Cost is not that big of an issue for people who have health insurance.
- It’s more about weighing the benefit against the potential side effects.
- TV spots are the number one way people learn about new pharma products.