The pharmaceuticals industry is responsible for the research, development, production and of medications and generates over 1.25 trillion in revenue globally. While experiencing significant growth over the last two decades, the industry has become even more significant over the past year.
The role of pharma sales reps is an incredibly important part of this lifecycle from initial research to point of sale and distribution, with reps connecting the groundbreaking research and technology of pharma companies with healthcare professionals and medical establishments. The need for on-the-fly access to real time industry insights, analytics and marketing trends is essential for reps, in which marketing teams can have a real impact using market listening technology.
What Is Market Listening?
The key to effective marketing is a strategy that is agile and transformative to the market’s needs, and to do this, the sales and marketing team need to be able to connect with their target audience and gather insights into market trends. To do this manually is a mammoth task and not possible if real time insights across multiple geographies are to be gathered.
Market listening tools are an effective solution to this, enabling marketers to build a bigger picture of market demand and change through tools that monitor brand mentions, offer collective insights, and deliver key data that allows pharma companies to see how they can adapt alongside market demand.
What Are the Benefits of Market Listening?
Market listening tools that automatically surfaces insights into the pharma industry can have a range of significant benefits. Let us take a deep dive into these below.
Create more intuitive content
Over the past few years, the ability to produce a range of digital content has become an essential part of a successful marketing strategy yet producing content for the sake of producing content just is not going to cut it. Being able to identify what the market trends are, where your clients’ pain points lie and what they need to be educated on is essential in shaping your content.
Market listening tools can surface data on global industry trends, monitor what competitors and talking about and identify ‘social chatter’ among clients, enabling you to tailor your content based on what’s trending and put you front and center of the conversation.
Identify Brand Advocates and Influencers
There is no one better to market your brand than clients that have firsthand experience interacting with your company and your products. For large manufacturers and pharmaceutical distributors, this can be hard to keep track of.
Market listening tools enable you to keep track of how your brand is being mentioned and how you are being talked about. They can also enable you to identify top performing clients on social media and harness their efforts to create testimonials, case studies and influencer content that gets your brand noticed.
Managing Your Sales Funnel
The sales funnel outlines the journey clients take when moving through the purchase cycle, from initial brand discovery and awareness, through to making a decision and going through with the purchase.
Being able to track user behavior at each point in this cycle is critical to the success of your marketing strategy, as well as the success of your pharma reps. Marketing listening tools can use AI technology that gathers insights on how users are interacting with your brand throughout this cycle.
This could include:
- Information on how users first discover your brand and where your website visitors originate from.
- What keywords and topics users are typing into search engines to find your content
- What trends and topics healthcare companies are talking about, what is in the news and what issues are currently affecting them.
- How long it is taking users to get through the sales funnel from awareness to action.
By having a more informed view of the way users discover your pharma products and services and how they interact with them, you can tailor the users journey and make it more personalized so that the timeline for qualifying leads and closing sales cycles is optimized.
Overall, one of the key areas where businesses fail is by trying to walk blindly into the market, without data and insights that can back up their approach and optimize the way budget and resources are being used.
Market listening tools are an effective way of automating this process, saving your sales, and marketing teams valuable time to concentrate on the bottom line.