5 major data-driven marketing challenges for Healthcare Industry in 2018
Today, patients have multiple choices to switch brands, so are the evolving manifold tech-driven marketing tools of engagement coupled with organizational & execution challenges for marketers. 72% of medical marketers surveyed confirmed about their access to advanced marketing technology tools but only half of them have utilized what they have. The demand for specialty/niche products is changing the pipeline which conjures up another piece of puzzle: How to deliver the right content at each phase of the customer’s life cycle?
So what’s holding them back? For healthcare leaders, to act with deliberate speed in response to challenging marketing trends, addressing these 5 major data-driven challenges could be of significant benefits:
1. Stagnancy in digital investments
Given the tendency of risk aversion while adopting new innovations by the pharma industry, it’s a growing challenge that the healthcare industry is reluctant to commit to any technology investments. Decline in overall price margins & cost pressures have also led healthcare technology lagging behind from the perspective of customer care & delight. As a result digital health practitioners are confused over the implementation of digital health applications or APIs around the needs of clinicians & customers to improve the lives of everyone.
2. Lack of access to patient data
Technology is improving; so are the health care solutions. The missing element here is the access to patient data that are a part & parcel of medical practitioner’s tool kit in therapies, diagnosis or treatment. Integration is a further challenge given the limitation of technologies for clinical use in digital health solutions. At this juncture, how will a marketer build up an integrated view of customer experience to optimize clinical marketing effectiveness?
3. Traditional regulation of healthcare data
Most marketers are still grappled with the challenge of old data wherein more than 50% information are either missing or in silos. Patient data is critical to advertising assets. If health-care specific data that is gathered is a mismatch, it’s impossible to shape engagement opportunities to optimize customer’s journey.
Fortunately, data is massive & available everywhere but it’s messy. It’s just how you take it into account to glean it by investing smartly on marketing efforts!
4. Lack of digital analytic capabilities
Nearly 40% of pharmacos have admitted their lack of understanding about customer behavior & lifecycle across each touch point. Poor visibility into audience profiles & lack of knowledge about digital performances continues to be a challenge for underperforming organizations. Digital is embedded within marketing strategy & to strike a competitive pace with disruptive potential of digital technology, it is imperative to drive innovations for digitally personalized healthcare by leveraging a wide scale of digital initiatives. This is possible only by unlocking & analyzing patient data, mining electronic medical records & linking the digital data sets using internal & external sensor data streams & resources to extract potential data. The pharmaceutical companies that can embrace the new wave of automation & are able to influence algorithms while implementing new approaches will be generate real value of data & improve their pipelines in the long term.
5. Healthcare competitions & new competitors
With the advent of digital technologies, the control of pharma companies over healthcare data aggregation & usage is weakening gradually. Unlike rational healthcare establishments that are still juggling with old school practices such as paper-based medical records & traditional research & development processes, many IT tech-giants such as IBM, Apple, and Qualcomm Technologies are taking over the competition. With advanced clinical decisions & support & expansion of clinical capabilities winning the digital war, the tipping point is not far behind!
Investing on digital innovations & solutions are a big pay-offs. For healthcare professionals, it’s time to adopt the act-now mentality with innovative business models & maximize their capabilities by prioritizing them within the C-suite agenda.