Life Science Marketing Effectiveness Measurement Using Data
Amending a marketing campaign while it is running is crucial to keep it on track and to closely manage budget. This requires real-time monitoring and the means to measure marketing effectiveness. Most life science companies do not believe they have the skills nor technology infrastructure in place to do this. This means waiting to the end to evaluate marketing effectiveness and assigning ‘wasted’ budget from campaigns that didn’t hit target to the ‘learning from our mistakes’ budget line. In fact, simple data sources that you will have in place will often provide the data needed to monitor marketing campaigns in real-time, and correct course before it is too late. Google Analytics, marketing automation and CRM platforms, all provide data that can help you increase the impact of your campaigns, and maximize budget spend. The critical element is how you combine, process and report this data, to make the insights actionable.
Data for Marketing Effectiveness Monitoring & Reporting
Effective reporting using this simple data, will help teams prove that their marketing campaigns are working. This will consequently increase the credibility of marketing (often a challenge in scientific companies, where marketing can be viewed as an art rather than a science). In this episode of the ‘Talk Life Science Marketing Analysis’ podcast, we interview Liza Rivera, Vice President of Global Marketing at Fujifilm Diosynth Biotechnologies where we talk about this very issue. Liza describes how the strategic use of data for reporting and analyzing campaign progress has helped her team fit into the naturally data driven company-culture. Her team is now able to be proactive rather than reactive in marketing decision making, adjusting goals and actions based on data.
The Rise in Martech
We also discuss that technology for technology’s sake is pointless. Before jumping on board with a new system, it is critical to evaluate the need and ensure you have resources in place to deliver. A common theme that keeps emerging from these podcasts, is that people are at the heart of marketing. They develop it. They consume it, and no matter how helpful a piece of martech is, it can never replace people.
If like Fujifilm, you are interested in benchmarking your marketing campaigns, then listen to this podcast for hints and tips on how best to use your data sources to ensure marketing success.