MEASUREMENT Life Science Marketing Measurement and Analysis Why Measure the Impact of Your Marketing Programs? Life science companies view marketing with skepticism. Marketing is seen more as an art than science. By using data, it is possible to prove the impact of your marketing efforts and report them with more credibility. Marketing measurement programs enable you to: Know what returns you are getting on your marketing investments? Understand the impact of your marketing on sales Evaluate the impact of each marketing channel on your objectives 3 stages to a comprehensive marketing measurement program Tie marketing goals to business goals Develop metrics and identifying what data will demonstrate progress Connect the data and visualizing it in a way that your audiences will understand Meaningful actions that result from the insights include: Assign budget to the programs that generate the most results Refine programs mid-way to correct course before it is too late Plan more effectively for the future Life Science Media Measurement and Analysis Why Conduct a Media Analysis? During the pandemic, many life science companies have been in the news. Both with proactively obtained media coverage as well as organic (or ‘earned’ coverage). How does a life science company evaluate the impact of this media attention? How do you determine if one story is better than another? Media analysis enables you to understand what the media is saying about you. It can also be used as a barometer for your reputation with the general public. The data that is collected can not only be used to look back at the results of a program (also known as ‘lagging’ indicators) but also for looking forward (‘leading’ indicators) to help decide on future action. This makes media analysis both an evaluation tool as well as a critical strategic planning resource. What Can You Measure Using Media Analysis? There are many different reasons to do a media analysis. The most common reasons are: Evaluation and MeasurementMost companies use media analysis to measure the effectiveness of their public relations strategy. Having a system in place that provides evidence of the success of your programs, and quantifies return on investment, enables you to make strategic decisions on what to stop doing, and more importantly what to do more of. PR and comms teams have a harder time justifying budget spend versus digital marketing. In a world where ‘return on investment’ is measured by direct impact on sales, PR often gets kicked to the curb. In a crisis, such as COVID-19, PR comes into its own, so being able to quantify impact and report it effectively is critical. Tactics such as agreeing on a quality score for coverage in advance, tying results to organization objectives, and doing pre and post-campaign surveys provide you the data needed to evaluate media effectiveness and justify a budget increase. Competitive AnalysisMany life science CEOs do not see the value of public relations as it is hard to link outcomes to sales. However, they do care about exposure versus competitors. Analyzing the share of voice versus key competitors is a major metric for the C-suite. A strategic media analysis provides data-led evidence of brand perception versus competitors. Strategic PlanningKnowing where to focus your efforts in a public relations strategy has historically been performed on gut instinct and existing relationships with journalists. A correctly performed media analysis project, however, can give you data on which publications and journalists are the most effective for you to target (see ‘media quality score’) to get maximum results. The insights can inform future strategy, and also help you to correct course mid-program too. Positioning, Messaging and Thought LeadershipThe media can be used as a barometer for the general public. Seeing which topics and issues interest the journalists, which get a better sentiment and what positioning resonates the most all inform your approach to not just public relations, but marketing as a whole.