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What Business Intelligence Means To Pharma Marketers

time Posted August 22, 2007 * Comments(0)

The following is taken from an article by Iain Stevens (Chairman of BHBIA) - it is quite a few months old now, but it is still very relevant:

Increase market knowledge

- Measure market size and share
- Discover gaps in the market
- Segment customers in ‘types’

Understand your customers

- Define behaviours and attitudes
- Understand and influence needs
- Gauge the price sensitivity of target customers

Forecast and model future performance

- Assess whether initiatives generate ROI
- Measure the impact of a line extension on market share
- Appreciate the benefit of a price change

Test and generate ideas

- Evaluate product/advertising concepts
- Assess optimal brand attributes
- Understand ‘emotional’ influences on prescribing

Assess sales performance

- Assess the success with which representatives deliver messages
- Evaluate the impact of the recent PR/ad campaigns
- Measure and monitor brand ’share of voice’

Respond to market activity

- Track key performance indicators
- Monitor the impact of external factors (eg, parallel trade, NHS etc)
- Keep tabs on competitor initiatives

from b2bsee * B2B Blog

Filed under: Medical Research