What Business Intelligence Means To Pharma Marketers
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
