Omnichannel: ‘Biggest Disappointment’ for Pharmaceutical Marketers – 2023/24 Pharmaceutical Trends Research

Adding to marketer frustration is a lack of clarity on how to evolve current Omnichannel marketing efforts to deliver more impact. Pharma marketers fear 2024 will see a similarly disappointing return on even greater budget investment.

Omnichannel ineffectiveness was a major factor in respondents identifying a lack of ‘cut-through of marketing spend’ as a major frustration and concern coming into 2024.

The 39 marketing executive respondents from 14 Pharmaceutical companies who participated in the Bastion Brands 2024 Pharmaceutical Marketing Trends Research Project ranked Omnichannel effectiveness as barely a pass, at 5.1 out of 10. More than 50% scored Omnichannel effectiveness as a ‘fail’, or 4/10.

They also ranked the likely effectiveness of Omnichannel efforts in the year ahead as a distant third spot compared to other activities. More than 50% of respondents indicated they planned to invest more in Omnichannel than ever before.

Omnichannel was also ranked as one of the heaviest users of marketers’ time and energy, for less-than-optimal returns.

To unpick this disappointing result for Pharmaceutical Omnichannel marketing, further investigation by Bastion Brands with Australian Omnichannel marketing leaders highlighted:

So, is Omnichannel worth it?
It depends. Yes, it is worth it for those who have leadership support, a strategy and a plan. Omnichannel activity is arguably as effective or more so than traditional marketing, sales, and communications. As digital and Omnichannel continue to evolve business models across industries, Pharmaceutical will continue to develop and advance Omnichannel capability too.
Omnichannel has a first-mover advantage, and those Pharmaceutical companies that lead will be commercially rewarded by HCPs who truly value the way Pharma Omnichannel can improve and personalise engagement.

ARE YOU COMMITTED OR NOT?
Pharma teams need to agree to commit/or not to the Omnichannel initiative. If committed, a clear leader and a cross-functional stakeholder team need to be appointed that will ensure the initiative is well supported from the top down.

 

WHERE ARE YOU NOW? AND HOW ARE YOU GOING TO GET THERE?
The Omnichannel Pharmaceutical leader will need to undertake several actions to know “Where to Play” and “How to Win”. Firstly, an Omnichannel business assessment managed by external experts to assess Omnichannel maturity against the critical success factors to succeed in Omnichannel is essential.

Based on this Omnichannel audit and assessment findings, the Omnichannel leader should undertake an Omnichannel “Where to Play” and “How to Win” process to clarify the strategy and plan for the year ahead.
Finally, the Omnichannel action plan will then prescribe what Omnichannel effectiveness will be measured by. A cross-functional team of internal and external stakeholders will need to be recruited and inducted to understand and execute the plan to ensure that the business and team members are accountable for making sure the increased investment into Omnichannel is worth it.

As we move towards greater investment in Omnichannel, increasing content, and accelerating HCP engagement, Pharmaceutical marketers have a clear opportunity to create an Omnichannel maturity benchmark, establish a powerful Omnichannel strategy and plan how Omnichannel can improve Pharmaceutical way of engaging with HCPs. Now is the time to prove Omnichannel really can deliver significant value and impact to Pharmaceutical brands, and to HCPs and patients.