In any industry, the term "marketing” is always a key factor in determining the success of a business. In the pharmaceutical industry, whether the business is being done directly to the customer or to the physician, a lot of data must be kept for executing successful campaigns. While data is important, the last thing companies want to do is market their brand to people who want nothing to do with them. So, the question becomes, how do you know who’s interested?
An answer to this is Closed-Loop Marketing or CLM. This is a type of marketing in which strategies are developed and used through multiple channels. CLM allows the marketers to gain an understanding of what’s happening in the sales process, and what will happen next. With the technology we have today, marketers can use CLM to track where buyers are in their journey. Meaning, the technology can track visitors to your website. Giving companies access to further understand how they got there, where they’re going next, and why. The four steps of CLM in the graphic below explain this process more in detail.
The pharmaceutical market in the US is one of the world’s most important markets. According to Statista, almost 60 billion USD are spent each year on pharmaceutical research and development. A result of the pharmaceutical market being one of the most important markets worldwide. Only 28% of American adults have had positive experiences dealing with the pharmaceutical industry, and 43% had negative ones, but it’s not as bad as it may look. With those numbers of poor experiences, 60% of people find pharmaceutical products good or excellent. The factor that can change those experiences for better, is more engaging marketing strategies. Pharma closed-loop marketing is key for the industry.