Accounts matter more now than ever before as Life Science companies seek to bring multi-functional conversations happening in parallel into one place to drive combined team success and deliver company objectives.
The account brings all the strategy, stakeholders and interactions together in one place.
- How do we evaluate, score and evaluate Key Accounts?
- What is our differentiated positioning with each Account?
- What is our over-arching strategy to drive success in the Account?
- What are the tactical objectives that drive our resourcing and activity assignment?
- Where do influential stakeholders reside (hint: almost certainly not all in the same place)?
- What existing relationships do we have in the account?
- What is the influence network that impacts decisions across the spectrum of conversation we need to have, such as:
- regulatory compliance,
- registration and listing,
- reimbursement and payment,
- science and efficacy,
- supply chain...and many more
- How do our daily activities, both human and digital, support our strategy?
- How successful are we not only in completing our activities, but how is that rolling up to the success of the account plan as a whole?
- Are we creating opportunities for improvement and capitalizing on them
Whether you are in Primary or Secondary care, almost all Life Sciences procurement is now Account-based. There's a whirlwind of activity as Pharma navigates the global macro-trends of:
- Consolidating purchasing with multi-disciplinary DMUs;
- Sophisticated negotiators and negotiation
- Parallel multi-functional, multi-disciplinary conversations
- Proliferating regulatory/compliance and reimbursement influence;
- A changing demographic as well as scientific advances resulting in a diversified long-tail of specialty products
Bringing this all together is the holy grail for Life Sciences right now. It's hot. Yet there are no established industry standards or gold standards to reference.
Successful Key Account Management presents a tremendous golden window of opportunity to differentiate in an increasingly noisy healthcare environment.
Interactive Medica's approach doesn't impose a rigid structure, instead Pharma can leverage Interactive Medica's decades of experience of working with many international Life Sciences companies across a broad spectrum of therapeutic areas.
Operationally this means Interactive Medica solutions configures to the company's unique, proprietary and differentiated commercial go-to-market strategy.
Interactive Medica is a living, dynamic environment that at all times keeps the team on top of what's happening.
In the past, Life Sciences companies have tried to do this via template-based Excel spreadsheets, if you are one of those, you already know that this is not a workable solution.
- Formulary Dashboard
- Formulary/Protocol Management
- Stakeholder Analysis
- Team (Resources)
- KAM Analysis
- Profit and Loss
- Process: Bid/Risk Analysis
- Process: CSF (Critical Success Factor)
- Process: Goal/CSF/Key Action
- Process: Objectives & Tactics
- Process: Stages & Steps
- Process: SWOT Analysis
Prescribers are an essential part of the Life Sciences commercial strategy. Some people think they are the only part of the commercial strategy.
Sometimes people call this Prescriber Relationship Management (PRM), sometimes it's called "calendar-in-the-cloud", sometimes "call management"
...the point is traditionally managing prescriber relationships have been about recording interactions we've had: both human (F2F) as well as Digital. Lots of people do this well, however this is only part of the commercial strategy.
Interactive Medica brings together PRM and Account Management, because we feel prescribers are important, though not the only, stakeholders in the holistic account strategy.
Interactions with prescribers are diversifying and those interactions need to become more sophisticated as competition intensifies and medications specialize. As we embrace this multi-multi world of diversified and more precision-targeted interactions along the journeys of the interaction continuum...We want to see that, somehow, on the prescriber record and we want build virtuous circles of continuous improvement based on prescriber responses.
All PRM/CRM solutions are able to record activities against prescribers. Interactive Medica is different in a couple of areas:
With 360° Customer Insight (CI360) we can instantly get a view of all interactions with the prescriber to help us, depending on who we are, immediately understand the current relationship with the prescriber irrespective of our role (securely compliance-enabled, for instance for medical) in that relationship.
For Interactive Medica, prescribers are part of the bigger commercial strategy picture. For instance, prescribers play an important role in account management. The fact that prescribers are in the same place as the other stakeholders in an Account means that we can have a holistic view of the role of the stakeholder, including prescribers, in our over-arching commercial strategy.
- Meetings/Budget Management
- Live Stream
- Time Management
- Holiday Planning
- Accompanied Calls
- Advanced Profiling
- Balanced Scorecard Profiler
- Market Research Profiler
- Sample Management
- Promo. Material Management
- List Management
- Email Triggers
- Direct Sales on Account
- Rx Sales on HCP
- Google Maps
- Call Rate and Time Summary
- Cycle Management
- Analysis - Coverage/Frequency
- Analysis - Cross Tables
- Analysis - Custom
A campaign is an opportunity to leverage stakeholder channel preference along an interaction continuum organized along branching event-triggered journeys that bring context to conversations.
Multi-channel campaigns are really about context more than channel selection. It's a workflow engine that allows you to visualize and monitor stakeholder interaction journeys.
- Campaigns start with the creation of a sequence of events along a branching workflow called journeys
- The first event is one where you select an audience using Interactive Medica's advanced segmentation and selection capabilities
- Each event is aligned to an interaction channel and can capture data as well as spawn new subsequent events based on responses (or lack of)
- Once you activate a campaign with all it's branching journeys, you can at all times review the workflow and click on any part of it to check its status, for instance: the dependent steps that particular item drives, the response against expected, actual spend against budget
Campaign is an essential component in the new world of Account-based Marketing.
20 years ago, Pharma engaged in Prescriber-based marketing: we did, actually, target Doctors (Prescribers) or Pharmacists (dispensers) based on profiling data that segmented them based mainly on potential prescription/dispensing volume. So - companies know about segmentation and targeting as (pre-internet) it always had limited ability to reach all potential prescribers.
However, now that procurement decisions have moved away from the end prescriber, an Account-based marketing approach makes a lot more sense. Account Based Marketing means highly personalised campaigns to stakeholders selected based on multiple criteria (such as, role & influence of stakeholder, account status incl. client product v competitor etc. needs improving). These campaigns usually run across multiple accounts but the highly focused selection enables delivery of a more personalised and valuable message to the individual. This results in more valuable engagement and longer term relationships with clients, enhancing your company’s reputation and enabling the move towards client advocacy.
An example of this can be seen directly in email “open” rates which approach 50% when clients use our eMarketing solution, significantly more than typical targeted rates.
Steps in ABM:
- Segment and target
- Map Accounts and ID stakeholders & roles, influence etc.
- Define content and messages
- Determine channels
- Execute (can be done real-time, must be coordinated with sales, imperative that messages are consistent)
- Measure & Analyse
- Adjust: Continuous Improvement is enabled by consistently and methodically analyzing results of the latest Campaigns.
Digitalization has been a big theme in pharma the last couple of years. Embracing digitalization is perceived to be something complex and in some ways it is.
If we are clear that Digitalization, despite offering clear advantages in some key areas, is nevertheless an important component (rather than, at this point, the whole) of our go-to-market strategy, we begin to see why Interactive Medica's approach starts making sense.
There's content and there's the engine that delivers the content and captures data when people interact with that content. That's what Interactive Medica's Multi-channel Campaign Management is the engine that empowers the Life Sciences' company to manage and monitor those interaction journeys in a very simple dynamic way.
- Multidimensional Segmentation
- Campaign Workflow
- Campaign Tracking
- Social Marketing
- Email Marketing
- Campaign Analytics
Analytics in Life Sciences is becoming operationalized; in other words, it is becoming an embedded part of driving business process…that's why Interactive Medica refers to it as embedded Insights to Action.
Embedded Insight can start with a dashboard on your homepage, dynamically tuned to who you are and what you do. Most people have major "buckets" of insight they are looking for: internal and external sales, account and activity management, marketing and campaign management and more...
Embedded means embedded in the business process dependent on who you are and what you do
Insight means contextual to who you are and what you do, or put another way, not irrelevant analytics
to-Action means, building virtuous circles of continual improvement by linking embedded insight with the ability to initiate action right there where you found that insight.
Lots of people, actually everybody, has Business Intelligence (BI) or Analytics somewhere in their company. But that BI is typically divorced from the general business person or the business process that person is a part of.
BI or Analytics is best suited to the analyst and that is an extremely valuable capability in the context of discovery of new stuff, but not so great when it comes to doing things in an everyday operational tracking and monitoring context. When it comes to "Actionable Analytics", actually the "action" bit is pretty much left up to you because those analytics are somewhere separate to your operational systems.
With Interactive Medica embedded Insights-to-Action, everybody has access to the information they need...not just managers...not just analysts...everybody...embedded in the commercial process, relevant in context to what that particular person does generally and is doing specifically and in a way that requires no training or prior expertise.
...and once you've got the insight you need, Interactive Medica places it embedded in your system right next to where you can do something about it. Whether it's schedule an activity, assign a resource, initiate or change a campaign, with Interactive Medica your insight drives actions which in-turn drive virtuous circles of continuous improvement.