RESEARCH TRIANGLE PARK, NC--(Marketwire - Jun 30, 2011) - A new report finds that product awareness -- by both physicians and patients -- is rapidly becoming a key performance metric for emerging markets teams to measure pharma marketing ROI.
The report, "Pharmaceutical Brand Lift: Marketing ROI and Budget Allocation," tracks numerous pharmaceutical brand performance metrics for both the U.S. and emerging markets. Drug manufacturers must always be focused on the rate of prescriptions written in a given market as a fundamental marketing performance metric. However, Cutting Edge Information found that physician and patient product awareness has become a more valuable tool as a leading indicator of performance to companies operating in emerging markets.
"Marketing teams weigh physician awareness and opinion fairly evenly here in the United States," said Jason Richardson, president at Cutting Edge Information. "In emerging markets, however, twice as many companies measure physician awareness over physician opinion."
The report identifies two critical factors driving this trend. Drug companies have less advanced marketing programs in emerging markets and it is therefore easier to measure physician awareness compared to more subjective physician opinions. Second, with less competition in emerging markets, product awareness is more directly tied to revenue. When more competition develops, positive physician opinion then produces greater value.
According to the report, 67% of companies measure physician awareness in emerging markets, which is second only to measuring prescription rates in global usage. Only 33% of companies measure physician opinion in emerging markets, which is nearly half the percentage of companies (63%) that measure the same metric in the United States.
"Pharmaceutical Brand Lift: Marketing ROI and Budget Allocation," available at http://www.cuttingedgeinfo.com/research/marketing/brand-lift/, examines the brand impact and return on investment for various pharmaceutical marketing budget strategies. Developed with input from 28 pharmaceutical and biotech companies, the study provides benchmarking data for both established and emerging markets.
The study is designed to help companies meet goals identified by benchmarking partners, including:
- Boost brand value and the corporate bottom line with benchmarks for specific marketing activities.
- Track hard-to-find ROI data for various marketing activities.
- Determine the effectiveness of both traditional marketing activities and newer tools, including Internet-based channels.
- Discover where marketing and brand executives can best put future investments.
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Elio Evangelista
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