By Emma Gosselin
In the business world, buzzwords have a funny way of growing into legitimate strategies.
Take the business of the life sciences, for instance: “Digital transformation”, once a buzzy descriptor of the shift to online operations, is now practically a mandate for any life science organization hoping to reach their target customers in the new healthcare landscape.
So, what’s the next term-turned-tactic in the life sciences?
Enter “omnichannel marketing,” a buzzword taking off in the life sciences market, and a strategy to help create new paths to commercial success. An increasing number of organizations are implementing this dynamic strategy to grow their businesses—and for a good reason: Omnichannel marketing helps organizations understand and connect with their customers in new ways, offering prospects and buyers a consistent and personalized experience.
Just recently, we released our latest e-book, “Developing an omnichannel strategy for life sciences,” by Ashley Volling and Mike Steward. Drawing on insights from the guide, this blog explores what omnichannel marketing is and how it helps life sciences organizations prioritize and improve customer relationships.
First, what is omnichannel strategy?
Omnichannel marketing is a customer-centric strategy that helps you connect to customers, deliver a holistic brand experience, and sell products. It uses data to identify which channels customers engage with and how, when, and why customers interact with products. With this information, your organization can develop meaningful, targeted strategies for customer outreach.
Ideally, a successful omnichannel strategy should holistically integrate various channels. For example, customers who have read a blog on your site might receive an email that then directs them toward related content or webinars.
Notably, the omnichannel marketing process divides the customer journey into multiple stages, so differentiated messaging is vital to ensure customers are understood, engaged, and influenced—wherever they are in their journey.
How does omnichannel differ from multichannel?
You may have heard omnichannel used interchangeably with multichannel; however, these terms describe different approaches. Just as it sounds, multichannel refers to marketing across multiple channels, while omnichannel refers to marketing across all channels that customers interact with. Types of channels may include direct email, webinars, news, events, symposium, and publications, among others.
Multichannel strategy is also less concerned with customer interactions and preferences than omnichannel.
Engage your customers in new ways
Omnichannel marketing starts with learning about your customers—including their buying journeys, challenges, initiatives, and how they interact with the healthcare system. Your organization should look into which channels your customers say they have a preference for and which ones they actually engage with.
With all this information, you can successfully target and win customers through personalized messaging, promotions, and follow-ups that are customized to their unique needs.
The power of personalization
Personalization goes a long way in driving customer satisfaction and brand loyalty, and it also helps customers remember your business. In fact, a 2018 study by Epsilon Marketing found that 80% of customers are more likely to do business with companies that offer personalized experiences.
A more recent 2021 report by McKinsey looked at consumer preferences after the onset of COVID-19. It found that 71% of consumers now expect personalized interactions from brands. Even more, the study showed that the fastest-growing companies generate 40% more of their revenue from personalization.
Although the statistics above are more in-context with B2C companies, personalization matters in healthcare, too. Life sciences customers—whether patients, HCPs, or pharmacy techs—will likely appreciate tailored messages and recommendations, too. Plus, personalization can help instill a “human” connection into this increasingly digital space.
These benefits are reflected in the recent uptick in adoption rates of omnichannel marketing amongst pharmaceutical companies. A survey by Axtria found that:
- 30% of pharmaceutical companies surveyed had already adopted omnichannel marketing, with the strategy deployed in at least one franchise.
- 25% of companies were piloting omnichannel marketing.
- 45% of companies were in the early stages of planning but had not yet implemented an omnichannel marketing strategy.
What all this means for you
Omnichannel marketing in the life sciences market is taking off, but it still hasn’t become the standard approach within the industry yet. Adopting an omnichannel approach today may give you a leg up on the competition.
Our healthcare commercial intelligence equips you with the HCO, HCP, affiliations, and claims data that you need to stay ahead of the industry. With these data, you can create an omnichannel strategy that fits your and your customers’ needs – and stay ahead of your competitors.
If you’d like to dive deeper into omnichannel strategy in the life sciences, check out our e-book for expert insights on how you can develop and implement an omnichannel strategy for your own business.
To learn more about how you can utilize Definitive Healthcare commercial intelligence to create new paths to success, start a free trial.