How life sciences organizations can use data and analytics to boost brand success
Sales and marketing may be a bit of an art and a science. Getting the right message to the right people at the right time isn’t easy. Data and analytics are helping to take guesswork out of the process.
Consider these examples:
- A leading retailer wanted to determine which of their female customers might be newly pregnant so they could send them promotions for baby gear, preferably before other retailers got wind of the situation. They analyzed purchase history data to identify those customers who suddenly began buying items commonly used by pregnant women in their first trimester, such as unscented lotions and mineral supplements like calcium, magnesium and zinc.
- A popular online video service has an abundance of data and analytics that offer insight into the viewing habits of millions of consumers worldwide. It uses this data to commission original programming content as well as purchase the rights to films and series they know will perform well with specific audiences. In addition, Netflix creates algorithms with data on what a viewer has watched or rated highly to suggest new programs a viewer may like.
Life sciences uses analytics to tie provider behavior to sales
Life sciences organizations also see the value of analyzing massive amounts of data to detect trends and gain insights into provider needs and behaviors.
By increasing their market IQ, life sciences organizations are able to:
- Discover promising new market segments and optimize resource allocation
- Develop more targeted commercial outreach programs and respond quickly to changing market dynamics
- Reach prospects at the right time with the right message
- Identify top referral sources and top influencers within their markets
- Visualize physician relationships amongst each other and with IDNs
Build a data advantage
Big data and analytics are about much more than crunching massive amounts of data. They give companies the ability to make smarter—and more profitable—decisions. Life sciences organizations that embrace this data intelligence are able to create an advantage that directly translates to their bottom line.
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Want to know more about how life sciences organizations can boost their sales success with data and analytics? Watch our brief MarketView Data Video here.