Part of knowing who your customers are is knowing their geographical location. As Pharma marketers gravitate towards a customer-centric approach, it is valuable considering “location”. And use it to identify and define an inclusive marketing strategy.
Geomarketing is a successful business process. It is widely used in the retail and restaurant industries. And has proven to exceed industry standards by around 80% (Ground Truth). Yet, it can also benefit Pharma. As patients demand personalized care, pharma companies must target the right products at the right place and time.
So, one is left to wonder, Can Geomarketing become the hidden secret of good Pharma marketing?
Pharma’s Hidden Secret: Geomarketing
Geomarketing: What is it?
Geomarketing is a business process focused on geographical data. Perse, relies on the use of a prospect’s or customer’s locational information. And through it, it attempts to determine an approach and investment strategy.
Location is at the core of the communication strategy. And so, by considering it one aims at identifying the places and customers that will provide optimal potential. Thus, paving the way for continuing growth in sales and revenue. Ultimately standing out from the competition.
“Where you are is who you are” – Location platform Sonata, Lara Mehanna
Overall, Geomarketing is a business process that believes the places a customer or prospect visits become a part of who they are. Ultimately, giving valuable insight into an individual’s or group of people’s intents and interests.
What about Pharma?
At first, Geomarketing in Pharma might appear problematic. Companies need to respect customer privacy. If not, it can impose an obstacle when applying this business process.
That might be just enough for you to throw in the towel. But, not so fast…
Geomarketing can be a part of Pharma marketing. And indeed become the hidden secret for success. Hope relies on the digital platforms and the insightful data they provide. All without violating customers’, namely patients’, privacy.
According to Semcasting’s CEO and founder Ray Kingman, marketers ought to focus on location in general, rather than an individual patient’s address. Therefore, you can identify areas of interest and a higher flow of engagement and trade.
So, by identifying and segmenting areas of interest and high potential, you can:
- Better pinpoint competitors;
- Recognize pain points;
- Define locations where and when greater engagement comes to be;
- Tailor your marketing communications strategy to the market in the determined location;
- Pinpoint the specific needs of chosen areas where demand is higher; and
- Market appropriate products and services.
As Geomarketing becomes part of a Pharma company’s strategy, success can be increased. From the gathered knowledge, marketers can better target prospects and customers. Allowing room for personalization of service. Paving the way for a better customer experience, where needs are appropriately met.
When leveraging data with behavioural insights and customer service, companies increase sales. The growth can be as high as 85% in sales, and 25% in gross margin, as demonstrated in a recent study by Veeva. Thus, digital platforms need to be considered as vaults for valuable data collection and analysis.
Why Now? Customer-Centric Approach & Digital Shift
Patients are more demanding. In essence, they want to take active participation in their healthcare. Requiring, then, personalized treatments that can target their needs. And so, the Internet has grown as a tool for research. Altogether forcing Pharma marketers to centre their marketing efforts on the digital world.
This change in attitude from patients has fostered a digital shift in the industry and the growth of the customer-centric approach. Additionally, companies value customer experience as a guide to developing meaningful connections. So, needs are appropriately met.
In 2021 90% of EU households used the Internet, recording an increase of 25% from 2011. Furthermore, in the same year, Eurostat has shown that already in 2019 53% of EU citizens used the Internet to search for health-related information.
So, patients and HCPs alike are digital natives, ready to access valuable information on digital platforms. It is here that pharma companies have the perfect opportunity to apply the Geomarketing process. Collecting, from it, valuable data from digital platforms used in communication, such as:
- Brands’ official websites;
- LinkedIn; and
- PPC advertising, …
And through these one can further assess customers:
- Interests and dislikes;
- Availability and openness to other products and services;
By knowing who your customers are and where they are based, you can apply personalized marketing practices. That way sales can increase based on appropriate responses. Which effectively leverages geographical locations with demand and interest.
Don’t know where to start? Video is a growing trend in Pharma marketing, that has proven effective in increasing engagement. It is equally valuable in providing insightful data, namely customers’ geographical location. Learn more about the benefits of video marketing, here.
Geomarketing might not appear to be the first choice in Pharma marketing. Nonetheless, it presents beneficial opportunities that are of value to the industry’s current conjecture. Companies are turning to customer-centric approaches. And, now is the time to experiment and allow personalization to take centre stage in a customer’s experience with a brand.