Best Practices Hosts 7th Digital Marketing Consortium Roundtable
Best Practices hosted our 7th Digital Marketing Consortium Roundtable on Thursday, July 23. The topic of the virtual conference was “Key Trends & Innovative Activities in 2015 Biopharma Digital Marketing.” The roundtable brought together executives from 8 leading pharmaceutical companies to discuss key challenges & success stories they’ve had in their recent digital marketing endeavors.
One area that was discussed was the impact that companies perceive the Apple iWatch or other wearables will have on their business. While our research found that only 55% of respondents are actively using wearable device programs, and only 27% have found them to be effective, this can be seen as an opportunity area for many organizations.
According to the Linkedin article, “5 Need-to-Knows About Wearables for Marketers,” by Oleksiy Kuryliak, if organizations execute flawlessly, “wearables and mobile applications can be used jointly for all marketing purposes.” The article also provides leaders with things to keep in mind when adding wearables to their portfolios, including:
- Be Open to Change: Kuryliak explains: “The market for wearables has just been opened, which means that it’s still subject to a lot of change. If you don’t adapt at all or are not quick enough, your wearable application will be forgotten and deleted. Make sure to involve your users through reviews and update your app regularly.”
While the article offers some valid points and tips for executives to follow when exploring the new world of wearables, the pharmaceutical industry has still been slow to implement these new programs. As companies assess new opportunities for digital engagement, there is clear potential for growth in the area of wearables. Some of the key findings from this year’s Digital Marketing Consortium study about the influence of wearables included:
- Large pharma companies taking long look at wearables: Roughly 2/3 of digital teams within the large pharma segment are allocating time and resources to explore the possibilities offered by increased customer use of wearable devices- such as exploring patient well-being and prevention initiatives. Mid & small-sized DM teams are often highly innovative, a majority appeared stretched too thin to fully embrace wearables at this juncture.
- Pharma predicting the impact of wearable devices: 42% of digital marketers call the introduction of the Apple iWatch an “over-hyped” event,” while another 29% predict wearables will become a “medium-impact” channel. Still, 25% of respondents predict wearables will be a “high-impact” engagement channel, and several large companies are working quickly on patient well-being and prevention initiatives.
- De-centralized DM teams risk missing the boat on wearables: More than 80% of DM functions moving toward a de-centralized work model predict the iWatch and other wearables signify an over-hyped event. DM teams shifting toward centralization, perhaps taking a broad market or industry view, attach more importance to this new technology.
The 2015 Digital Marketing Consortium pulls together quantitative and qualitative insights through interviews, surveys and roundtable discussions to highlight critical benchmarks and trends detailing how leading pharmaceutical, biotechnology, and medical device companies are leveraging the digital marketing function to compete successfully in today’s healthcare environment.