Market Research Report
Data Driven Customer Relationship Management in Pharma
|Data Driven Customer Relationship Management in Pharma|
Published: October 8, 2020
Delivery time: 1-2 business days
It's already known that data-driven CRM improves and drives forward the customer experience. Pharma has a powerful tool at its disposal, however the key to achieving success in this fast-changing specialist area is to stay ahead of the curve when it comes to the technology, techniques and strategies being applied. This report will bring pharma marketers, sales teams and other commercial roles up-to-speed on the key trends today as well as what's on the horizon.
FirstWord researchers selected 8 experts in pharma CRM and conducted detailed interviews to build understanding from their unique perspective. By exploring the current issues at length, new insights were uncovered across key areas, including:
Pharma has a strong track record of marketing and building customer relationships-what's changed is how the data revolution has opened up a whole host of new and exciting opportunities. Data Driven Customer Relationship Management in Pharma provides ideas and insight into how to move from simply using CRM data as an 'add-on' to traditional sales activity to it becoming a far more integral and analytical tool that actually transforms customer activity and delivers results.
" Artificial intelligence (AI) is playing an increasingly important role in data-driven CRM. AI is being used in several aspects of CRM. It is primarily used for field force management, where it can take over repetitive tasks such as scheduling and provide reps up to date information on their customers. It is also being used for data enrichment, to improve the quality of data used. However, there is potential for wider use of AI. For instance, AI-based chatbots are only being used for customer-facing roles to handle basic queries, while they have the potential to be used to drive decision making both in the field and at the management level. AI also has great potential in determining value-based pricing, where it could be applied to prescribing and purchase behaviours to determine optimal prices." Example quote from Data-Driven Customer Relationship Management in Pharma.
"There is a need for personalized data. It could be based on the environment we are in now, the disease type, tumour type, or focus area-it could be uniquely distinct. Medicine has become so advanced today that personalization is different per engagement and depends on the purpose of the engagement." Christopher Keenan, Head of Worldwide Medical Customer Engagement and Medical Capabilities at Bristol-Myers Squibb
After so much talk about customer centricity, pharma must move on from theoretical discussion and stand-alone projects to integrated and embedded action. Data-driven CRM is the only effective way to truly achieve micro-targeting and personalization. It's already changed relationship management and sales interaction in multiple other sectors; it also has huge potential to transform pharma customer relationships. Pharma must now act decisively to leverage the latest tools and innovative thinking-only then can it finally begin to realize the potential of its customer data.
FirstWord's ExpertViews reports reveal the real world insights of knowledgeable experts to analyze in detail key commercial and market trends that pharma management need to understand if they are to effectively respond to critical developments. These highly-focussed reports: