New Report Details Importance of Adopting a "Patient Journey" Framework in Marketing
CHAPEL HILL, N.C., Nov. 21, 2014 /PRNewswire/ -- Many power shifts are occurring within the healthcare system. Undoubtedly, the growing influence of patients in the biopharmaceutical market is impacting activities and spend for marketing interactions. Now, more than ever, understanding how to effectively acquire, convert, support and retain patients for medical products is essential.
According to recent research by benchmarking firm, Best Practices, LLC, benchmarked companies spent about two-thirds of their patient-focused dollars on marketing activities, with the remainder of funds split between foundational and leadership programs. Overall, investment levels for patient programs are increasing.
Companies are successfully using the "Patient Journey" as a framework for shifting their focus from products to patients. The related report, "Patient-Focused Marketing: Engagement Milestones along the Patient Journey," will help leaders to better understand how to effectively make this shift.
The report identifies key metrics around:
- Six key stages of the Patient Journey
- Leading patient-focused activities by stage
- Percentage of total Marketing budget that is earmarked for patient programs
- Percentage of patient program funds spent at each stage of the journey
- Cost of patient marketing per $1,000 in corporate revenue that programs support
- Comparative spend for patient marketing vs. leadership and foundational activities
- Most effective patient loyalty programs
- Future spending trends
- Best practices for effectively engaging patients
- Pitfalls patient marketers need to avoid
In all, 22 marketing & patient engagement leaders from 19 different companies participated in this study. The report presents findings for all companies and for Large Company and Diabetes segments.
To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www.best-in-class.com/rr1322.htm
For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC website at http://www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.