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Marketing Management » Digital Marketing
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As the scale and complexity of biopharma digital marketing grows, organizations must constantly adapt their digital marketing approaches to effectively reach a diverse set of consumers.
Best Practices, LLC undertook research to evaluate a host of foundational benchmarks required to attain best-in-class performance in digital marketing in the healthcare sector, and nurture a stronger digital culture throughout the organization.
The study identifies benchmarks around the structure and maturity of multichannel functions, speed and integration by which core digital services are delivered and investment levels into digital marketing staffing & budget.
· Digital Marketing Structure
· Funding Model
SAMPLE KEY METRICS
· Structure of Digital Marketing Function
· Source of Digital Funding
· Total Investment into Digital Marketing
· Percentage of Total Marketing Budget Devoted to Digital Activities & Programs
· Digital Investment into Key Activities
· Digital Marketing Staffing Allocation
· Social Media FTE Allocation
SAMPLE KEY FINDING
· Hybrid functions are most common: As the scale and complexity of biopharma digital marketing grows, companies are using multi-tiered delivery structures to meet the needs of diverse internal customers. Almost half (48%) of benchmark companies use a hybrid DM structure, where activities are divided between centralized and brand teams. Fully centralized (5%) or decentralized structures (18%) are now rare.
· Digital Share of Total Marketing Investment will Grow from 10% to 12%: The importance of digital marketing can be seen in its increasing share of total marketing budget. Across the industry, average raw investment to all marketing is slipping. Meanwhile, budget for digital programs continues to grow (albeit slightly) and will claim 12% of all marketing dollars in 2016.
Best Practices, LLC engaged 39 digital marketing leaders from 30 leading pharmaceutical, biotech, and life sciences companies in this research. Thirteen research participants represent large pharmaceutical organizations, while the remaining benchmark class represent mid-sized and small companies.