The biopharmaceutical industry isn’t the only one that faces challenges in crafting a positive customer experience. I recently contacted two investment firms regarding potential investment opportunities. During the initial call with each company, I shared my key requirements: my desired minimum return, a quick turnaround time for making my investments (within a month), and my communication preferences (email and text only).
The first company—for fun, let’s call it The Spray and Pray Co.—followed up by phone within two days and sent a few text messages requesting in-person meetings. In addition to multiple calls over the course of a month, I received several emails from various fund houses—which own and operate mutual funds—detailing their plan benefits. I presume that Spray and Pray was responsible for those emails, but I didn’t agree to receive such communications.
Alternately, the second company—which I’ll nickname Customer Centric Inc.—sent a text alerting me to an email that provided information on my minimum return requirements. The email, which I checked on my mobile, promised to meet my requirements and asked my permission to be contacted via email by select fund houses (all of which were vendors of this company). During the next two weeks, I received emails from the fund houses with subject lines that included Customer Centric Inc.’s name, making the company/vendor relationship readily apparent.
Ultimately, I invested with Customer Centric Inc. because the company met me where I wanted to be met by personalizing their engagement with me. The company coordinated my experience across its channels and vendors, delivered the right messaging in the right way, and maintained consistent branded promotion even in its vendor touch points.
Busy physicians may encounter a similar customer experience when seeking information on competing brands. Biopharmaceutical companies could end up degrading the experience like The Spray and Pray Co. instead of strategizing and coordinating how, when and where to communicate based on customers’ needs and preferences. That’s where integrated promotion planning (IPP) comes in. IPP integrates and optimizes customer preferences, promotion options and delivery frequency for each individual customer or segment into one holistic plan, allowing you to tailor your multichannel marketing efforts to the customer.
Given how multichannel planning impacts the customer experience, it isn’t surprising to see significant opportunities when leveraging the IPP approach. We’ve found that personalizing the tactic mix for each customer can triple engagement rates and double channel ROIs. Coordinating customer messaging and outreach efforts across channels and delivering them in the right sequence can lift incremental sales by 5 to 10% at the same or lesser promotion cost.
Of course, there’s more to a positive customer experience than integrated promotion planning, but as Customer Centric Inc. clearly knows, coordinated marketing campaigns with consistent messages and orchestrated sequences will help lead to happy customers and improved sales.