How is ABM Helping the Pharmaceutical Marketer?
From personalisation to relationship building, here’s how ABM can help.
The forward-looking marketers amongst us are probably looking at ABM. Others with quizzical brows, others with notepads open, and some, and I applaud these types, are openly exploring how this style of marketing is going to give them a real competitive advantage in a crowded marketing place. Well, the good news is, it really can.
There has been a great deal written about ABM (especially by Orientation Marketing) have a look at some of our previous blogs, but there is good reason for the column inches – ABM is seriously worth considering as an alternative to the scattergun approach of traditional marketing.
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ABM (account-based marketing) is a marketing approach that focuses on creating personalised campaigns and communications for specific target accounts or customers. Gone are the days of being worried about hitting the most comprehensive number of companies possible with your marketing. ABM literally allows you to develop a hit list of 50-100 companies that you really want to work with, and then all your marketing efforts hinge on targeting people within those companies with the right message.
In the pharmaceutical industry, ABM can be particularly effective for reaching out to a variety of audiences, from drug development companies, early-stage biotech companies and other early-in-the-supply-stage pharmaceutical companies to healthcare professionals (HCPs) and other key decision-makers.
Here are some ways in which ABM can help pharmaceutical marketers.
1. Personalisation
ABM allows pharmaceutical marketers to tailor their messaging and content to specific HCPs or key accounts. This can increase engagement and improve the chances of a successful outcome, such as a prescription or a partnership. The first step in personalising marketing efforts is to understand the unique needs and interests of each account. With ABM, pharmaceutical marketers can gather data and insights on each account, such as their healthcare needs, preferences, and pain points. This information can then be used to tailor messaging and outreach efforts to the specific needs and interests of each account.
2. Efficiency
By focusing on a smaller number of high-value accounts, pharmaceutical marketers can make more efficient use of their resources and budget. ABM can also help to reduce wasteful spending on marketing efforts that are not generating results. Once pharmaceutical marketers have a deeper understanding of the needs and interests of each account, they can tailor their messaging and content accordingly. For example, if a particular account is struggling with patient engagement, the marketer can create content that specifically addresses this challenge, and not waste any time or resources with any other content or account.
3. Relationship building
ABM is often used as a tool for building long-term relationships with key accounts or customers. In the pharmaceutical industry, this can be particularly important as HCPs often have a significant impact on prescribing decisions and recommendations. Also, by focusing your marketing efforts on specific accounts, you can position yourself as a thought leader in your industry. By providing valuable content and insights to key stakeholders, you can build trust and credibility, which can help you build stronger relationships over time.
4. Data-driven decision making
ABM relies on data to identify key accounts and personalise messaging. This can help pharmaceutical marketers to make more informed decisions about which accounts to target and what messages to use. By leveraging data, you can gain insights into your target accounts and their needs, which can help you build stronger relationships and improve your marketing strategy over time.
5. Multi-channel approach
ABM typically involves a multi-channel approach, which means that pharmaceutical marketers can reach out to HCPs through a variety of channels, including email, social media, and in-person events. This can increase the chances of success by reaching HCPs through the channels they prefer. By using a variety of touchpoints, you can also build more meaningful relationships with your target accounts and stay top-of-mind with key stakeholders.
6. Aligning sales and marketing
ABM helps to align sales and marketing efforts by focusing on the same set of high-value accounts, which can lead to more efficient use of resources and better collaboration between teams. Our experience in the pharmaceutical sector tells me that the majority of marketing and sales teams work in silos - they don’t talk to each other. ABM requires cross-department cooperation, and therefore, both teams can begin to work more in alignment on various activities and better strive to achieve their goals (since their goals are likely to be very similar).
7. Targeting specific accounts
Pharmaceutical companies can use ABM to identify and target specific accounts, such as hospitals, clinics, and physician practices, that are most likely to benefit from their products or services. You can identify and prioritise key decision-makers and influencers within your target accounts, and then focus your outreach efforts on those individuals. This can help you build more meaningful relationships with the people who have the content will have the most impact on.
8. Measuring success
ABM enables pharmaceutical companies to track and measure the success of their marketing campaigns at the account level, which can help to identify areas for improvement and optimise future efforts. With ABM, you can more easily attribute revenue and other business outcomes to specific marketing efforts, such as a targeted campaign or event. This can help you understand which marketing activities are driving the most business impact and optimise your marketing strategy accordingly.
Overall, ABM can be a powerful tool for pharmaceutical marketers looking to build relationships with HCPs and key decision-makers, increase engagement and efficiency, and make data-driven decisions. ABM requires a continuous improvement mindset, as you are constantly testing and optimising your marketing efforts based on data and feedback.
For more on strategic marketing approaches in the pharmaceutical sectors, visit our section on strategy.
