The context for decision-making in the healthcare industry has been thoroughly disrupted – from patients navigating the world of telehealth to HCP’s increased reliance on online channels for knowledge gathering.
Despite this rapidly evolving environment, your mission as a pharma marketeer, continues: to enable value creation and product differentiation and empower both physicians and patients for improved outcomes. However, to do so effectively today, you need to understand how patient journeys are changing, and what new needs have emerged. Only by understanding the nuances of these shifts, will you be able to effectively adapt your marketing, communications and/or innovation strategies for greater impact now and in the long term.
People are poor predictors of their own behavior. Context changes corrupt their intentions. A context change may be as simple as a product discount, or as complex as a severe crisis. In both situations, the question is whether behavior changes, and particularly whether it will subsequently stick. We argue that, after the current crisis only a few new routines will establish. Trend lines from before a crisis will be similar after the crisis, maybe somewhat mitigated or accelerated.
Here we reflect on past crises and share 3 pitfalls consumer brands should avoid in preparing for the recession.
The digitalization of pharma was slowly underway pre-COVID, but there’s an immediate sense of urgency to make this shift now. As face-to-face sales calls are still a no-go, pharma companies are racing to accelerate their online sales and marketing strategies.
HCPs’ habits have been radically disrupted. Their attitudes, practice behavior, decision-making processes, and prescribing habits have changed. New needs are emerging.
As a pharma marketer you know you need to revise and reshape your multichannel strategy to these behavioral shifts, but restructuring to a digital-first communications strategy is much easier said than done.
The current crisis has triggered many changes in consumer behavior. Some of these behavioral shifts are obvious, for example, the growth in online shopping. While others, such as the impact on price sensitivity, are less certain. You may be wondering:
Should I conduct pricing or portfolio research now? Can I rely on study results in this rapidly evolving market?
The ultimate answer to these questions depends on whether you have the right information to inform your decisions.
Much has been written about social distancing and the immediate impact on marketing across industries. You have likely already adjusted your short-term communication strategies. However, as you map out your long-term plans, much can be learned from the concept of psychological distance as it relates to recent events.
In this article, our Senior Vice President of Brand Communication explores how psychological distance played out during the early stages of the COVID-19 global pandemic. Reflecting on why Western countries responded differently to the crisis than certain Asian countries, helps understand how human decision-making works. Read on to learn more about the theory and how it could relate to you as a professional and as a human.
The COVID-19 crisis and the Corona crash are shaking the context for consumer decision behavior. As a result, the context for net revenue management (NRM) has also been disturbed for consumer goods companies.
Companies must adapt revenue strategies to the new situation, at the same time as consumers are adapting to “the new normal.” To be successful, you need to anticipate and influence consumer decisions in a changing environment. This holds true in times of normalcy, but especially during the recession to come.
Although the COVID-19 crisis is not yet over, learnings from previous crises and knowledge of consumer behavioral frameworks mean we can map out consequences for net revenue management strategies.
So, what should you consider in planning your next moves?
COVID-19, stay-at-home guidelines and in-store shortages triggered and forced a dramatic change in consumer habits and choices. A massive acceleration in online behavior is one of the most visible changes. Whether the choices that consumers make during the COVID-19 crisis become a new habit or not, understanding online consumer behavior will be increasingly important in the future.
We recently hosted a webinar where we explored what the new normal may look like and what eCommerce actions you should consider. or read on for three proven eCommerce strategies that can drive online engagement and conversion.
Consumer behavior is usually embedded in daily habits; sometimes consumers make more deliberate decisions. COVID-19 triggered a dramatic change in the context of consumer decision making: Many daily habits have come to an abrupt halt; more decisions are now deliberate.
Your company is probably feeling the immediate impact of these behavioral shifts and you may be charged with adapting short-term marketing strategies accordingly.
COVID-19 has radically changed the context in which we make decisions, disrupting many habits. No one can predict if the behavioral shifts will last or what the recovery period will look like.
Online shopping and media consumption will undoubtedly continue to grow (as it was pre-COVID-19) … but to what degree? Will brand-loyal consumers who switched brands due to limited stock eventually return?
FMCG revenue professionals are challenged with creating a win-win-win situation: Provide consumers with the right product at the right price, create value with retail customers in challenging times, all while delivering top and bottom line growth. And all of this while working within legal limits in countries that prohibit resale price maintenance.
Leading consumer goods companies are increasingly adopting a net revenue management (NRM) approach to tackle this challenge. By applying a structured approach to analytics and encouraging open-mindedness, companies like Unilever are maximizing their net revenue and profits.