Posted on 1st June 2023
5 minutes read
Boost Pharma Sales: Closed Loop Marketing
What is CLM in Pharma? What are the Benefits of Closed Loop Marketing?
Closed loop marketing (CLM) is a strategy that involves the continuous use of a marketing mix to promote products and services. The name "closed loop" refers to the fact that this type of marketing strategy uses data from previous sales and marketing efforts to determine what areas of potential growth exist, then uses those findings to drive future decisions.
By implementing closed-loop marketing strategies, businesses can gain a deeper understanding of their customers and their needs. This allows for more targeted messaging and personalized content, which can lead to higher engagement and conversion rates. Additionally, tracking and measuring campaign success provides valuable insights that can be used to adjust strategies and improve the overall customer experience. By continuously analyzing and improving upon their marketing efforts, businesses can build stronger relationships with their customers and increase loyalty. Overall, closed-loop marketing is a powerful tool for businesses looking to optimize their marketing efforts and drive growth.
How it Works?
CLM is a digital marketing concept and tool used for customer knowledge purposes. The idea is to create a virtuous circle between a target & a multi-channel digital marketing tool aimed for sales.
The CLM model works in three phases:
1. Customer Acquisition (Inbound)
Through conversion optimization, we can help you acquire new leads as well as convert them into customers.
2. Customer Retention (Outbound) We can help you retain existing customers by providing them with relevant content and services, along with funnels that make it easy for them to engage with you on multiple channels.
3. Customer Nurturing (Inbound) When our customers feel like they have won something, they tend to stay loyal and spread the word about your brand (and hopefully buy from you again).
Closed Loop Marketing in Pharma
Closed loop marketing in pharmacy is similar: Closed loop marketing can be used to improve patient care by measuring how patients are feeling and using that information to develop new healthcare treatments. For example, doctors might use data gathered from a patient's visits to their office or hospital with an e-health systems. The data will help them determine what changes they can make in their treatment plan based on what they learned about the patient's needs and preferences during those visits.
CLM can help pharmaceutical companies increase sales by providing sales teams with targeted and personalized marketing materials that resonate with doctors. This can lead to more effective conversations and increased sales. CLM enables pharmaceutical companies to develop targeted marketing campaigns that are tailored to the specific needs and preferences of their customers. By analyzing doctor/patients data, companies can identify patterns and trends that inform campaign development.
Closed-loop marketing also provides an avenue for pharma companies to launch new products, understand the competitive landscape, and measure the effectiveness of their marketing efforts.
Data analytics is a critical component of CLM. By analyzing doctor/patients data, teams can gain insights into doctor/patients behavior and preferences, and use this information to inform marketing decisions.
With CLM, sales reps can easily map out their territories and identify high-value targets to focus their efforts on. The software can also analyze data to help reps identify which physicians are most likely to prescribe their drugs, allowing them to prioritize their visits and optimize their time.
The unique nature of the pharmaceutical industry, including complex regulations and the need for personalized marketing messages, makes CLM particularly well-suited for pharmaceutical companies.
