Effectively measuring and tracking brand KPIs
Every pharmaceutical brand uses KPIs to monitor the performance of the product and effectiveness of its marketing campaigns. Ultimately, this allows the brand team to understand the market and correct their tactics or strategy as necessary. Brand tracking can be run both pre- and post-launch to understand the market dynamics and how new entrants are affecting the competitive landscape.
However, the most consistent issues researchers face with brand tracking are ensuring that the tracking programme is fully relevant to the brand and the needs of both the global and local marketing teams, and that the results are quickly and easily accessible.
This free tutorial explores the key brand tracking challenges that researchers could experience, and looks to answer 3 main issues – how to effectively design a tracking programme, how frequently to monitor the markets and how to visualise progress and monitor the execution of the business strategy.
Fill in the below form to request an RP Informs tutorial »
How to effectively design a tracking programme: A key issue in brand tracking is in selecting which KPIs to track and how to design an appropriate research programme. A further consideration in the programme design is whether to concentrate only on target physicians (who have been visited by the brand’s reps) or focus on a wider picture of the full market. We will discuss how to translate the business needs into a research tool which asks the right people, the right questions, in the right way.
How frequently to monitor the KPIs: It is important for the research programme to be designed in line with global or local marketing activities. If research is conducted too frequently, then new communication efforts will not have had the time to bed-in and won’t be reflected in the results; too infrequently in a dynamic market, and the team may not be able to adapt strategy or investment to most effectively respond to the changes in the market. We will examine how to determine the frequency of data collection, in a cost-effective way that will answer the stakeholder needs.
How to visualise progress: Often, the key objective of a tracking programme is to provide regional / senior management with a snapshot of the brand’s performance, in each local market. It is therefore critical that the outputs are focused so that they quickly and easily communicate the key metrics. We will explore different output types that help stakeholders visualise progress and brand success, including infographics and interactive or real-time dashboards.
When and where?
At a date and time to suit you, at your premises
Who should attend?
Marketing and Market Research professionals.