In the latest issue of MM&M, agency co-founder Frank X. Powers spoke about the future of the industry. The
MM&M/Elevate Healthcare Marketers Trend Report polled directors and executives from biotech, med device, and pharma companies. The report, which was sponsored by Elevate, detailed several trends, from budgets and audience focuses to marketing channels and more. Sponsoring this report allowed Elevate to validate the importance of seeing and understanding what is going on in the market. Because at Elevate our mission is to help our clients gain an advantage and stay ahead of what’s next.
The report overall was positive and showed that marketing budgets are up, and also showed how that money is going to specific messages. For example, unbranded spending is down because marketers understand budgets are still limited and they want to maximize the core brand messaging.
On budgets, Frank said, “Everybody is being asked to do more with less, and data shows it’s been trending that way for much of the last decade. In my mind, it translates to marketing teams being smarter with where their dollars go, and being more strategic and focused in their intent.”
Sales force spending isn’t insignificant, as previous industry mindsets made it seem. The numbers in the report vary by category, client, or brand, but in most cases they are rising. A range of 34% to 60% of those polled reported increasing investment in sales reps.
Frank said, “We see many of our clients investing in the sales force. A big part of what we do is building programs to optimize the moment in front of a healthcare professional. We have to ensure that the selling tools are efficient and effective.”
That’s where the sales force comes in, Frank explained, noting that the handoff from marketing to field sales isn’t as clean as it needs to be, and that’s where an agency has to make sure a brand is maximizing its potential. Having an understanding of what the future of healthcare marketing will look like allows Elevate to adapt now and be prepared for whatever comes next.
Having a strong leader like Frank allows the agency to feel confident that we can do what we do best. Frank said we are educators, and the need for that is increasing. Thanks to Frank, Elevate is standing by and ready to address that need.
Visit MM&M’s website to read the rest of Frank’s spotlight article.
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