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THE GLOCAL TRANSFORMATION: DEVELOPING MARKETING ASSETS FOR THE NEW AGE RESTRUCTURING THE MARKETING FUNCTION TO DRIVE THE 5 MARKETING ESSENTIALS IN TODAY’S GLOBAL MARKETPLACE – INNOVATION, CONSISTENCY, COMPLIANCE, ANALYTICS, AND COST-EFFECTIVENESS BACKGROUND Digitization and globalization continue to transform nearly every years included an increased focus on multichannel marketing (MCM) and use of digital industry, including the technology and analytics. pharmaceutical industry. However, Simultaneously, cost reduction in case of the pharmaceutical remained the top strategic industry, a rapidly changing priority for most of the environment is further coupled executives.1 “It’s tough when markets change and people within your company don’t” – Harvard Business Review with the challenges of stringent regulations, expiring patents, less In view of this structural shift in penetrated markets, and marketing channels and inadequate access to physicians. collaterals and to be in line with Therefore, the need of the hour is a the overall objectives, it is complete overhaul of the important to examine if the traditional ways of functioning for current model of developing the industry. This paper focuses on the marketing function, with particular emphasis on the development, management, and analysis of marketing assets in the current dynamic environment. A STRUCTURAL SHIFT FROM THE TRADITIONAL MARKETING METHODS Pharmaceutical companies today have to essentially embrace technology and be in the digital space in order to stay competitive. A recent industry survey consisting of senior sales and marketing executives of major pharmaceutical companies in the United States revealed that their strategic priorities for the coming marketing assets is still relevant. The traditional approach requires marketers to purchase their own digital assets and establish a direct relationship with the print house. A recent study has shown that 7 of 10 local marketers develop their own print collaterals to be on a par with the local markets.2 THE REASONS THAT MAY BE ACCOUNTABLE INCLUDE THE FOLLOWING: • Varying levels of expertise and experience among various agencies working on various types of deliverables, especially with the introduction of newer digital formats, platforms, and technologies SUCH A DECENTRALIZED APPROACH TO MARKETING IN TODAY’S SHRINKING WORLD CAN LEAD TO SERIOUS LOSS OF COMPETITIVENESS ARISING FROM PRODUCTION INEFFICIENCIES, COST PILEUPS, AND QUALITY INCONSISTENCIES 1. Accenture. Insight pharma analytics digital communications survey. 2. Gleanstar. How top performers drive relevance and revenue in distributed marketing environments. 1 • Lack of standardized processes imperative that the engagement and systems across agencies models with Agencies of Record leading to inconsistent quality (AoRs) evolve and pertinent and reduced reusability of technology is adopted to achieve certain marketing assets the next level of marketing excellence. • Repurchase of asset components such as image, font, etc, by different agencies or their inability to reuse such THE 5 MARKETING ESSENTIALS IN TODAY’S ENVIRONMENT components because of lack of The marketing framework understanding or clarity on the described in this paper has been global rights of usage designed around the 5 marketing essentials in today’s environment. • Repeated/redundant creation These marketing essentials have of similar/same marketing been identified based on the material from the scratch, in current trends seen across some spite of the same material being of the top, forward-looking available in a different market or pharmaceutical companies. region “To be INNOVATIVE in this intense • Inability to share best practices competition, while ensuring and learning from the past CONSISTENCY and COMPLIANCE successes/failures across the across deliverables, use relevant brand teams and agencies metrics to ANALYZE your performance so as to repeat what In order to deal with the current went right and yet do all this in a challenging and dynamic COST-EFFECTIVE manner.” marketing landscape, it is 2 How can organizations reorganize simplification, productivity their marketing model to derive improvement, volume maximum benefit from the aggregation, and knowledge 5 marketing essentials? sharing by employing this approach. To achieve this, organizations require a complete relook at the Digital production services is a 4 fundamental areas, namely relevant domain for the first-level development, administration, implementation of this concept organization, and analytics, (manage and deliver the besides an evaluation of their marketing assets from the creative needs for a change in strategy and stage) because of the following integration with technology. reasons: This sea of change can be • Minimal deviation from the traversed using the SWIM current ways of working framework, which outlines the for marketers, allowing them to transformation pillars for focus on core essential areas introducing change in each of the 4 fundamental areas. DEVELOPMENT – SPECIALIZATION AND CONSOLIDATION Considering the unprecedented rate and emergence of new digital channels, it is imperative to create Centers of Excellence (COEs) for different stages in the development process to achieve • Ability to explore design and interactive features that were previously limited, possibly because of inadequate existing capabilities • Access to technology platforms and productivity tools • High scope for service efficiency and reusability • Standardization and perfect execution. Organizations internalization of brand-level can largely benefit in the areas of knowledge service standardization, process 3 This model can then evolve to through the tool, providing more move up the value chain based on time for high-value tasks. In the key parameters such as addition to driving operational product life cycle, reusability, and efficiencies, it provides various service maturity. other benefits such as: • Improved and consistent quality This approach helps organizations of assets through the build a sustainable road map standardized work methods and toward achieving operational greater accountability by excellence while ensuring creating audit trails consolidation of repeatable • Traceability of work as it moves services and delivering benefits of through various stages of greater than 25% than the development existing and traditional models. • Execution and real-time data of ADMINISTRATION – WORKFLOW MANAGEMENT various suppliers, which help in performance optimization • Improved oversight as service The next step toward the scales development of assets in a global workplace environment is to have ORGANIZATION – INFORMATION REUSE an integrated workflow management tool that allows for Currently, global pharma easy and effective collaboration companies have huge among various stakeholders with marketing/digital assets totaling clear and defined rules, roles, and to more than 15 terabytes with a responsibilities. The routine tasks stockpile of duplicates, redundant such as work allocation, approvals, and obsolete data without any and reports should be automated meta-tagging, and inconsistent Reusability High Maturity Decline Brand Strategy Brand Strategy Brand Strategy Brand Strategy Content and Creative Storyboard Content and Creative Storyboard Content and Creative Storyboard Content and Creative Storyboard Creative Development Creative Development Creative Development Creative Development Production and Publishing Production and Publishing Production and Publishing Production and Publishing Creative and Digital Production 4 Optimized AoR Low Growth Service Maturity Introduction High Low Product Life Cycle taxonomy; therefore, companies Integrating the DAM system with cannot use, reuse, or upscale the workflow management tool digital assets across channels or and analytics is highly other brands, resulting in loss of recommended to provide the time because of time spent in marketer with a holistic view of re-creation and inadequate return any marketing campaign and on investment. collateral, allowing a more informed decision-making In order to address these challenges, some pharmaceutical organizations have already deployed a global digital asset management (DAM) system. However, successful implementation of a DAM system requires more than just ensuring proper storage of all the digital assets across the life cycle of the marketing collateral. Library and information services play an essential role, especially in the initial phase of employing such a system. These services ensure that the marketers can easily find, outcome. EVALUATION – MEASUREMENT AND ACTION With digitization presenting an opportunity to reach a greater number of customers, the number of marketing campaigns that run globally has increased. In the long run, it may not be feasible to adopt every channel. Hence choosing the best strategy, campaign, and channel for brands is crucial. search, or retrieve the collaterals However, the performance and most relevant to them. It further impact of each campaign is helps in early adoption of the measured differently by different concept. groups. If one labels it as Global Innovation Customer Engagement Competitiveness Integration Extended Enterprise 120% 15% CoE 100% 25% Additional Excellence Over Traditional CoEs 10% 80% Skill Set Augmentation 10% 15% 60% 40% 20% 20% 30% Staff Augmentation 0% Quality Direct Cost Savings Improvement Shared Learning Economies of Scale Shared Vision Risk and Ownership TOTAL 5 “successful,” the other perceives it GETTING STARTED only as “moderately successful.” In order to implement the new When standard formulae and model for the development of metrics are used across marketing marketing assets, we have campaigns, it is easier to compare, observed organizations taking evaluate, and benchmark the primarily 2 approaches: results obtained. This, in turn, 1. Mandate Driven: This approach allows for creation of more involves a significant amount of appropriate campaigns and management sponsorship and improves the chances of choosing communication and a the right agencies each subsequent centralized project time. The incremental benefit management office derived each year can compound 2. Investment Driven: In this into huge gains in marketing approach, the early adopters success over the years. are identified and the model is To successfully derive benefits in a built on their successes and practical setting, the analytics need subsequently scaled up to be supported by robust technological tools. Technology can Choosing a relevant and suitable be used to support analytics in approach can be based on multiple areas such as automated multiple factors such as report generation, integration with organizational culture, CRM systems, and determination of implementation time, and cost channel effectiveness. constraints. SUMMARY The SWIM framework and its influence on the 5 marketing essentials are summarized in the table below: Development Cost advantage Administration Organization Evaluation 6 S W Specialization and Consolidation Workflow Management Innovation Consistency Compliance +++ +++ ++ +++ ++ ++ ++ +++ + +++ +++ ++ I Information Reuse ++ M Measurement and Action ++ Analytics Cost-effectiveness +++ CASE STUDY Objective: The client, one of the top 5 global pharmaceutical companies, had the mandate to reduce the cost base and increase productivity. Methodology: An audit identified a considerable amount of wastage because of duplication in efforts toward creation of marketing assets. For example, MoA was created separately for the United States, China, Japan, and Germany, and an e-learning module for a product launch was created by each affiliate. The AoRs were reported to charge high price for simple tasks such as updating web pages, converting one digital format to another, and conducting translations. starting with pilots for low-complexity assets, and gradually scaled up to include multiple geographical locations and high-complexity assets. All the suppliers were measured on the following standard key parameters twice a year: Innovation • Originality, novelty, and viability of suggestions Partnering • Effective communication • Collaboration with other suppliers Performance • Timeliness • Quality of cost estimates • Quality of finished jobs Solution: A team consisting of representatives from marketing, Reliability information services, and • Meeting deadlines procurement divisions was set up • Quality/accuracy of work across the organization and • Concern for the standards geographies. The team identified • Administrative quality the critical business need of creating a centralized library of Impact: This exercise helped the assets and eventually setting up a client reduce the cost base by DAM system. The project was 50% of the original value. executed in multiple phases, 7 NOTES NOTES Indegene, 485B Route 1 South, Suite 300, Iselin, NJ 08830. P +1 732 750 2901 F +1 732 750 7990 E [email protected] W www.indegene.com