The Advantages of Customer Data Platforms (CDP) for the Pharma Industry
The modern consumer is increasingly more knowledgeable, discerning, and demanding than ever before. Access to the internet and the convenience of online shopping has supercharged consumers’ expectations for efficient and effective journeys through the sales funnel, and the latest technological advances in the fields of artificial intelligence, machine learning, automation, and personalization have allowed them to hold steadfast to their desire for intrinsically human interactions. As such, consumer-centric marketing has become quintessential to the successful completion of sales, and many technological tools and platforms have been developed to facilitate these practices and experiences.
In recent years, Customer Data Platforms (CDP) have become an absolute must-have in the CPG/retail world, enabling marketers to create – and benefit from – personalized engagement experiences like never before. 93% of marketers expect customer data to help resolve challenges associated with running campaigns and making business decisions, 54% applaud the CDP’s ability to help them achieve a more holistic and complete view of their customers, and 53% say that the transparency provided by these platforms allows their teams to more swiftly respond to market changes and customer preferences. Now, this trend has made its way to a new customer base within the life sciences industry as well.
While CRM systems do enable marketers to manage and analyze selected customer channels, CDPs unify a much wide scope of information into a single source of truth, in real-time. This, while leveraging all collected data to optimize marketing and sales initiatives.
Customer Data Platforms provide pharma marketers with a much-needed competitive edge
Seamless data integration
The CDP unifies a wide scope of information – facts, characteristics, patient data, calculated measures, and even predictive data – from a variety of sources, such as traditional databases, 3rd party aggregated TRx data, and data from social media and sensors. A combination of human and artificial intelligence (HI & AI) enables higher levels of accuracy, consistency, and repeatability, for the long-term, creating a “single source of truth.”
Infrastructure for a smart decision-engine
The ability to easily combine AI/ML with human knowledge is a core capability of future-forward CDPs, enabling a high level of accuracy and personalization and providing the foundation for smarter decision-making. When the user-friendly interface combines human intelligence with AI, it enables the evaluation of ‘what-if’ scenarios, the generation of focused market-segments for every brand tactic, and higher levels of self-reliance for dynamic, agile operations.
Automation and use cases
The CDP is equipped with smart and adaptive industry-oriented models that continuously update to stay relevant. These models enable optimal commercial execution with different use cases such as:
- Micro-segmentation and targeting
- Landscape analysis
- Bottom-up forecasting
This is particularly important for pharma industry organizations. The CDP also allows companies to develop their own models to meet their specific needs. Bottom-up segmentation further enables personalized campaigns to address the exact needs and circumstances of specific groups of HCPs, per relevant mixes of attributes, propensity to prescribe and forecasted of HCP values.
Verix’s CDP wraps all of the above advantages into an easy-to-use platform
The combination of Verix’s robust data foundation with precision micro-segmentation brings about a powerful CDP for life science business users to leverage for unmatched insights. The Verix CDP bridges the gap between commercial needs and analytical capabilities. Additionally, a set of growth-science use cases enable dynamic, self-reliant, and highly effective science-driven growth.
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