In early April, the Q4 2022 Veeva Pulse Report was unveiled.
This report covers the period from April to December 2022, and unlike the previous 3Q report (April to September 2022),
it doesn't necessarily bring significant updates in engagement trends. Instead, it provides a comprehensive analysis of 'content' in a continuous time series (content analysis period: January to December 2022).
👀Why Should You Read It?
Bio/Pharma data isn't exclusive to Veeva, but Veeva is recognized as the sole source for benchmarking real-world 'content' usage (as per Veeva's statement).
With Veeva's extensive coverage - analyzing over 600 million engagements involving Healthcare Professionals (HCPs) from more than 350 companies - encompassing over 80% of the global Bio/Pharma industry, it may not offer granular local insights, but it's a valuable resource to review alongside our updates every quarter and gain insights into macro trends!
Veeva analytics reveal that a staggering 77% of digital content goes unused or rarely sees the light of day. It's disheartening to think about all the effort invested in crafting, designing with your agency, and undergoing medical review, only for it to languish unused!
For instance, in a complete slide deck, fewer than four slides found their way into the conversation with the HCP.
Once the initial surprise subsides, it prompts a question: Why were these specific 4 slides chosen? It's highly likely that these slides were selected due to their relevance to commercial impact, and this observation might hold a significant clue.
🎬 Action Plan
Take a closer look at your content and contemplate your future content creation endeavors.
1.Conduct an in-depth analysis of the select content pieces that exhibit high engagement rates, frequent utilization, and the ability to spark impactful discussions with HCPs.
2.Identify the attributes within the content that resonate most effectively with HCPs, including content types, channels, interactive tools (such as surveys and quizzes), design elements, and more.
3.Prune away unused or underperforming content from your arsenal.
4.Craft content that mirrors the successful attributes identified.
5.Provide relevant internal teams with training on optimizing content usage.
And remember, to harness the tracking capabilities of digital content, avoid merely uploading PDFs; instead, integrate them into your CLM to gain precise insights into which pages are most utilized in the field! 💯!
Omnichannel marketing strategies, which surged in significance during the pandemic, continue to hold their ground. As highlighted in our previous 3Q Pulse report newsletter, HCPs are now embracing a blend of face-to-face and non-face-to-face channels in the post-pandemic landscape, rather than reverting to the days when non-face-to-face interactions dominated.
Notably, there was a substantial 20% upswing in global content production from 2021 to 2022. This upward trajectory shows no signs of slowing down at present
Regrettably, as we observed a substantial amount of the content we diligently created lying unused, it became evident that we must place an even greater emphasis on the quality of our content.
If you require assistance in crafting high-quality content, do not hesitate to reach out to SO👽.
Effectively leveraging these limited opportunities is a shared challenge we all face.
To the MRs on your team, how frequently do you incorporate digital content into your interactions?
In line with our previous Q3 report findings, we've discovered that utilizing digital content during HCP engagements yields a remarkable 2.5 times higher response rate (new patients/prescriptions) compared to not using it.
This pattern holds true whether it's an in-person or remote meeting.
🧐Why is Harnessing Digital Content Effective?
1. Extended Interaction Time with HCPs
2. Digital platforms enable the establishment of continuous follow-up touchpoints. (For instance: "I'm sending you the updated version of the material we discussed during our last conversation.")
3. Internally, it offers quantifiable data.
Nevertheless, the global adoption of digital content remains relatively low, with only 39% of all field calls incorporating tangible digital content.
The top three most proactive companies incorporate digital content in approximately 70% of their engagements with HCPs, encompassing both in-person and telemedicine interactions.
In stark contrast, the bottom three companies utilize digital content in just 18% of their interactions—a striking 4:1 contrast in utilization.
We firmly believe that effective utilization of digital content yields tangible commercial benefits and can serve as a potent competitive edge when harnessed to its full potential.
🎬 Action Plan
Are you aware of how your competitors harness digital content? It's essential to benchmark your approach.
Embrace modular content creation—a strategy that enables faster and more efficient content production. Implementing a modular content strategy may not be a straightforward task, as it necessitates a comprehensive organizational shift. However, the long-term benefits make it a worthwhile endeavor that can be phased in gradually.
While there are instances of successfully driving modular content initiatives at the local level with global coordination, the subject itself is extensive and merits dedicated focus. We'll delve deeper into modular content in a separate SO event and newsletter 💪💪.
Should you require assistance with modular content, don't hesitate to reach out to our modular content expert, SO. 👽
SO & COMPANY is a partner in the strategic content development of various clients from the product launch stage to the late life cycle in the specialty fields of Rare Disease, Hematology, Oncology, CV, and Endo. Not only that, but the company is striving to continue to develop through the development of new services.
Our blog is a constantly updated source of industry strategies, insights, and trends. Stay tuned!