You are where you are. At least that is what Lara Mahanna, from Sonata, defends. And we agree.
As patients grow more demanding, companies must be more knowledgeable about their target audience’s needs. Only when you know that you can face the competition in the field. In the US, geomarketing is a growing trend. For being personalization-oriented, pharma marketers believe it to be of value to the industry.
Before you consider it as an approach to integrate into your pharma marketing strategy, first you must know more about geomarketing in pharma and the fundamentals that guide it.
What is geomarketing?
Geomarketing follows a communication strategy focused on geographical data. Meaning, it relies on location-generated information of a prospect or customer. Through it, it determines the approach and investment strategies to follow.
Location is the core of this marketing process. And so, Geomarketing aims at identifying the places and consumers that will provide optimal potential. Thus, opening up the opportunity for continuous growth – steady sales increase and revenue generation.
“The key is ensuring that the drug manufacturer is reaching the potential buyer at all stages during the buying journey, not just when they are in or near a point-of-purchase” – 4INFO Chuck Moxley to GeoMarketing
Geomarketing is, then, a marketing process that believes the places a consumer visits to become a part of who they are. Through location, it obtains valuable insight into people’s interests and intents.
Geomarketing background and its relationship with pharma
We have gone a long way since the World Wide Web knocked on our doors. With it, deep societal changes arrived and alternative marketing strategies appeared. And, Geomarketing had its birth right in the middle of it.
We are in the year 2000. The turn of the century, where technology became the center of everyday life. And, Google had just coined the term “Geomarketing” when announcing its new service, Adwords. It connected a person’s geographical location with online searches. Paving, then, the way for what we now know as Geomarketing.
Soon, consumers’ location became crucial to marketing strategies in the different fields of work. As populations grew and their demands increased, companies had to maximize productivity and profitability. Therefore, geomarketing filled in the gap that once dominated the markets.
Knowing where consumers are and the places they visit allows companies to target the relevant product and/or service at the right place and time.
For its value, Pharma marketers in the 2010s began to reflect on the potential of Geomarketing to optimize sales and service. As a result, one now sees the growth of the omnichannel and multichannel marketing strategies that integrate location into their actions.
The fundamentals of geomarketing
Geomarketing is highly resourceful when it comes to maximizing the impact of your messages among the intended audience. It further offers the necessary tools to make your strategy a profitable one.
So, to effectively consider and understand Geomarketing, it is vital to understand some of its fundamentals:
- Geomarketing & Market Segmentation
You cannot target everyone. Nor you should intend to. Your audience should have an interest in your product, and fit within its features. But how can you successfully identify who is your right audience? You should ally market segmentation with Geomarketing practices. Segment your audience by interest and location. In that way, you can better target it.
- Geographic Information System (GIS)
GIS is an information system that guides Geomarketing practices. Through this system, you capture, check, store and display data specific to determining locations. To this, you can add attribute data, the location of specific things, such as practices, drugstores, and pharmacies. You can further map quantity, density, and nearby locations.
This will give you insight into the location of high-potential consumers. Which is vital to the effective application of Geomarketing to your communications strategy. Will equally show you high-potential regions, where it is worth investing your time.
A facilitator of sales and marketing budget reflection. It raises the questions, ‘What are the areas with the highest and lowest market share?” and “What are the areas where the competitors have greater relevance”?
Too much information? Start small…
Video is a growing trend in Pharma marketing, that has proven effective in increasing engagement. It is equally valuable in providing insightful data about customers’ and prospects’ behaviors (interests, pain points,…), including their geographical location. Learn more about the benefits of video marketing, here, or book your free expert session today!