For many industries, digital upskilling has become essential.
The pharmaceuticals business is notorious for being largely fixed in its ways, with procedures lasting longer and talents needed being difficult to replicate. The pharmaceutical industry, like other industries, was negatively impacted by the epidemic.
Pharma companies, like everyone else, had to work from home to hunt down the virus’s cure. Consequently, additional digital procedures and abilities entered the market.
Dr Sanjay Arora, Global Medical Director, Dr Lal Path Labs and Founder of Suburban Diagnostics, said this during the Transforming Pharma: Formulating Effective Upskilling Strategies webinar by Business Insider. “Necessity is the mother of invention, and that has forced us to adapt and adopt the technology.”
While Arora noted that the pharmaceutical industry has always required workers to upgrade their skills and be abreast of the most recent medical advancements and ailments, he mentioned automation and the efficient use of data analytics as two major shifts in the sector.
Over the past year or year and a half, skill has become pretty interchangeable. It applies to all sectors of society and not only the pharmaceutical industry. Pharma, however, was more negatively impacted because it is a knowledge-based business and many of the people who hold this information cannot be replaced by someone who simply enters with the same experience or educational background.
To ensure that delivery was not disrupted, it was necessary to promptly train the new hires. Amitava Saha, the CEO and President of Biocon Group remarked.
Saha observed that not only are things changing quickly in laboratories, but also production facilities. The employment of technology is unavoidable in such a situation, he continued, adding that “the rules are changing, as are the efficiency indexes.”
Imagine the speed at which the (Covid-19) vaccine was created while maintaining strict regulatory standards. The backbone, according to Dr Anil Kukreja, Vice President of Medical Affairs and Regulatory, AstraZeneca India, was digital transformation. Real-time data analytics, he continued, were crucial for bringing new information to research and disseminating it to international regulators.
A further argument made by Yugal Sikri, Managing Director of RPG Life Sciences, was that the pharmaceutical industry is distinct since “your product is a technical product.” The industry is quite competitive, therefore you need to have both the technological and commercial dimensions clearly defined.
The generic (drug) market in particular is fiercely competitive, with over 10,000 businesses in India (alone). As a result, you must possess both technical and business skills, he stated.
However, employees are not only to blame for the demand for upskilling. People shifting employment is one of the things we hear about during this Great Resignation, and one of the reasons they provide is that they aren’t learning enough, according to them.
Because of this, they are attempting to study elsewhere, according to Dulles Krishnan, managing director of Coursera Enterprise in India and ANZ. To encourage people to learn, he acknowledged that many people are also not spending as much time learning, a problem that platforms and companies need to address.
The creator of Thyrocare, Dr A Vehlumani, PhD, continued, “When the human is pushed, he learns incredibly rapidly. “Whenever we face greater challenges, we learn more and develop more skills. You develop your skills by solving additional tasks. The more significant the issues you resolve, the more powerful you are, he claimed.
The reasons why every firm requires a digital marketing strategy
The days of branding consumers through one-way communication in TV or Out of Home media, followed by the use of demand generation strategies at points of sale to increase sales, are long gone.
Buyers in today’s market, whether they are business-to-business (B2B) or business-to-consumer (B2C), want to actively research product categories and weigh options; they anticipate brand interaction and support in this process.
The most data-driven, responsive, and effective method we know of is enhancing offline channels with comprehensive digital marketing. This implies that every business is digital and that every firm may benefit from digital marketing. Here are some strong arguments to reconsider if digital is still not one of your marketing mix’s major channels:
The public has fully embraced digital. Within a week of its debut, OpenAI’s ChatGPT chatbot had reached 1 million users. TikTok is used by more than half of Gen-Z customers, but in 2021, 36 per cent of users were between the ages of 35 and 54, an increase of 10 per cent over the previous year.
It is understandable, then, why revered companies like The Economist have embraced TikTok. Many believed that once the pandemic subsided, people’s digital behaviours would alter, yet the number of consumers accessing businesses online is more than ever. In fact, since the epidemic, the number of industries accessed online has doubled and has continued to increase even after levelling down.
Hygiene is extreme customization: Consumers now demand a high level of personalization from the content before they engage with it, thanks to the experience standards set by algorithmically curated, hyper-personalized content on digital platforms like Instagram and TikTok and preference-based entertainment curation on OTT platforms like Netflix.
The standard is raised for marketers by this. They must import information about previous purchases, preferences, and interactions with salespeople before setting off campaigns with individualised content components over time. Digital capabilities to assess data and apply them to express client preference are becoming important.
For instance, Sephora, an American retailer of beauty products, sends out mobile notifications with tailored offers to visitors passing by the store based on their app browsing habits.
If something can’t be measured, it’s hard to manage. To make the worth of marketing efforts clear to the larger executive audience, it is always a good idea to use the appropriate measurements and terminology. It is easier to offer outcomes that can be quantified and, therefore, better managed on digital platforms. Consider NFTs, chatbots, and everything that is available in the metaverse.
Digital also offers a huge amount of opportunity to be creative, not just with content but with form factor and engagement. Even better: via digital channels, the effectiveness of something as subjective as creativity is also made quantifiable. It’s crucial to explain how everything fits into the organisational scorecard, though.
For instance, while an attempt to persuade the C-suite of the value of digital impressions may fall flat, digital also allows for metrics attribution to be expressed in terms of impact on the top and bottom line.
Marketers must use the digital platform to keep their position in the industry. For that, we have listed a few of the key considerations that must be made when managing a business.
Utilize These Top Agency Priorities to Achieve Your 2023 Marketing Objectives
Establishing your priorities in a way that is consistent with your objectives is crucial if you want to position your digital marketing business for success in 2023. The good news is that there is a wealth of agency data at your disposal to guide your marketing plans for the coming year.
With the most recent research, you can quickly plan your 2023 approach by learning how other marketing companies are organising their techniques. According to the data, most agencies are focusing their attention on a mix of initiatives and investments for the upcoming year rather than one overarching objective.
- Investing in new tools/technologies is one of the top priorities listed in the study for helping agencies achieve their goals for 2023.
- Commercial Development.
- Retention of clients.
With so many recent changes to the digital scene, it’s critical to stay current with fashion and technology trends to operate as efficiently as possible. By emphasising the technology your team employs, you can give your agency a competitive edge next year.
By updating your digital marketing service offerings, you can ensure sustained agency growth in 2023.
According to the survey, 98% of agencies concur that growth will depend on new offers in the upcoming year. The report describes the agency’s present service offerings and any new services they intend to launch in 2023.
The most often offered services by modern agencies are Full-Service Digital, Branding Services, Sales Training, and Creative Services. Website design and development, email marketing, and other.
From 2021, when agencies prioritised social media marketing the most, this represents a significant shift.
Comparing 2018 to 2022, marketing automation received a lot of attention.
“Even though 90% of agencies stated they were happy with their position in the market, they have continued to launch new goods. To help encourage more growth, 91% of agencies have increased services during the past 12 months, with most of them being digital.
The most popular brand-new agency services include: website design and development, paid social, full-service digital, SEM/paid search advertising, and creative services.
The time has come to start planning how you can increase your agency’s capabilities and meet the needs of new clients if you want to advance your business in 2023.
For Successful Client Acquisition & Customer Retention, Try these things
95% of agencies claim that they achieved their growth targets for the year, according to research. In contrast, the majority of agencies are not moving ahead but rather staying the same when it comes to client acquisition and retention.
The average client retention percentage recorded by agencies fell from 53% in 2021 to 44% in 2022. Additionally, 81% of agency marketers said that customer retention would be more difficult in 2023 than it was this year, while 79% indicated that client acquisition would be more difficult.
So how can marketers get through these obstacles to have a successful 2023?
The analysis demonstrates that strong agency-client bonds will be essential for effective retention in the upcoming year.
Agencies have employed a variety of techniques in the previous year to keep clients. The most popular techniques during the recession were:
- Better communication and transparency with current clients.
- Added fresh service options.
- More interactions with clients.
- Increased efforts in reporting.
- Extra flexible payment choices.
IYour agency must putthe client experience first if your objective is to raise your client retention rate going forward. Your clients are more likely to stick with you if they enjoy working with you.
In terms of client acquisition, conferences/industry events, referrals, and directories are the next most popular places for marketing agencies to find clients after social media and tech collaborations.
To prove your value, report and measure your marketing ROI.
Despite the numerous issues that have affected marketing agencies over the past few years, including pandemic circumstances, economic strains, and evolving technological trends, the majority of agencies reported great performance in 2022 and have high hopes for 2023.
To keep up with new marketing trends and expanding platforms, however, while addressing issues like client acquisition and retention, ongoing economic uncertainty, and proving ROI to their clients, agencies will need to accomplish the goals they have set for themselves.
Demonstrating your agency’s value and efficacy is a key component of guaranteeing client satisfaction for improved retention, and one of the greatest ways to do this is by tracking the return on investment (ROI) for your marketing activities. For you to be transparent with your clients, tracking success metrics and evaluating campaign outcomes are crucial.
How else could you demonstrate to your clients the scope of your agency’s influence?
If you don’t provide the evidence to support your claims, even after you’ve achieved the expected results, your clients could question the value your firm creates.
According to Survey, 85% of marketing agencies think that demonstrating ROI to clients will be the key to growth in 2023, and 80% of marketing agencies feel that reporting is crucial to their client services.
The survey also reveals that 51% of agencies intend to use new tools and technologies to support demonstrating campaign ROI in the upcoming year.
DeEven though8% of marketers say they are happy with their firm’s tech stack, many agency employees still see opportunities for development and justification for investment.
Today’s agency marketing is undoubtedly heavily influenced by technology.
Marketers embrace technology for its ability to support decision-making in addition to being crucial to the survival of agencies. Furthermore, clients are more attracted to firms that provide a competitive martech stack and marketing analytics solutions.
To track campaign ROI and other KPIs in 2022, 82% of firms reported using new marketing technology.
There are other crucial metrics besides ROI. 79% of agency marketers believe that the use of marketing analytics is essential to establishing the viability of a trend or technique.
What to Focus On in 2023 According to the Agency
Agencies spend a lot of time studying marketing trends since maintaining a strong reputation is important to them.
To assist you to design your marketing strategy for 2023, it’s crucial to keep track of the most recent trends and learn from them. According to the survey, joining marketing associations, keeping up with rival products, and going to industry events are some of the most popular methods by that agencies remain on top of trends.
A lot of businesses said they also follow industry blogs, bulletins, and publications, listen to marketing podcasts and take online courses to stay up to date.
While AI, zero-click searches, localised SEO, and automation are among the trends that agency marketers believe are pads, others, like metaverse marketing, personalization, and customer communities, are seen as long-term trends.
- Visual and voice searches.
- Content for short-form video.
- Over-the-top/streaming (OTT) advertising
- The research states that agencies also have new marketing plans for 2023, including Visual Search; Customer Communities.
- Metaverse Marketing
- Content for short-form video.
Utilize these marketing insights to begin adjusting your 2023 strategy.