The importance of a holistic KPI framework for demonstrating business impact

Beverly Smet | SVP, Global Accounts, Precision AQ | 27 October 2024

In today’s dynamic and increasingly customer-centric pharmaceutical landscape, connecting with healthcare professionals (HCPs) through omnichannel engagement strategies is more critical than ever. Yet, measuring the return on investment (ROI) for these efforts remains a significant challenge. According to our Maturometer™ 2024 data, concerns around ROI are a common barrier to digital transformation across many organizations.

Why Traditional Metrics Fall Short

Another challenge for companies that wish to assess the impact of their engagement efforts includes working with local countries that will likely exhibit varying levels of digital maturity. This inevitably means finding the common denominator (i.e., the least mature), which consequently lowers the bar for all markets. 

Using External Benchmarks for Deeper Insight

One promising solution is for pharma companies to leverage third-party benchmarks, such as the Navigator365™Cx Benchmark, to complement their internal KPIs with external metrics, enabling a more comprehensive view of omnichannel performance across the industry.

Other benefits include the application of a standardized set of metrics and benchmarks across markets that ensure consistency in measurement and reporting, and the incorporation of data from a much wider range of sources. Such benchmarks empower pharma companies to inform their strategy decisions with the latest actionable customer (HCP) insights and measure their efforts against key competitors, thus identifying key areas for improvement. 

So how does Navigator365™ Cx Benchmark data fit into our measurement approach and inform our own evidence-based strategic services? Let's delve into the full KPI framework we have developed at Precision AQ.

1. Quantitative Leading KPIs

Here we assess channel reach and interaction quantitatively, encompassing traditional internal metrics for both offline and online engagement, like number of rep visits, website traffic, email open and click-through rates, and event attendance. It's the foundation of ROI measurement, showcasing the extent of audience reach across various channels, and it’s probably the one area where pharma is already performing well. Internal data can be enriched with external KPIs, including our own proven MCQ methodology for assessing channel weighting. 

2. Qualitative Leading KPIs

Moving beyond numbers, here we delve into customer experience and engagement. Internal KPIs, such as customer satisfaction scores for a product website or following an event, can be complemented by external metrics from Navigator365™ Cx Benchmark. These metrics allow you to compare your brand’s performance on channel and Cx attributes with your competitors. These external KPIs provide insights into the quality of interactions as seen from the HCP’s perspective.

3. Qualitative Lagging KPIs

Here, the focus shifts to attitudinal conversion, evaluating shifts in HCPs’ perceptions and attitudes towards the brand. Surveys, focus groups, and in-depth interviews help gauge changes in mindset and sentiment over time, and fieldforce can help determine whether a customer has moved up the adoption ladder. In terms of external KPIs, we have previously shown how brand-level NPS (which assesses how likely a customer is to recommend your brand to their peers) can be a compelling differentiator.

An ongoing way of measuring customer impact holistically is by measuring your (and your competitors’) brand NPS over time. Not only will it tell you if you are progressing versus your own baseline, but it will also give you insights into how this compares to your competitors.

4. Quantitative Lagging KPIs

Finally, behavioral conversion takes center stage, measuring tangible outcomes such as prescription rates and market share. These metrics reflect the ultimate impact of omnichannel engagement on prescribing behavior. However, they often are expensive to measure, while brand NPS is less expensive and is a key predictor of sales and market share evolution. 

Measuring ROI in omnichannel engagement with HCPs demands a multifaceted approach that transcends traditional metrics. Only by embracing a holistic KPI framework and leveraging industry benchmarks can pharma companies unlock new dimensions of success in their pursuit of customer-centricity and commercial excellence.

We would be happy to arrange a call with one of our omnichannel experts to explain further how we can support you with your omnichannel impact measurements approach.

Interested in finding out how competitive Cx Benchmarking could lead to improved business outcomes? Make sure to read our next long-read blog to find our more.