Shifting from Share of Voice to Share of Mind in Pharma Marketing.
In pharmaceutical Marketing in a competitive space, doctors are marketed a lot of products and provided plenty of literature, they cannot retain all the information and end up retaining a minimal amount of information, so it is important to create a meaningful and lasting impression on healthcare professionals.
Why was Share of Voice preferred in Pharma Marketing?
Share of voice measures a brand’s visibility, promotional presence, and influence in marketing efforts. It was preferred as a marketing strategy because of its simplicity and immediate impact on brand visibility. It measured the extent to which a brand’s
advertising presence dominated in a particular industry, back then it was believed that increasing their share of voice through loud marketing would gain HCPs’ attention, for sure it would, but the information wouldn’t last long. This caused the shift to Share of Mind in pharma marketing because companies realized that though Share of Voice is good for spreading awareness in the initial stages, creating a deep impact on the customer is what matters in the long run.
How Share of Mind in Pharma marketing helps:
In contrast to Share of Voice, Share of Mind in pharma marketing focuses on the depth of impact a brand has on its audience, rather than just trying to be the most visible in the industry. Share of Mind matters in the pharma marketing because:
It helps build trust and credibility, which matters to HCPs a lot. Brands can build it by providing valuable, informative, credible content consistently to HCPs.
- Enhanced engagement that one can allow brands and Medical reps to create a deeper connection with HCPs, which will help the brands because HCPs will advocate and promote a brand that has a loyal and deep connection with them.
- Since the share of mind focuses on impactful and unique meaning and valuable interactions, it would be easier to remember the brand that stands out because of its uniqueness and value and not just its visibility.
How to Achieve Share of Mind?
Achieving a share of mind involves creating meaningful connections and lasting impressions with HCPs. This is accomplished through marketing strategies that prioritize credibility and value.
One way to do that is by creating and delivering high-quality, relevant content based on the preference of the customer. For instance, Brands can make use of AI-powered solutions that companies like Multiplier AI equipped with precise HCP data, which can be used to create target content tailored to meet the preferences of the HCP. The contents can include research, trial results, opinions from experts, etc.
As mentioned HCPs prefer meaningful and valuable engagements, which can be done through one-on-one meetings. But, Brands can also provide HCPs with workshops, webinars, and other CME opportunities. You can choose what to go with based on your product and the HCP’s preference. Engagement can be enhanced by leveraging digital tools that allow virtual meetings, chatbots, etc.
In short, shifting from share of voice to share of mind in pharma marketing involves the strategic use of digital tools and marketing techniques to reach a wide audience and leave an impactful impression on potential customers