Leading your Content Strategy with Industry Benchmarks
Is your content ready to drive the next wave of HCP engagement? How does it perform against industry standards? In my last blog I revealed early results of Veeva Pulse Content Metrics, the first and only industry-wide benchmarking data for commercial content based on anonymized data collected across 350+ pharma companies.
The search for industry best practices leads to superior business performance, which is why Veeva is aggregating this data in a simple way as part of our Commercial Cloud. This allows our customers to understand how their business processes are performing in an objective way and act upon changes in their market conditions.
Focus on content that drives digital interactions
Commercial content created increased by approximately 30% in 2020. From a high-level perspective, this comes as no surprise, but drilling down to the content categories reveals more actionable market insights. Life sciences companies are now creating 3.5 times more digital content than print. This not only includes websites, web banners, paid search, social, video but also the digital content that drives 1-1 digital HCP engagement such as electronic sales aids or emails, and online training materials for reps.
The benchmark also reveals that 53% of this digital content is geared towards driving more meaningful discussions with physicians: while reps are pivoting to digital, they need to train differently, through online training. And they rely on your content to drive engagement through approved email and e-detail aids.
How do you compare, and what are the content categories that matter to you the most to drive digital engagement?
There is a clear opportunity to accelerate approval time for digital content
The benchmark also focuses on velocity and process efficiency: how long does it take to deliver content to market from design to approval? The average number for the industry is 21 days with significant differences between the simplest content types and the most sophisticated ones, which include websites, banners, and videos.
One surprising result is the minimal difference in time to approval of print versus digital. It highlights a clear opportunity to increase the speed of delivery for digital content.
With 74% digital content being approved in only one cycle, the path for improvement might be on reducing delays for each review cycle rather than reducing the numbers of cycles.
Now, what can you do with all that data? What matters to you the most is to compare against those objective metrics and find your sweet spot for performance improvement. If you are using Veeva Vault PromoMats, contact your CSM or key customer contact to get a more personalized view of the benchmark.
Insights from this benchmark will help you guide your action plan for increasing your content performance.
From insights to action: improve your content efficiency with modular content
There is an opportunity to leverage MLR in a more modular way to shrink delays and costs for content creation while accelerating time to market. Unlike traditional content strategies that require each new asset to be built from scratch, a modular approach simply reassembles existing, pre-approved content blocks, or modules, for use in different channels and regions. Content can be created faster, at scale, leading to measurable impacts for positioning your company as the best in class for HCP digital engagement.
Read the lessons learned by a top 10 pharma company on its journey towards modular content.