The Danger of Data Delusions: Uncovering Meaningful Insights for Life Sciences

Imagine this scenario—you are a brand leader trying to launch a product, grow market share, and deal with a new competitor. Despite having a lot of data about your brand, it still isn’t gaining traction with healthcare professionals (HCPs). A colleague mentions that a customer 360 has just been conducted for your company, suggesting that you’ll find the answers you need with more data and an enterprise-level commitment to understanding the customer.

However, having more data doesn’t always mean having the right data. Diving into a customer 360 may worsen your “data delusion”—a situation where your perspective remains narrow despite having plenty of data.

Just adding an enterprise-level customer 360 is not enough. Every brand should have its own 360, concentrating on specific needs and considerations that affect their customers. A brand 360, though often overlooked, is critical in turning enterprise-data investments into ROI and incremental revenue—after all, it’s brands that drive the profits for pharmaceutical companies.

How can you address data delusions and build a brand 360 to guide your investments in the right direction?

It starts with three key elements:

Hypothesis: Before diving into data analysis, having a clear hypothesis is crucial. Without one, even advanced analysis can give misleading results. For example, if you’re studying a specific customer group, your hypothesis should cover how their views relate to other customer types and the overall financial and operational aspects of decision-making.

Data selection: Pharmaceutical and life sciences companies often centralize data and build strong enterprise systems. Yet, when focusing on a particular brand, it’s important to consider unique factors like data inputs, competition, and financial and operational challenges. Tailoring data and technologies is crucial to getting the most out of investments and boosting brand revenue.

Context: Understanding the broader health ecosystem and where your brand fits is crucial for decision-making. It includes factors like a doctor’s prescription choices, a patient’s adherence to treatment, and considerations like supply, education, affordability, and insurance. Many brand partners miss the complete picture, resulting in wasted efforts and missed chances. At Klick, we prioritize a comprehensive understanding to align with all stakeholders effectively.

Consider a real-world example: We recently advised a client looking to increase the numbers of HCPs prescribing their brand. Despite a data-backed strategy suggesting this group as the ideal target, the results were disappointing. Even after years of investment in content and media, the client could not win over these HCPs. Why was this? A narrow focus on data overlooked the HCPs’ existing stock of a competitor’s product. This misalignment led to misguided investments, highlighting that being data-rich but insight-poor can drive costly business mistakes.

The Solution: Klick’s Holistic Approach to a Brand 360

Klick used our unique mix of expertise and technology to create a personalized brand 360. Our approach began with a key recommendation: advising the client to stop investing in the underperforming HCP segment.

We thoroughly analyzed the client’s data environment by drawing on our deep understanding of the healthcare cross-stakeholder ecosystem and using custom AI models. Our AI tools, skilled at sorting through complex data sets, identified the segments, content types, and communication channels with the most potential. We didn’t only uncover where not to spend but strategically reallocated resources to maximize returns using a proprietary Klick AI model to predict the Next Best Investment by Micro Segment, channel, content, and cadence.

The effectiveness of our solution hinged on two key strengths:

Data-driven precision: Klick’s AI models don’t just process data, they analyze it for actionable insights tied to your brand’s key business goals. In this case, our models assessed the current data, projected trends, and potential outcomes. This analysis goes beyond surface-level statistics, exploring predictive analytics to anticipate future opportunities. For example, we partnered with a client examining formulary coverage at the payer level. By analyzing specific plans and individual situations, we could predict and eliminate friction points that hinder coverage issues and prevent prescriptions from being filled.

Holistic business context analysis: Our team didn’t limit their focus to the immediate data. We considered the broader business context, understanding the nuances of HCP behaviors and preferences and payer, patient, and healthcare organization influences. A comprehensive analysis allowed us to discern which segments may yield better results based on factors like market dynamics, competitor activities, and HCP-engagement patterns.

We guided their investments toward more promising opportunities by realigning the client’s resources by directing them away from unproductive spending. This strategic shift wasn’t just redistributing resources but a redirection towards high impact. The result? A significant revenue increase showcased the power of informed, AI-driven decision-making grounded in a comprehensive understanding of the healthcare sector.

Conclusion: Navigating Data with Precision Using data effectively in life sciences is complex yet manageable with the right approach. At Klick, we specialize in turning data into actionable insights, ensuring your investments are aligned with the most promising opportunities. With our expertise in AI and a deep understanding of the health ecosystem, we can guide your brand toward sustained growth and success.

Connect with us to discover how Klick’s innovative approach can help your brand turn data delusions into precision marketing and brand-advancement opportunities.