Thirty-Two Percent of Life Science Marketing and Analytics Teams Report Not Knowing About or Not Using KPIs to Inform Shifts in Investment in Customer Engagement

Barchart · 10/18 07:37

Trinity Life Sciences, the leader in strategy, insights and analytics for the life sciences industry, finds that thirty-two percent of life science marketing and analytics teams report not knowing about or not using key performance indicators (KPIs) to inform shifts in investment.*

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Trinity’s Customer Engagement Funnel provides the basis for a framework with specific KPIs corresponding to each part of the marketing funnel. Image credit: Trinity Life Sciences (Graphic: Business Wire)

Trinity’s Customer Engagement Funnel provides the basis for a framework with specific KPIs corresponding to each part of the marketing funnel. Image credit: Trinity Life Sciences (Graphic: Business Wire)

According to Nancy Phelan, SVP of Customer Engagement at Trinity Life Sciences, there are a variety of reasons why life science executives might not be using KPIs to guide decisions on investment: “Life science marketing and analytics executives often don’t have a data strategy in place that supports an omnichannel strategy and so they can’t reliably measure their KPIs. Sometimes internal misalignment on what to measure across the organization complicates the ability to get comprehensive analytics they can action against. Another possibility is their reliance on third parties and agencies and the data never makes it back to the in-house client, which prevents them from using it to measure holistically.”

To help life science organizations better use their KPIs for important decision-making, Trinity has created a framework for companies to better understand how KPIs link back to their marketing funnel as well as a sophisticated Omnichannel Reporting Suite that can provide executive, campaign and channel performance dashboards.

Trinity Customer Engagement Funnel & KPI Framework

Ensuring that KPIs are created and specific for each part of the marketing funnel is critical. KPIs change as you move down the funnel, and measuring these different KPIs across the organization helps to determine which elements are working – and which are not. Trinity helps life science organizations determine their specific framework by focusing on the five Cs:

  • Customer – Who am I trying to reach and what do I know about them?
  • Channel – What are the optimal channels to reach my customers?
  • Content – What is the optimal content to deliver to my customers?
  • Cadence – What is the “right” frequency and sequence of content/channel to achieve the desired customer engagement impact?
  • Culture – What are our common definitions, strategies, objectives, KPIs and ways of working?

Trinity Omnichannel Reporting Suite

The Omnichannel Reporting Suite provides key promotional activity summaries to important stakeholders. The four key teams/functions that benefit the most from this dashboard are the Marketing Operations team, the Brand team and Marketers, Brand and Marketing Analysts and Leadership.

The Executive Dashboard provides an overview of the omnichannel marketing guidance, reach and engagement metrics and promotional performance across channels. The Campaign Dashboard assesses the performance of omnichannel campaigns (campaigns executing with more than one channel). And the Channel Performance Dashboard offers a detailed view of the promotional performance for personal and non-personal channels over time, allowing for a granular analysis of each channel’s performance.

Trinity at HLTH

Trinity’s Customer Engagement team will be available at HLTH booth #4722 to answer any questions regarding the Funnel/KPI Framework and the Trinity Omnichannel Reporting Suite. The Trinity team at HLTH will also be offering a survey to attendees to learn their “Customer Engagement score.” Members of the media can request an interview by contacting Elizabeth Marshall: emarshall@trinitylifesciences.com.

About Trinity Life Sciences

With almost 30 years of expertise, a best-in-the-business team and unrivaled access to data and analytics, Trinity Life Sciences is a modern partner to companies in the life sciences industry. Trinity combines strategy, insights and analytics to help life science executives with clinical and commercial decision-making. We serve over 350 pharmaceutical, biotech and medical device clients, helping them develop the right drugs and devices for today’s market and optimize them once in market. We have a diverse staff of over 1200 people and 11 global offices across the U.S., Europe and Asia. Ultimately, we know that every decision our clients make impacts a life, and when we help our clients achieve their goals, the world benefits. To learn more about how Trinity is elevating the industry and driving evidence to action, visit TrinityLifeSciences.com.

* Source: The Current and Future State of Customer Engagement, TGaS Advisors, A Division of Trinity Life Sciences, October 2024