Marketing operations at present times represents an incredible yet complex intersection of marketing, technology, and business processes that render a multitude of benefits to the organization.
Marketing teams are now more than ever expected to close the bridge between expectations and reality. But with such an increase in media channels and globalization, marketing is becoming more complex and the gulf between expectation and reality is further widening.
Marketing a new drug is a process that takes many years and requires careful planning. But marketing drugs for rare diseases is more complex and poses certain unique challenges. Though is it is smaller and more targeted market size, it is a double edged sword. Awareness of new rare disease drugs develops much earlier than traditional therapies and points to the need for companies to provide and manage actively information to the many stakeholders and potential consumers interested in the new product’s progress and potential.
The top 3 benefits of marketing operations management are it helps to
- Get campaigns to market faster.
- Enable more reuse of existing assets.
- Achieve greater marketing accountability.
In the current fast paced world of social media and internet communication, information travels at real time and everyone has access to it at their fingertips. Patients and their families, and advocacy groups are often aware of new rare disease drugs in development, well before regulatory approval. So planning as early as possible for commercializing a new drug can help a company shape stakeholder’s stay in the know of its potential benefits and limitations. So correct propagation of information as the drug moves through development and towards regulatory approval is not only necessary to boost the chances of the eventual product’s success when it reaches the market, but is highly essential. In the case of rare disease drugs there is an added pressure on the pharmaceutical company to be agile and on their toes with access to the latest in information available to everyone in the company.
A software solution like Anaplan become necessary to achieve this agility and accessibility of data within the company.
These are few of the the best practices at various phases of preparation, planning and execution, that marketing executives can use to significantly reduce this gap and increase the returns from their marketing spend.
- Collaborate with everyone including the various stakeholders and required department heads and obtain approval of a skeletal marketing plan before starting on a detailed one.
- Instead of a separate 'financial planning' and ' marketing planning' system, integrate the financial plan with the marketing programmes.
- After the integrated budgeting and the approvals are in hand, it's time to create a detailed plan for the marketing campaign
- Look into existing market assets to share, leverage and reuse them.
- After the planning to ensure the perfect execution of the marketing plan regular updates and maintained communication amongst the team is necessary
- Measurement of the plan’s performance and its review during the various stages of action should be carried out.
We will discuss each practice in detail in future blog posts.