SOURCE: Cutting Edge Information

Cutting Edge Information

February 18, 2015 09:30 ET

Dedicated Budgets Help Companies Connect Digital Marketing Initiatives With Brand and Corporate-Level Goals, Finds Cutting Edge Information Study

RESEARCH TRIANGLE PARK, NC--(Marketwired - February 18, 2015) - Life sciences organizations have become increasingly comfortable operating in the digital marketing space, particularly with the 2014 release of FDA guidances. According to pharmaceutical intelligence provider Cutting Edge Information, surveyed companies often view digital marketing as just one piece of a comprehensive marketing strategy. However, dedicated budgets afford teams with the opportunity to consolidate resources and better align brand strategy with corporate goals. 

In a recent report, Cutting Edge Information found that many teams have set aside dedicated budgets to provide ongoing support for new digital marketing initiatives at both corporate and brand levels. According to the study, 88% of surveyed life sciences corporate- and brand-level teams have established a dedicated digital marketing budget. For some teams, this budget falls in the range of hundreds of thousands of dollars. For others, like a team at one Top 20 organization, this figure tops the single-digit millions.

Dedicated budgets become especially important for brand-level groups. "On the surface, having a dedicated budget in place reduces the extent brand teams must rely on other, internal teams for funding," said Sarah Ray, senior research analyst at Cutting Edge Information. "More importantly, however, teams that fund all digital marketing expenditures as part of a branded budget instill continuity into their approach. Establishing a dedicated brand budget ensures that the team most familiar with an existing or emerging brand remains at the forefront of related marketing decision-making processes."

Beyond budgeting considerations, the study, "Pharmaceutical Digital Marketing: Transforming Your Multichannel Marketing Mix to Unlock Brand Value" (http://www.cuttingedgeinfo.com/research/marketing/pharmaceutical-digital-marketing-social-media/) addresses the potential for biopharmaceutical companies to expand their digital marketing reach. It provides an in-depth exploration of online channels, including social media and mobile technology, which are growing within drug and device companies' marketing media mix.

Pharmaceutical Digital Marketing will help pharmaceutical marketing executives:

  • Benchmark digital marketing channel resources as part of their media mixes
  • Measure ROI for digital marketing initiatives
  • Increase digital marketing budgets and staffing resources

For more information about digital marketing research, download the Pharmaceutical Digital Marketing brochure at http://www.cuttingedgeinfo.com/download/?ref=25909.

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