A guide to measuring and tracking brand KPIs
April 2, 2015 |
Dr Allison Fleetwood, Director of Therapy Watch, alongside Associate Director Jennifer Redfearn, recently delivered a workshop on measuring and tracking brand KPIs as part of the BHBIA training programme (www.bhbia.org.uk).
With tighter market research budgets and new products under pressure to do well in a very short period of time, there’s very little margin for error. To succeed, market researchers must achieve internal alignment, clarity around critical success factors, and full visibility of launch performance.
To achieve this, KPI tracking needs to be efficient whilst also focusing on the most important and pertinent market metrics. This may require drawing on a range of secondary data sources often supported by ad hoc or syndicated primary research; with the primary research designed to focus on the key objectives through research with key physician specialties.
KPIs need to fulfil SMART criteria (i.e. be Specific, Measurable, Achievable, Realistic and Timely) and designed to generate market insight which is actionable. Indeed selecting the right time period over which to measure KPIs is one of the most important decisions to make. The KPIs themselves may also be growth related.
KPIs have to address a business need and measure something that will change the way the business operates. They also have to have the right level of granularity. For example, if key stakeholders are the local affiliate sales force, there is no point in reporting the KPIs at an aggregate EU level.Download our ‘Top tips for measuring and tracking KPIs’There are 3 key steps in designing KPIs:Understand your market. Consider for example:
- Is it acute or chronic?
- Who are the key prescribers and their goals?
- How do the patients segment?
- What is the competitive set?
- What is likely to trigger a change of therapy?
Know your brand’s value proposition:
- What is its positioning?
- What are its key product features?
Decide what you are trying to achieve:
- What are your objectives?
     – Is it to measure whether your key messages are being delivered and
      understood?
       – Is to measure your market share?  Â
          – in a particular patient segment?
          – by a certain time point?
           – vs competitors, vs other countries, vs other internal products?
      – Do you want to match fieldwork to the timing of your marketing
       campaigns?
Most importantly you need to decide what success looks like and design your KPIs to measure your definition of your brand’s success. Internal stakeholders need to buy-in to what success looks like and the chosen KPIs. The KPIs should be simple to understand and to track and delivered in a format which is easily understood to ensure adoption by internal stakeholders. Dashboards are often used to deliver KPI data to a wide internal audience and can be integrated with other company data to give a fuller picture of the performance of a brand over time.Â
Download our ‘Top tips for measuring and tracking KPIs’
Research Partnership is one of the largest independent healthcare market research and consulting agencies in the world. Trusted partner to the global pharmaceutical industry, we use our expertise and experience to deliver intelligent, tailor-made solutions. We provide strategic recommendations that go beyond research, helping our clients to answer their fundamental business challenges. Find out more here http://bit.ly/1JF99Do
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