A New Approach to Measuring ROI

Today's guest post comes from Megan Kearney, Marketing Associate at TrialCard. She has worked for TrialCard for almost a decade years. In that time, she has held multiple positions starting as a Call Center Representative, then Project Manager, then Executive Project Manager and now Marketing Associate. For many years, there has been a surprisingly low level of activity related to the demonstration of the return on investment of copay programs, voucher programs, and the like. To some degree, this was probably because the answer seemed axiomatic: “Of course these programs generate ROI because more prescriptions are being written.” On its face, this is correct, but is it the right question? In order to evaluate a promotion such as a copay card fairly, TrialCard invested in key measures that consider a set of related, but distinct measures including spillover prescribing (also known as the “halo effect”) and its opposite, cannibalization; the velocity of the uptake of redemptions, the effectiveness of the offer, and the change in patient persistency. We recognize that none of these measures are particularly easy to assess without having a sophisticated analytic structure. We provide our clients the assurance that their promotions are generating positive returns. How do we do this? We take a three step approach. The first step in this process is to measure the specific financial impact of a campaign. We believe the focus cannot solely reside on the number of redempti...
Source: ePharma Summit - Category: Medical Marketing and PR Tags: Affordable access to medicine Copay Programs TrialCard ePharma Summit West Source Type: blogs