Accordingly, Nice Insight developed a best practices model for determining which modes of marketing communication are most effective for conveying the key drivers that influence CRO and CMO partner selection.
Through in-depth conversations with industry thought leaders, Nice Insight establishedsix key attributes — quality, reliability, affordability, productivity, accessibility and regulatory compliance — which decision-makers consider when selecting potential partners. However, the data indicates that the common notion of pricing as the ultimate influencer does not apply to outsourcing partner selection. Rather, for the fourth quarter in a row, respondents from Nice Insight’s Pharmaceutical and Biotechnology Outsourcing survey indicated that quality was their top consideration with regards to partner selection. This was followed by reliability, affordability, productivity, regulatory compliance and accessibility.
When considering all six drivers for outsourcing partnership, Nice Insight determined
that the top three most effective modes of communication are branding, websites, and
presence at industry events with an inviting trade show booth. In this case, branding refers to fully integrated strategic messaging and a corresponding visual concept that reinforces the brand. Websites are effective because there is more leeway to go into greater detail from a content standpoint, and they are fairly easy to update with pertinent links and contact information. Lastly, trade show booths are important because they are highly effective at engaging specific audiences with a targeted message, and both literature and motion graphics can be incorporated into the overall messaging platform.
When it comes to communicating both quality and reliability, Nice Insight recommends
focusing on targeted messaging and visuals. The use of websites and literature are better suited for communicating compliance, as they allow for a more in-depth description of a company’s capabilities and regulatory processes. Motion graphics is another good option,as it has the advantage of easily conveying a complicated message in a memorable engaging way. Websites are best suited to convey productivity because they can be easily updated with detailed, timely and targeted information. When it comes to accessibility and affordability, trade show booths are ideal because they allows for face-to-face dialogue with potential partners. This is especially true when it comes to conveying accessibility, which involves the ease and effectiveness of communication between a sponsor and CMO.
After identifying the most effective forms of marketing communication for each particular driver, it makes sense to take a look at the frequency at which CROs and CMOs update their marketing materials. According to Nice Insight’s data, between Q1 and Q2, 3.50% of companies rebranded (14/400), 4% updated their logos (16/400), 8% created new ads (32/400), 14% updated their websites (56/400), and 19% of companies updated their trade show booths (75/400). Between Q2 and Q3 updates to trade show booths, advertisements and websites, again, were the most prevalent. However, by Q4, the number of companies that rebranded decreased to 0.33%, logo updates dipped to 2.01%, new ads increased to 14.38%, website updates dipped substantially to 3.34% and updates to trade show booths remained most common at 19.06%.
The fact that the numbers for rebranding and logo updates appear fairly low across the
board when compared to other forms of marketing communications can likely be attributed to the fact that — often unrightfully so — companies are more hesitant to alter their branding strategy unless it is painfully clear that what they are currently doing is not working (or in the case of a merger or acquisition). Willingness to change branding can also vary depending on the time of year, and is often least likely to happen in Q4. On the other hand, website updates and new advertisements are often easier to approve and execute from both a creative and business standpoint. The fact that trade show booths are more frequently updated is unsurprising, given that in order to be effective, they should be customized for specific audiences at different shows throughout the cycle.
When it comes to choosing which type of marketing materials to implement when attempting to attract potential partners, there are no cut and dry answers. The best mode to employ may vary depending on factors such as messaging, timing, resources and budgets. Above all else, it is essential for contract service providers to implement a strategic marketing plan that focuses on communicating core differentiating benefits, while targeting efforts at the right audience for their capabilities.
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