The title of today’s post comes directly from Avinash Kaushik’s Occam’s Razor post A Big Data Imperative: Driving Big Action. Avinash’s blog is a must read for anyone who believes that analytics matter regardless of industry. A salient point that he makes is that with the shear volume of information marketers now have, “it is so much more important to be magnificent at knowing what to ignore.”
At ROF, we couldn’t agree more. In fact, an ROF analysis done a few years back showed that the average Pharmaceutical/Biotechnology Product Manager was getting 6 weekly reports and more than a dozen monthly reports coming from a variety of internal functional partners and external tactical partners. The frequency and volume only increased as we examined the Director level.
Pharmaceutical marketers are drowning in data and are likely having trouble determining what to ignore. It’s time to take a step back and proactively determine when is the ‘right time’ for specific data and the corresponding marketing insights.
It’s likely different for every brand, but here are some ‘right time data’ catalysts to consider based on the average brand calendar:
- National Sales Meeting – update on the brand status and to review the yardstick for the upcoming year
- Situation Analysis – kick off business planning right with the latest salient points
- Tactical Plan Development – updated stats on the performance of current investments helps to strengthen the recommendations for the following year
- Launch Readiness Review – in most companies these meetings are scheduled well in advance, so right time data can be used to increase the level of comfort or discomfort with the plan
Lastly, think about the times in the year when additional funding usually becomes available or when funding cuts happen. Right time data could be the difference between keeping or losing that key investment!