Let’s be honest, creating patient demand for a product is much sexier than converting existing patient demand. Designing a patient intervention that starts at the top of the consumer decision-making process – problem recognition – is more intellectually fulfilling than simply informing the evaluation of alternatives stage. Yet for many of our specialty care pharmaceutical and rare disease biotechnology Clients converting demand is much more prudent and impactful to the bottom line.
Let’s face it, the level of evidence required for patient marketing investments is exponentially higher than those placed on professional marketing investments. The payback period for patient marketing investments is measured in months, not years, and converting patient demand, regardless of the media source, is infinitely cheaper. In fact, our normative data shows that average per patient costs for demand generation hover around $125/patient versus ~$5/patient for demand conversion.
So, you’re convinced… but how do you begin to find existing patient demand to convert? We recommend you start with Google.
- What’s the monthly volume for key disease state phrases associated with your category?
- How much does it cost to intercept those patients that have been driven down the funnel through the ‘information search’ and ‘evaluation of alternatives’ stages?
- Who else covets these patients? The list of bidders will give you a hint.
The knock on demand conversion will always be the ability to scale your efforts to reach large volumes of people. At a minimum, we’re seeing Clients who embrace our unique Evidence-Based Marketing approach and use the result of their patient conversion efforts to inform and refine the subsequent patient demand generation phase. When weeks and months matter, you need the most efficient strategy to ensure patient marketing success.