Veeva Analysis

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Part
01

Case Studies - Digital Content Marketing Campaigns: B2B

Digital content marketing is the way B2B businesses use the power of content to expand their audience, strengthen brand affinity, and drive sales among other businesses. These campaigns are mostly used by technology, software, and manufacturing companies. Among the rare cases of B2B companies in the pharmacy space using digital content marketing to generate awareness and leads for software solutions are the examples of Optum and Ciox Health. The case studies of their marketing campaigns are presented below in detail.

Optum

  • Optum is a division of UnitedHealth Group and was founded in 2011 when the parent company merged their care delivery service and pharmacy divisions. The Optum brand comprises three key businesses - OptumInsight, OptumHealth, and OptumRx. They are headquartered in Minnesota.
  • Optum functions as a pharmacy benefit manager and provides care services across 150 countries. As of 2019, their sales hit the $100 billion mark for the first time.
  • During the B2B C2C Conference 2015, Optum created an integrated digital marketing campaign called “one and done” marketing. The intention of the campaign was to launch a new solution, move from traditional marketing model to a content-led marketing model, build thought leadership, and support sales.
  • Before launching the campaign, the Optum team led by Karen Thomas-Smith graded themselves on six categories: marketing activities, measurement, messaging, knowledge, references, and sales engagement. The team compiled the data from the analysis and decided to re-assess themselves yearly. Karen and her team focused on transforming the existing traditional relationships with clients to a content-driven one.
  • To integrate the new model widely into the system, Karen and her team resorted to innovative strategies like getting the sales and marketing teams to understand the content-driven strategy, flipping existing roles and creating new roles like a Sales Liaison, and developing buyer personas within different buying environments. The content marketing campaign included - advertorials, emails, display ads, direct mails, and a campaign website that incorporated analytics data for health care providers.
  • The campaign proved to be very successful for Optum. Within a few months of the launch of the integrated software solution, Karen and her team got 5,300 form submissions, 17% Click Through Rate, a pipeline revenue of $106 million, and an email open rate of 89% from 500 unique content pieces on the website.

Ciox Health

  • The company was founded in 1976 and was originally known as HealthPort Inc. In 2015, HealthPort Inc., Care Communications Inc., IOD Inc., and ECS merged to become Ciox Health. The company is headquartered in Alpharetta, Georgia.
  • Ciox Health is a health technology company and provides services in the field of health information management and medical record retrieval. They serve life insurance companies, health plans, patients, and law firms.
  • On the opening day of the B2B Marketing Exchange 2018, Ciox Health in partnership with the B2B marketing and creative agency Content4Demand presented their marketing campaign titled "Stop Playing ‘Guess Who?’ With Your Buyers: The Link Between Audience Analysis and Campaign Success." For the campaign, Ciox Health developed a quantitative survey for their target audience that comprised 1,884 attorneys and paralegals. The survey asked questions and the data was used to create detailed personas that contained key characteristics like pain points, buying triggers, work processes, and product evaluation criteria related to the request process for medical records. From the surveys, costs came out as the number one pain point followed by slow turnaround.
  • From the data compiled, Ciox Health and Content4Demand created a six-part digital content that included interactive quizzes, infographics, interactive listicles, Q&As, checklists, and a mixed-media video. Ciox Health launched the new online on-demand medical records request service on February 2017.
  • The campaign proved to be an immediate success for Ciox Health. With the new on-demand system, Ciox captured 100% of their medical records request business, instead of the typical 25%. Also, by the end of the campaign, Ciox reported 18 closed-won opportunities. Out of the 1,884 respondents in the campaign to whom they had sent emails, 807 (42.8% of the total respondents) had opened their emails while 273 (14.5% of the total respondents) had clicked on at least one content.
  • One month after the product launch i.e. on March 2017, Ciox's new on-demand software solution registered 500 charts requests. This number became 1,300 in May 2017, 5,000 in June 2017, and increased to 11,130 in August 2017. The campaign helped Ciox to generate an additional revenue of $5 million.

Research Strategy

We started our research by trying to find case studies of B2B companies in the pharma space that have successfully implemented digital content marketing campaigns to generate awareness and leads for a software solution. However, there is very less public information about such activities of pharma companies. The possible reasons may be that either these companies have not engaged significantly in digital content marketing or being mostly private entities, they have chosen not to make the information of their campaigns public. Luckily, we stumbled upon two examples - Optum and Ciox Health. The digital content marketing campaigns by both these B2B companies have proven to be very successful for them and have generated a significant amount of business and revenue for both the companies.


Part
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Part
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Insights and Trends - Marketing for B2B Companies

Widespread use of the internet and technology has changed the marketing landscape for B2B companies, especially those in the healthcare and pharma space. The surge in new platforms has encouraged companies to engage with their audience and redefined modes of communication. Recent trends include the use of social media and engaging content.

Social Media Marketing

  • Social media marketing is growing as a leading platform for B2B lead generation. LinkedIn is responsible for 80% of social leads generated by B2B companies. With over 2 million providers using the platform, LinkedIn has opened up more opportunities for B2B companies in the medical and pharma space.
  • In assessing the buyer persona of those who may be interested in B2B software, most of them, including hospital administrators, MSOs, and CFOs, will often be found on LinkedIn. According to marketing industry experts, LinkedIn is responsible for 97% of a business’ social leads.
  • For B2B companies, social engagement is highest on LinkedIn according to HubSpot. LinkedIn has 562 million members with CEOs who have an average of 930 connections.

Content Marketing

  • Engaging content beyond just blogs is becoming a natural trend for B2B companies. Although informative blogs are still important for increasing visibility and awareness, the use of video and infographic is growing. Video content is becoming an important medium to deliver content as well as a vital tool for buyers
  • Research suggests that 68% of B2B healthcare buyers are using videos to compare products, 63% of them are using video to see how a product performs, and 63% will contact a vendor after viewing a product video.
  • Opportunities for content in pharma B2B marketing may include product/software demos, webinars with experts about a certain topic, client testimonials, and product case studies.

Part
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Part
03

SWOT - Veeva

Veeva’s unique value proposition, a comprehensive suite of clinical applications, and a broad customer base are some of its key strengths. The growing market for life science software and the use of Orchestrated Customer Engagement technology are some opportunities that the brand can look forward to leverage.

Company Overview

Veeva Systems Inc. provides cloud-based software for the global life science industries. The company's cloud software platform and other applications help to manage content, data, and business processes for life sciences and other regulated industries. The company is headquartered in Pleasanton, California, with additional offices located in Europe, Asia, and Latin America.

Strengths

  • The company's attention grabbing advertisements and branding is another of its key strengths and stand out features. Its ability to effectively connect with the clients through social and digital platforms has helped the company to become the most favored brand in terms of providing the easier management of complex data, especially that of global clinical trials, in the majority of the markets it operates.
  • The core capabilities of Veeva Systems Inc. are its comprehensive suite of clinical applications. The company offers Vault EDC, used for reviewing the clinical trial data; Veeva Vault Coder, which helps in fast and accurate coding for any clinical trial; and Vault Data Workbench, which allows integrating all types of clinical trial data.
  • The company has approximately 625 customers, ranging from the world's largest pharmaceutical companies to emerging biotechnology companies across the globe, thereby providing it a broad reach and an extensive target market.
  • Veeva offers data model, application logic, and a tailored user interface, thereby making it a go-to solution for the pharmaceutical and biotechnology industries.
  • Veeva CRM application, which is built on the Salesforce platform, has become the foundation for its client base, specifically pharmaceutical companies, to improve their sales and marketing models for the future.
  • To effectively connect with customers, the company is committed to include comprehensive data of industry standardized healthcare professional (HCP), and healthcare organization (HCO) and gives the added advantage to customers to eliminate the need to subscribe to multiple external data sources.

Weaknesses

Opportunities

Threats

  • The market for cloud-based software solution providers is highly competitive, and the company faces a threat from various established global enterprise software vendors, such as Oracle Corporation and Microsoft Corporation.
  • The company faces extreme pressure with life sciences-specific CRM providers, such as IQVIA. IQVIA is the market leader with an 18.3% market share in the life sciences software market and continues to leverage its heft in the life sciences with its analytic and rich CRM data.
  • Adoption of Orchestrated Customer Engagement (OCE) technology by competitors such as IQVIA presents a top-line threat for the company as more than 30 life sciences companies have shown the willingness to use this advanced technology.


Part
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Part
04

Veeva - Marketing Campaigns

Some ad campaigns for Veeva include a series of videos that interview top clients talking about how the product has helped their company in a variety of ways, an animated video series of videos presenting commercial solutions that will give a competitive advantage, and a video revealing the common problems in the management of complex data systems and how their software is designed to cover all these varied problems as a simple unified solution.

Client Review

  • During one recent campaign Veeva interviewed representatives from some of their top clients to talk about some benefits of using the Veeva system and what the technology has enabled their company to accomplish.
  • One video interviews the Head of Integrated Multichannel marketing for Bayer in the U.K. The client reveals how the cloud based information technology of Veeva has enabled Bayer to shift to an integrated multichannel marketing approach. The technology allows them to connect with customers on a variety of levels and channels such as email, webinars, etc.
  • This data collection and analytical technology allows clients like Bayer to understand after careful analysis methods of marketing that will engage customers most successfully, and give them deeper specific insights into their customers allowing for more personalization of service. These abilities are major selling points for a lot of companies, and to have a major client like Bayer acknowledging the value of these tools from their software, Veeva aims in this campaign to impress more clients with the success and usefulness of their product for major companies.
  • The title of the set of videos interviewing clients on YouTube is titled "Customer Videos," and the title of the video referenced is "Bayer: Creating Customer Value Through Multichannel Engagement with Veeva." At the end of the video Veeva offers an opportunity to contact them for more information through visiting their website, or by visiting their social media channels.

Competitive Advantage

  • In a set of videos titled "Veeva Commercial Solutions," this video titled "Gain Competitive Advantage from Your CRM" starts by presenting a common problem in today's healthcare industry, namely the organization and utilization of mass amounts of data and real time connectivity between people and institutions.
  • Veeva presents the value of what they have to offer in this situation, by showing how being sure that the right information is presented to the right person at the correct time, and that interactions are well orchestrated between organizations, are vital to the functioning of a healthcare organization and network.
  • In this video they present the problem and then directly offer their software as a solution, showing how their technology covers all the major common problem areas presented, through real time data collection, organization, and connection between peers, institutions, and customers.
  • Veeva shows in this animated and illustrated ad how the use of such technology will save companies money and will give their employees personalized experience with complete visibility. The technology also allows clients to plan and engage their customers with the right content at the right time, and provides insights into what techniques are more successful in engaging customers through content tracking, click through rates, etc.
  • The company touts how these deep actionable insights will give the client data to make informed decisions, allow them to adapt and improve their strategy, and will give them a competitive edge over others in the market, all qualities that Veeva's clients are consistently in need of.

Management of Complex Data

  • This illustrated and animated video focuses on the easier management of complex data, especially that of global clinical trials, as companies prior to software like Veeva's have had to use multiple different platforms and technologies in collaboration to store and utilize data across vast complex networks.
  • The ad focuses on presenting the common problem and showing how normally it takes endless hours to sift through such data to gain a clear picture of one study, let alone a program of studies. Veeva talks about how before their software, companies have had to have separate systems in part due to technology limitations, such as only being able to store or access one type of data such as documents.
  • Midway through the video, after a clear presentation of the usual problems, Veeva shows an open window and clear skies and offers their services and their product as a clear solution that handles all the major problem areas that were once commonplace.
  • Veeva states that they are the "only solution that brings together CTMS, eTMF, Study Startup applications, for one process, one system, and one view across clinical operations." The company states that their service offers the unique ability to manage both data and content at once and offers for the first time an opportunity to have a unified system for clinical operations information and documentation, while eliminating information silos (an information management system unable to communicate with others in the network), and streamlining clinical processes.
  • The software is presented as giving sponsors, investigators, and CRO's the chance to all work with one unified system of truth for trial content and data and a complete view of study operations worldwide. It is said to allow real-time time updates for users across sites and countries, allowing quick assessment of data by various organizations.
  • The video ends by offering the opportunity for clients to see how their software can "unify clinical operations, accelerate trial execution, and deliver real-time visibility" by visiting their website at veeva.com/clinicalops.
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