Is Geofencing The Key For Pharmaceutical Marketing?
As the boomers in the U.S. age and medicine progresses pharmaceutical companies evolve to help provide solutions for many different aspects of health. In a study the World Health Organization stated “the pharmaceutical industry and global pharmaceuticals market is worth US$300 billion a year, a figure expected to rise to US$400 billion within three years. The 10 largest drugs companies control over one-third of this market, several with sales of more than US$10 billion a year and profit margins of about 30%.” That means with competition rising from new companies foreign and domestic so big pharm companies will need to evolve their pharmaceutical marketing strategies in order to keep their piece of the pie.
Pharmaceutical Marketing Has A New Medicine
Pharmaceutical marketing has been a staple for years in print magazines the you see laying on the table at the doctors office, but now with patients using the mobile devices for entertainment while they wait why not advertise there as well? Better yet why not advertise with the perfect place, person and time in mind? With Geofencing you can!
In a recent and on going campaign Thumbvista has place geofencing around thousands of doctors offices in order to get a new product out to a very targeting audience. The doctors offices were supplying a competitors solution and the advertising wanted to not only let the doctors and staff know about them but also have the patients start asking questions about it.
Strategies Are More Effective When Marketing At The Right Place & Time
It doesn’t have to be a prescription based treatment to make sense to target patients while visiting their doctors offices. For example; Patients can be in the market for comfortable shoes from feet or back ache, in the market for weight loss treatment to help them get back to peak condition, or even vitamins to help during cold and flu season.
There are many strategies that marketers can use when target a particular especially one as small as 1000 ft. For more information contact us today.