DOOH is the best policy for pharmaceutical companies
Published: July 28, 2022
The global pharmaceutical manufacturing market is growing, reaching $402 billion in 2020. The US and European markets are expected to be worth $635 and $315 billion in sales by 2024 due to increased high-tech and data analytics. Behind the scenes, the pharma and biotech industries are researching, creating, and distributing drugs and medication to the general public while quickly and effectively combating COVID infection. To stay nimble in a fluctuating and growing market, pharma companies must meet the market demands and myriad of customer needs. A Deloitte report found that most pharmaceutical companies recognize evolving customers’ behaviors and attitudes as the most significant transformation factors.
But, most pharma companies face a dilemma; they miss out on a considerable target audience segment by advertising only on TV and print. With a robust programmatic digital out-of-home (DOOH) campaign, pharmaceutical companies are sure to reach the right audiences while meeting their needs, successfully boosting brand awareness, educating consumers, and promoting new products.
WHY DOOH? It is increasingly becoming part of the omnichannel strategy, with expected growth from $2.72 billion in 2020 to $3.84 billion in 2023. And with the rapid proliferation of OOH screens converting to digital across hospitals, physician offices, and pharmacies, the $500 million point-of-care markets have grown more than 10% annually over the last few years.
DOOH is a perfect opportunity to educate consumers in a trusted environment, such as a hospital or pharmacy, where audiences are receptive to learning about new or existing products. TV and radio have become less effective in the last few years as consumers grow tired of intrusive advertising. More so, online has its own issues with ad-blocking, fraud, and disengaged audiences. This is why pharmaceutical brands are finding it easier to spread awareness while educating audiences through other mediums such as DOOH. It’s never been easier to reach audiences at a mass scale with networks such as Pharmacy Health Network, with thousands of screens inside pharmacies nationwide, targeting the right audiences in the right places and at the right time.
Pharma can change how they interact with their customers on a global to hyperlocal scale - from digital spectaculars to local pharmacies - with high-definition and relevant information, products, and educational messaging. With programmatic technology, real-time messaging, location data, and other dynamic content can be inputted into campaigns - making ads culturally relevant with up-to-date information. DOOH offers an interactive and localized spin on static ads. One pharmaceutical company launched a DOOH campaign promoting a new allergy medication by displaying a digital pollen count in local neighborhoods, with red and orange alerts directing consumers to a retailer to get the right allergy products. This DOOH campaign was a great way to spread up-to-date and visually appealing information personalized for their environment.
DOOH is no longer a top-of-funnel medium that only offers brand awareness. Pharma companies can utilize attribution reports to measure foot traffic or website visitation and conversion, proving the effectiveness of their DOOH campaign. When an immune booster brand launched its DOOH campaign around ‘germ hub’ locations and used location-based data to target likely consumers, it found an overall sales lift of 10.3%, proving DOOH successfully reaches new consumers.
DOOH continues to be a flourishing advertising platform with traceable and measurable results and will continue to improve as digital technology progresses. Reaching new customers and patients throughout their day remains a crucial component for pharma brands, especially in healthcare areas. Not to mention, as Coronavirus is still around, pharmaceutical companies need to continue to spread factual information about the vaccine and update consumers as new medical knowledge rolls out. If you’re ready to plan and launch your DOOH campaign, our team of DOOH experts is prepared to help at no charge to you! Contact us at firstname.lastname@example.org.