pharma customer acquisition strategies

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Are You Using These Pharma Customer Acquisition Strategies?

Has the challenges of competition, lack of brand trust, and dipping customer confidence levels made the job of pharma customer acquisition infinitely more challenging for you?

Acquiring, retaining customers, and making profitable sales is one of the main objectives of any business.

Without finding prospects and then converting them into purchasers, a

 company will go out of business. Businesses cannot survive or thrive by only focusing on their existing customers. 

In this article, you will learn what customer acquisition is and the best customer acquisition strategies that will help you get the attention of your target audience.

Inbound marketing and sales are effective and cost-efficient ways to get and retain customers.

The inbound method is about producing high-quality, helpful, human, targeted content that offers a solution to the pain points of a target audience. 

Such compelling content draws visitors to your site, nurtures them right into leads, and eventually turns them into customers.

Inbound marketing and sales generate better results than traditional techniques like print, TV and radio, digital ads, email blasts, cold calls, trade conventions, and conferences.

In fact, according to Hubspot, 93% of B2B businesses using inbound marketing strategies increased their lead generation.

What Is Customer Acquisition?

Customer acquisition is the process whereby you bring new clients or customers to your business and persuade them to make a purchase. 

Good customer acquisition and retention strategy will help you get the customer to keep buying from your pharma brand.

But to acquire customers effectively, you need to understand how people make decisions to buy or what holds them back from doing so.

Now, if you understand the buying process, it becomes easy to create an acquisition process. And that allows you to attract your potential customers until they become your customers.

Customer acquisition shouldn’t be confused with lead generation.

customer acquisition funnel

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Here is how your prospects go through the customer acquisition funnel:

  • They gain awareness of your brand and show interest in your offerings.
  • They add your products or services to the list of their considerations, and
  • They decide to buy from your business.

As you look at the customer acquisition journey, lead generation is the top part of the sales funnel. 

On the other hand, the lead acquisition is the middle section of the funnel. Lead conversion is at the bottom of the funnel. 

However, customer acquisition is the entire end-to-end process that involves all of these stages.

To acquire and retain customers, pharma brands need to deliver timely, personalized consumer experiences across a multi-channel.

The goal of an effective brand is to create sustainable and systematic customer acquisition strategies that generate leads and revenue.

Additionally, customer acquisition is evidence of traction for your business to the stakeholders, investors, influencers, and prospects.

But, how much does it cost to acquire a customer?

Customer Acquisition Cost (CAC)

Customer acquisition cost (CAC), measures how much an organization spends to acquire new customers.

It is a business metric that helps a brand determine the profitability of an advertising campaign, a sales funnel, or any other customer acquisition strategy. 

Many pharma brands consider it the total cost of sales and marketing efforts, plus the cost of property or equipment needed to convince a customer to buy a product or service.

Analyzing CAC in conjunction with the Lifetime Value of a Customer, and  Monthly Recurring Revenue is a common way to discover whether or not a company is operating efficiently. 

The lifetime value of a Customer is a measure of the total income a business can expect to bring in from a typical customer for as long as that person or account remains a client.

Monthly Recurring Revenue (MRR) is the predictable total revenue generated by your business from all the active subscriptions in a particular month.

Analyzing information a brand spends on a campaign, helps it determine the CAC and evaluate the return on investment (ROI) of any marketing or advertising actions it has undertaken.  

How To Calculate Customer Acquisition Costs

To calculate CAC, divide the total expenses to acquire customers (cost of sales and marketing) by the total number of customers acquired over a given time.

You can use the same calculation for both a product and a service, whatever the purpose of the specific campaign.

Here’s the simple method for calculating CAC: CAC = MCC ÷ CA

MCC: Total marketing campaign costs related to the acquisition

CA: Total customers acquired.

Now that you know how to calculate how much it costs to acquire a customer, do you know your target audience?

Define Your Target Audience

As you try to implement customer acquisition strategies, the first and foremost step is to identify the right users or potential customers of your products or services.

Defining your ideal pharma customers helps you see whether your brand offers the solutions to their pain points.

Once you discover who they are, it is easy to focus your customer acquisition efforts, primarily, on them.

On the other hand, if you don’t have a target customer in mind, you will be limiting yourself from marketing your brand effectively.

To be successful it is better to promote your products or services to a niche market.

So, how can you find your target customers?

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Conduct complete market research. Find out who and how to market your product to win over new customers. 

For instance, according to Invesp, SaaS companies can double their paying customers by simply offering a free trial without asking them for their credit card info.

Such knowledge forms the foundation on which your customer acquisition strategies depend.

Pharma Customer Acquisition Strategies

As important as it is to know your target customers, it is equally important to know the right channel to use to acquire them.

It takes a lot of experimenting to find the right channel to use for your customer acquisition strategies. 

Set clear goals of what you want from your customer acquisition strategies

Test different channels, and compare individual successes relative to each other so that you can tweak to improve or discard the strategy completely.

However, for a hyper-competitive pharma market, use PPC advertising and or in combination with an SEO content to acquire better leads and customers.

Here are pharma customer acquisition strategies you can implement right away:

  • Produce Quality Content Regularly
  • Focus On SEO
  • Use Geo-Location Marketing
  • Run A Referral Program 
  • Engage Influencers And Advocates
  • Leverage Video Content
  • PPC For Customer Acquisition
  • Build Effective Landing Web Pages

#1. Produce Quality Content Regularly

A high-quality content strategy can help you generate solid leads and acquire customers.

With high-quality content developed systematically, you can engage your target market and place your pharma brand as an authority in your industry. 

Incorporating keywords in your pharma content marketing strategy will increase your search engine position and will give you more online visibility.

These types of content can help you generate leads and acquire customers:

Blog Posts 

Blogging more frequently will help you generate website traffic. Diversifying your content can help you highlight your brand and help to define it. 

HubSpot found that marketers who prioritize marketing efforts are 13x more likely to see positive ROI.

Also, firms that published more than 16 posts a month had nearly 3.5 times more web traffic compared to firms that had less than four posts a month.

The graphic below shows a summary of some goals to shoot for when thinking about blog frequency. 

customer acquisition blooging frequency

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Your blogging strategy should have a timetable you should adhere to.

If you do not have the time to make the posts yourself, you may outsource it to a content development agency.

Webinars

Webinars are a powerful tool used at every stage of the customer acquisition cycle because they show you as a thought leader in your niche. 

They generate high-quality leads, many of whom become customers.

Benefits of hosting a webinar:

  • To grow awareness for your business
  • To generate leads
  • To acquire new customers
  • To build relationships with influencers

You will continue to reap the benefits of long-tail keyword SEO and organic traffic from evergreen content for months to come.

White Paper 

A white paper is a report that educates or persuades your target audience on a subject related to your product or service.

It is effective in explaining more complex topics. 

Lead generation is one of the key reasons businesses use white papers as part of their marketing plan. 

A study by Marketing Charts reports that 70 percent of professionals in strategic decision-making positions relied on white papers as a key source of information when making a purchasing decision.

Case studies

A case study is an in-depth study of the effectiveness of a device, tactic, or strategy.

It focuses on measurable outcomes, such as an increase in sales, visitors, or production hours. 

Most of those that want to do business with you look for evidence of the advantages of the solution you provide for the pain points before choosing your offer.

They want to make sure that your solution solves their problems.

For that reason, you can produce case studies showcasing the experiences of your previous customers.

Discuss precisely how your product and services solved the problems your customers had.

A case study like that helps you build brand authority, generate leads and acquire new customers.

#2. Focus On SEO

Search engine optimization (SEO) is one of the most effective methods for acquiring customers.

SEO boosts website traffic to attract more leads and conversions for your business.

SEO involves optimizing your site to rank better in the search results.

And when your website ranks high in search engine result pages (SERP), it is easy to find your content.

Pew Research found that 80 percent of Americans, roughly 93 million people, have searched for a health-related topic online.

SEO makes it easy to discover your content by your target audience and those searching for a health-related topic online.

Improving search rankings increases the visibility of your brand. Increased visibility has a lot to do with the first stage of the customer acquisition funnel.

Some of the more basic pharma SEO strategies include using industry-related keywords, backlinks from authority websites, etc.

A good SEO strategy attracts traffic that converts, reducing your customer acquisition costs (CACs) and boosting revenue.

#3. Use Geo-Location Marketing

According to Statista, active mobile internet users worldwide in 2021 were 4.67 billion.

Geolocation marketing is a strategy that uses the physical location of a customer to push local sales.

The location information of a customer is collected via a satellite or cell tower and used for advertising.

Geolocation data helps marketers know the locations and spending habits of potential customers.

It can help pharma brands increase the efficiency of their marketing efforts and optimize their profits.

This is highly significant because when consumers search online for a healthcare provider, whether it’s an emergency or a regular visit, they usually include the phrase ‘near me’. 

And HubSpot reports that almost 46 percent of Google searches are local searches. 

Highlighting the convenience of locations and search terms related to local micro-markets will increase your most immediate opportunities for new customer acquisition.

#4. Engage Influencers And Advocates

influencer marketing helps acquire customers

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Pharma brands can leverage influencer marketing safely and effectively to acquire customers.

At the start of the COVID-19 pandemic, The World Health Organisation took advantage of the power of content creators to influence their audience, partnering with them to share hygienic hand washing practices.

Most of your potential customers read online reviews, testimonials, and recommendations of their influencers.

According to  The Influencer Report, approximately 50% of potential customers trust the recommendations of an influencer they follow.

And NRC Health research reports that 60% of people have selected or rejected a doctor based on reviews.

That same research found that 37% of people visited online reviews first before searching for a new doctor.

Potential customers high-value quality of service and positive health outcomes before choosing a healthcare provider.

However, satisfied and happy customers can be great advocates for your pharma brand.

Their testimonials and care experiences are powerful tools for attracting and keeping new customers.

Remember, pharma is a tightly regulated industry.

And there are disclaimers and guidelines you need to be aware of when promoting pharmaceuticals. 

For instance, posts will need to comply with FDA regulations and FTC guidelines in the US. 

In Australia, it’s the Therapeutic Goods Administration (TGA), and the UK has the Advertising Standards Authority (ASA).

#5. Run A Referral Program

Many customer acquisition tactics include referral programs.

A referral program is simply a marketing strategy that encourages your existing satisfied customers to recommend your brand to their friends, colleagues, and family members.

To reward their efforts, the referral program usually offers customers a reward. Such a reward could be a gift card, discount, or points.

One of the benefits of a referral program is that it helps businesses easily pinpoint their biggest brand fans.

It also helps them track exactly where their new customers are coming from.

So what reward could a pharmaceutical company offer its customers that will improve their core experience with your business?

The reward would differ based on your customer base.

Perhaps you could offer an incentive for families and kids, like a vitamin program.

Or you could offer access to a special event with relevant health information, or a great deal on relevant seasonal items. 

For you to choose a reward that makes sense, you need to understand your customer base well.

That will make it easy for you to deliver an incentive that will not only entice them but improve their customer experience.

A good reward strategy is imperative for a successful referral program to take off.

So, how can you launch your referral program?

A formalized program makes it easy for customers to share your brand, with a dedicated referral page and messaging.

InviteReferrals provides good software to create and run an effective referral program. 

This easy-to-use tool lets you create a referral program for your website, app, and social media platforms.

It can also help you track its progress with ease.

You get detailed analytics that can help you filter your traffic based on different channels. From shares to sales, you can track it all using this tool.

#6. Leverage Video Content

Video marketing means using videos to tell people about your product or service.

It helps pharma brands increase engagement on digital and social channels.

It also educates your audience and makes it easy for you to reach them with a new medium.

Wyzowl's survey shows that 63% of businesses have started using video content marketing. Out of those surveyed, 82% of them feel that video marketing is an important part of their strategy

Pharmaceutical companies can use videos to educate their audience about remedies and methods, and their positive and negative effects on the human body.

Videos are great for producing comprehensive information on diseases and developing high-quality training material for medical professionals to support them in their work.

Savvy marketers have found a good balance between informative and entertaining videos. Other marketers use influencers to create such videos and share them on social media, and their websites.

Such video marketing strategies generate leads that turn into customers.

However, explainer videos and customer testimonials are also effective in acquiring customers

For example, Gilead positions itself as an expert on HIV with its video.

#7. PPC For Customer Acquisition

PPC stands for pay-per-click.

It is an online marketing strategy used to drive traffic to websites, in which an advertiser pays a publisher when the ad is clicked.

Pay-per-click is usually associated with high-rank search engines.

But why should your brand use PPC advertising for customer acquisition?

PPC ads and SEO use keywords to reach relevant audiences with information, products, and services. Pharma marketers only pay when an individual clicks on an ad. 

In addition, advertisers select the amount they are willing to pay for each click. And that gives them control over how much they spend.

These adverts can be a budget-friendly means of customer acquisition depending on how much time merchants invest in their keyword research and PPC targeting strategies.

PPC advertising is effective because users searching specific terms are likely in the market for a solution and are likely to convert.

  • However, unlike SEO, PPC advertising is great for customer acquisition because retailers can begin to see results immediately. And the results mean generating traffic, leads, and customers as soon as a campaign is launched.

#8. Build Effective Landing Web Pages

Perhaps a landing page is one of the most forgotten components in the customer acquisition strategy. 

But, what is a landing page?

A landing page is a page on your site designed to convert visitors into leads. It is different from other pages on your website because of the following criteria:

  • It has a form for capturing the personal information of a visitor in exchange for the desired offer. 
  • Its only purpose is to convert visitors into leads.

In other words, a landing page is any page that has a form on it and without distractions.

It is the page where your site visitors end up after clicking a call-to-action.

A landing page comes in different forms, like a contact us page, a signup page, or even a product page.

An effective landing page has an engaging heading, a strong value proposition, and social proof.

Also, include an appealing picture and compelling call-to-action that direct the user to more information on your pharma website.

Videos or screenshots of your content are also great on landing pages.

Use keywords to attract organic website traffic to your landing page.

Exclude navigation links so visitors do not navigate away before taking the desired action. Using color psychology strategies gives your visitors an incentive to take action.

The Final Word On Pharma Acquisition Strategies

Attracting and converting brand-new customers is a challenge for many pharma brands when resources are limited and traditional methods continue to fail.

Inbound marketing and sales can help you establish strategies and execute a long-lasting process.

And these long-term strategies will progressively help you acquire brand-new site visitors, leads, and eventually, customers.

We’ve helped many pharma brands how to incorporate Inbound Methodology into their marketing and sales procedures. 

Schedule your free strategy session now! 

We can help you examine your assets and gain essential insights and strategies to bring in new pharma clients before your competitors do!

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