Digital media and TV are widely used platforms for marketing purposes by companies from different sectors. Nowadays, sustaining a business majorly depends upon the Digital marketing strategy used by a Company.
Advertising in Healthcare | But unfortunately, unlike Auto, Financial and Retail industries which spend more than $10bn, the Pharma industry is investing less than $4bn on digital marketing, least among all. The industry keeps shifting between promising Digital marketing or Beneficial TV marketing strategies.
TV advertisement incorporates 80% of Advertisement budgets and is one of reliable and profitable platforms for the medical industry. On the other hand, Digital marketing is promising with its advertisement strategies utilizing digital media like desktop computers, mobile phones and other digital media platforms to promote products and services for Pharma Company.
Questioning their efficiency, one might wonder which strategy is most effective in the healthcare Industry?
Traditionally TV Ads have proved to be beneficial as compared to the Digital media platforms for the Healthcare Industry, composing 80% of its Ads market because of its previously wider reach. As surveys suggest the inclination of millennials are shifting away from TV plus there is limited personalization of ads on TV nowadays as compared to Digital media and Healthcare professionals’ preference is also increasing towards digital media platforms. All trends are expected to make Healthcare increasingly rely on digital marketing for product advertisement. Owing to its efficiency of catering wider audience and being attractive and appealing to the Consumers, digital marketing is also causing other Ad platforms to go dull like newspapers.
Advertising in Healthcare
The importance of digital marketing over the TV industry is realized by leading companies in the Healthcare industry such as Janssen, GSK and Novartis. They are branching out to benefit from the digital strategies of Webinars, devising portals for brands and social media. Increasing demand for digital Marketing budget of their Digital marketing campaigns is predicted to take over the traditionalist TV ads as it expected to reach 70% over the next six years as suggested by a report of Indigene Pharma Marketer 2020. Another E-consultancy report suggests the 10% increase in digital marketing for the Healthcare industry with annual spending of $10bn with more than 13% growth rate in the last 10 years.
Although Gradual but digital marketing strategies are taking over the marketing campaigns and Healthcare Companies are expected to spend more on their digital marketing campaigns.