Digital marketing is an important part of any business strategy. These efforts, including paid advertising and search engine optimization, help improve visibility and credibility of a company’s website, services or products. While this advice generally applies to most business models, it’s especially true for pharmaceutical companies and launching pharmaceutical products.
Progress can often be difficult to define and lost amid an overwhelming number of metrics to consider when evaluating success. In order to determine which metrics should be used as key progress indicators (KPIs), there are first a few concepts to clarify.
As a website gains visibility and traffic and people search for information related to a specific medical condition or treatment, an optimized website is more likely to appear at the top of search engine results, increasing the likelihood that the website will be visited and potentially increasing sales as traffic also increases.
However, not all traffic is good traffic, which is why we suggest looking at two distinct types of KPIs for monitoring the success of a pharmaceutical product:
- Traffic Statistics
- Engagement Statistics
By segmenting metrics into these two categories, a pharmaceutical company is able to monitor both traffic volume and quality.
Key Progress Indicators & Important Metrics to Track SEO Pharmaceutical Product Success
There are several important statistics that a pharmaceutical company should pay attention to when measuring the success of their digital marketing and search engine optimization efforts. It’s important to measure the effectiveness of digital marketing campaigns, track these metrics over time, and use the data to continuously optimize and improve digital marketing efforts.
Some key metrics to consider include:
Traffic statistics are typically measured in two ways. In users – the number of visitors to the company’s website and also in sessions – the number of times a user accesses the site. Both of these metrics are tracked in Google Analytics and can help indicate the overall reach and visibility of the company’s digital marketing efforts.
Sessions and users can be further segmented by source. The default sources identified in Google Analytics are typically:
- Organic traffic
- Direct traffic
- Referral traffic
- Paid traffic
- Social media traffic
Organic traffic refers to tracking the number of visitors to the website who come from organic search results. Direct Traffic is traffic that goes to the site address by entering the domain or URL. Referral traffic is traffic that comes from an outside domain. Paid traffic is the result of display advertising or cost per click advertising. Social media traffic is traffic that is referred to the site from a social media network like Facebook or YouTube. By measuring the number of visitors to the website from these sources, the company can determine the overall success of its digital marketing efforts.
High website traffic can indicate that the company’s digital marketing strategies are effectively increasing the website’s visibility and driving more users to the site. On the other hand, low website traffic may indicate that some digital marketing strategies need to be reevaluated and improved.
Measuring website traffic can also allow the company to identify trends and patterns in how users are finding and accessing the website. For example, if a large percentage of traffic is coming from a specific source, such as a particular social media platform, the company may want to focus on increasing its presence on that platform.
Additionally, tracking website traffic can help a company to understand which pages and content are driving the most engagement, and where visitors are leaving the site. Based on that, a company could adjust its strategies to improve the user journey and engage visitors better.
During a digital marketing campaign for a pharmaceutical company, it’s important to track more than just overall traffic but also gain insight as to the level of engagement of that traffic. In other words, how are visitors interacting with the website?
Here are some examples of engagement metrics that should be tracked during a pharmaceutical product campaign:
- Bounce rate: The percentage of visitors who leave the website after only viewing one page. A high bounce rate can indicate that the website is not providing the information that the visitors are looking for or that the website is not user-friendly.
- Time on site: The average amount of time that visitors spend on the website. A longer time on site can indicate that visitors are finding the website’s content useful and engaging.
- Pages per session: The average number of pages that visitors view during a session on the website. A higher number can indicate that visitors are engaged and finding more of the information they are looking for on the website.
- Scroll depth: How far down the page users are scrolling. It can help understand if users are engaging with the content and if they are missing important information.
- Click-through rate (CTR): The ratio of clicks to impressions for the website’s search engine listings and links within the website. A higher CTR can indicate that the website’s search engine listings or links within the site are relevant and engaging to users.
- Form submissions: Track the number of visitors who complete forms such as contact forms, consultation forms, etc.
- Video engagement: Track the number of views and average watch time for videos on the website.
- Mobile vs. Desktop engagement: track how users engage with your website on mobile devices and desktop computers, this way you can optimize the experience accordingly.
- Conversion Rate: The percentage of website visitors who take a desired action, such as filling out a contact form or making a purchase. This can indicate the effectiveness of the company’s digital marketing campaigns in driving leads or sales.
- Total Conversions: Track the number of visitors who complete desired actions on the website, such as filling out a contact form or making a purchase.
Other Metrics to Consider
By tracking traffic and engagement metrics, a pharmaceutical company can gain insight into how visitors are interacting with the site and potentially identify areas where improvements are needed. Outside of these metrics relating to a specific web property, there are a few other areas to consider.
- Social Media Metrics: the engagement and reach of the company’s social media content. such as number of likes, shares, comments, and followers.
- Return on Investment (ROI): the financial return on the company’s digital marketing investments, calculated by dividing the profit generated by the marketing campaign by the cost of the campaign.
- ROAS: return on ad spend, measuring the financial return on the money spent on digital advertising.
- Search Engine Rankings: Track the position of the company’s website on search engine results pages (SERPs) for relevant keywords.
These additional metrics can help any pharmaceutical company determine their financial return and overall growth.
How Can I Gauge an ROI on my Pharmaceutical Product’s Digital Marketing Efforts?
To gauge the return on investment (ROI) on your digital marketing efforts for a pharmaceutical product, you can follow these steps:
- Define your marketing objectives and target metrics
- Set up tracking systems to gauge conversions or purchases (e.g. Google Analytics)
- Allocate budget to specific campaigns and track the results
- Calculate the cost per acquisition (CPA) for each campaign
- Compare the CPA to the lifetime value (LTV) of a customer to determine the ROI
By tracking and analyzing these metrics, you can determine which campaigns are most effective and make data-driven decisions to optimize your digital marketing efforts.
For more information about digital marketing statistics for pharmaceutical products, get expert help from the experts at emagine. Let’s get started.
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