Digital Strategy & Transformation
Digital is touching, or will touch, virtually all dimensions of businesses. Customers, channels and competitors are all going digital — in the way they go to market and in how they configure and operate their businesses. This requires critically evaluating where you are today and where you need to go in order to sustain competitive advantage in a digital world. This can be complex and daunting to some, organizations because they need to prioritize and make sound choices on many fronts. Done right, a robust digital strategy — with a plan to transform the organization to deliver on it — creates massive benefits.
Unlocking Digital Marketing Opportunities for the Pharmaceuticals Sector: Understanding the Potential of Digital Marketing (Part 1)
Pharmaceutical companies are under pressure to develop innovative ways to promote and establish their products in a marketplace where the traditional channels for reaching key opinion leaders are being undermined by new digital devices.
Unlocking Digital Marketing Opportunities for the Pharmaceuticals Sector: Avoiding the Pitfalls of Digital Marketing Implementation (Part 2)
L.E.K. Consulting examines how pharmaceutical companies can leverage best practices observed in other organizations implementing digital marketing programs to avoid the six common pitfalls that often hamper the delivery of benefits.
Unlocking Digital Marketing Opportunities for the Pharmaceuticals Sector: Developing a Long-Term Approach to Digital Marketing (Part 3)
This is the third and final report in the series, “Unlocking Digital Marketing Opportunities for the Pharmaceuticals Sector: Developing a Long-Term Approach to Digital Marketing.” This report looks at maximizing the impact of digital marketing across pharma organizations to realize the full potential of this rapidly evolving approach.
How we help
We work with business leaders to develop strategies and action plans that identify and respond to digital opportunities and threats. For example, we can help you:
- Evaluate your business to identify where your digital abilities are class-leading, or not
- Understand how digital serves, and adds value for, the most relevant customers for your brand
- Create and refine your organization’s digital vision and strategy based on what your customers’ needs and your capabilities
- Identify digital capabilities and channels that add options for your key customers
- Add new omni-channel enhancements and capabilities that augment the online or offline experience, and uncover opportunities to digitally enhance your physical experience
- Determine ways that digital technology can enhance productivity and accuracy and define the metrics your organization will use to measure the success of your initiatives
- Put all the pieces in place for a coherent digital strategy, and create a roadmap for the transformation with meaningful expenditures and impact laid out
- A clear vision for your digital future
- A strategy that guides organizational design and priorities, investment, and metrics across near and long-term time horizons
- The right digital investments to unlock value with your best customers
- A sustainable roadmap that the organization can follow and use to measure progress objectively at regular intervals
Examples of our work
- A multichannel apparel brand with a catalog heritage had ecommerce sales and growth lagging industry norms. We were asked to develop a digital strategy to drive customer acquisition, engagement and satisfaction through fulfillment. Through deep analysis of site performance, marketing effectiveness and consumer insight, we identified key deficiencies in the brand’s strategy and scoped the ideal end-state strategy. This new strategy included core digital “table stakes” initiatives such as site experience optimization and social media engagement, and the launch of an innovative, virtual reality experience on the site. The strategy also optimized digital marketing investment with historical catalog investments to deliver improved marketing ROI and additional sales growth.
- A digital media company had built a successful franchise on YouTube but its key revenue streams of content licensing and branded content had natural limitations in their ability to scale. We helped the company assess and validate opportunities for growth and supported the development of a long-range strategic business plan. We helped the company navigate strategic partnerships and identify opportunities for investment to build its direct-to-consumer and international assets.
- A leading multi-branded outdoor products manufacturer engaged us to develop its ecommerce strategy. After aligning the organization to the key initiatives, including multichannel retail support, growth in Amazon sales and the launch of a direct-to-consumer platform, we were further engaged to develop the roadmap and action plan for successful internal execution of the digital strategy. We worked effectively across all functional areas to develop key milestones, align internal and external resources, and create a central ecommerce initiative tracking program. Through deep partnership and training, we ensured the client was able to implement the ecommerce strategy, realize strategic objectives and achieve the desired financial impact.