Pharma Company Sees $50M In Incremental Sales Growth
By combining data and behavioral science, we helped a major pharmaceutical company increase the effectiveness of their incentive program.
A major pharmaceutical company already knew the impact an effective loyalty strategy could have on their business. They used a tiered rebate program to recognize physician partners selling their products and increase pharmaceutical sales. But strict regulations on incentives in the healthcare industry made it challenging to motivate and reward physician partners.
They knew that if they wanted to increase program effectiveness to drive participation and boost ROI, they’d need to get creative. How could we drive program sales and participation within a strict regulatory environment? As leaders in loyalty and behavioral science, we helped them rethink their strategy.
Our experts combined data and behavioral science with design thinking to re-imagine loyalty through the lens of participants. We gathered and analyzed data on program members and pharmaceutical products, but we saw beyond the data.
We found program potential through perspective-taking. With a focus on program improvement, we hosted a two-day interactive Persuasive Design Lab designed to better understand physician partners and identify key motivators.
We discovered physician partners are highly motivated by scarcity and social status. By adding bonus rebates, an elite Top 50 tier and a leaderboard to the company’s loyalty strategy, we could drive program participation by appealing to the physician’s sense of urgency and competitive nature.
With a better understanding of their partners, our client could optimize the value of existing rebates without violating regulations.
Behavioral Science Principles Applied
Put Yourself In The Shoes Of Your Participant
The Perspective-Taking principle is about using personal empathy and data-driven insights to get a clear perspective on what participants need and want from the program experience.
We gained a better understanding of key motivators for physician partners through our two-day interactive Persuasive Design Lab, leading to new insights on the potential of the program.
If everybody wants it, then it must be good
The Scarcity principle leverages the idea that what is in short supply seems more valuable, leading to increased demand and action.
By appealing to the physician’s sense of urgency and competitive nature, we discovered that Scarcity could be used to drive program participation through our added bonus rebates.
Elevate Social Standing
The Social Status principle boosts perceptions of mastery and self-worth, increasing motivation and job satisfaction.
In this program, we used Social Status by adding a leaderboard and a Top 50 tier to spark action and drive program participation. The Top 50 Tier conveyed status to physicians they could use to compare amongst themselves.
These new program elements proved that understanding participants is profitable. We discovered creative tactics that helped our client to not only increase sales growth and meet their ROI goal – we helped them surpass it.
Instead of providing a quick fix for the pharmaceutical company’s challenge, we designed an innovative strategy that combined data and behavioral science to drive profitable participant behavior.
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