By ExecEdge Editorial Staff
Digital ad spend in the healthcare and pharmaceutical industry is expected to grow 11.5% in 2022, reaching $13.63 billion according to eMarketer – as healthcare and pharmaceutical brands race to gain consumer mind-share and wallet-share. The pandemic forced public health organizations and private medical institutions to spend more of their budget on advertising to raise awareness around testing, vaccines, safety measures, and more. Now, as the world moves beyond pandemic and into an endemic phase of COVID, ad budgets are once again being spent on marketing around new medicines, consumer adoption of telemedicine, regional advertising, and beyond. As competition in the industry continues to increase, healthcare marketers must understand how to properly interact with consumers throughout the patient journey, or lose out on key market share.
The newly released AdTheorentRx Healthcare Advertising Report from AdTheorent (Nasdaq: ADTH) packs some super insightful Return on Ad Spend (RoAS) data to inform healthcare and pharmaceutical brands looking to connect with consumers. In fact, the report reveals a majority of American consumers (72%) use their digital devices to research and make decisions throughout their patient journeys, and that digital, mobile, and CTV ads drive desired actions of inquiries and sales conversion, if executed the right way. Proper targeting is crucial for building positive brand associations, with 52% of consumers saying that they are comfortable receiving ads based on non-personal information, and a similar proportion of 56% admitting that they are more likely to respond to a medication ad when the ad is personally relevant to them.
Now, more than ever, the key to connecting with consumers is digital. AdTheorent’s data shows 40% of consumers use their mobile devices to research health conditions, while 35% use it to research medications and 30% to research or find a doctor. And Connected TV (CTV) is also having its moment. After viewing an ad for a medication on CTV, 67% of consumers ask their doctor questions about a prescription medication, 62% research an OTC medication, 58% purchase the OTC medication, and 45% scan a QR code to learn more.
The key is having a digital ad that is effective, and motivates action. The digital ads that work best present medication benefits (51%), talk about a medical condition with a link to a branded medication webpage (45%), or feature a rebate/special offer for the medication (41%).
The data is based on research conducted online on behalf of AdTheorent by The Harris Poll among more than 2,000 U.S. adults. The report identifies key trends related to consumers’ interaction with digital advertising during the patient journey, the role of mobile and Connected TV specifically, as well as the importance of proper targeting and ad relevance. It also delves into the key factors that drive patients to consult doctors about prescription medication, or purchase an over-the-counter medication. Additionally, the report contains insights about the types of ads which motivate action, and consumers’ attitudes toward education from health and pharmaceutical companies as well as non-traditional methods of health management.
“Our core business premise is that it is possible to drive campaign performance and tangible business results while respecting consumer privacy interests and sensitivities,” said Jim Lawson, CEO of AdTheorent. “AdTheorent uses advanced machine learning and statistics to drive superior digital ad campaign performance for healthcare and pharmaceutical brands and advertisers – measured by important business outcomes such as prescription fills, online and offline sales, as well as deep-funnel site actions.”
To view and download the AdTheorentRx Healthcare Advertising Trends Report, visit: http://info.adtheorent.com/health-trends