Gaurav Kapoor, President
The pharma commercial marketing model is undergoing a major transformation right now. Historically, pharma brands have relied heavily on personal promotion to physicians as the primary driver of revenue. However, the COVID-19 lockdown has really forced pharma brands to think beyond the medical representatives and accelerate the move towards omnichannel messaging.
As more marketing dollars are spent on non-personal promotion channels like email, direct mail, digital/social media advertising, and content marketing, several trends will emerge in the future:
1. Messages will need to be more compelling (to make up for channel passivity)
2. Messages will need to be refreshed more often (to avoid wear out)
3. Messages will need to be personalized by segment (to drive engagement)
4. Messages will need to be optimized by channel (to maximize ROI)
Are pharma marketers and their agency partners ready for this new messaging paradigm? It will require them to go beyond their traditional creative approach to messaging and optimize messaging using science and algorithms.
Newristics is famous for helping pharmaceutical brands optimize their messaging using a combination of behavioral science and machine learning algorithms. In the past 5 years, Newristics has optimized messaging for 100s of pharma brands, including 1 in 3 launch brands.
Behavioral science is the Nobel Prize-winning field of research on how humans make decisions using mental shortcuts, aka decision heuristics. Newristics started in 2012 with a simple idea—marketing messages should talk to customers’ decision heuristics!
Newristics has built a unique DSAT platform for messaging optimization:
Proprietary databases of decision heuristics and heuristics-based messaging
Behavioral Science expertise applied to messaging
Deep learning algorithms designed specifically for messaging
Agile technology adapted for messaging workstreams
Newristics’ platform offers a dedicated solution for all the messaging cycle stages—message development, testing, execution, and performance measurement. Newristics has used its DSAT platform to create a suite of products and services for every step of the messaging cycle and for all stakeholders involved in messaging:
Subscription service to scientifically “heuristicize” messages
Machine learning algorithms to test/ score messages and identify optimal message story flow for omnichannel applications
Heuristics-based customer segmentation and messaging implementation
Machine learning algorithms to create messaging performance scorecard
Step 1: Start with Superior Messages
“If there was ever a messaging dictionary, the most important word in that dictionary would be HEURISTICIZED,” says Gaurav Kapoor, President of Newristics. So, what does it mean to heuristicize a message? “It means to scientifically curate the language in a message so that it talks to a decision heuristic of your customer,” says Kapoor.
Combining the power of behavioral science and AI, Newristics helps brands win in the market with optimized messaging
Newristics has built a database containing 650+ decision heuristics and the academic literature behind each one. Using a simulation algorithm, Newristics can predict the top 20 dominant decision heuristics for any disease state and use them to heuristicize a brand’s messages within days. Newristics creates up to 10-12 heuristicized alternatives of each message and uses machine learning algorithms to pre-score and prioritize them for brands.
In 100+ studies, heuristicized messages have been proven superior to original messages, resulting in 2-3X improvement in many cases. Newristics has developed 100,000s of heuristicized messages for pharma brands that collectively generate $100+ billion in annual revenue.
Step 2: Reinvent Message Testing—Faster, Better, Cheaper, Easier
Newristics has developed several innovative ways to test messages with customers using its DSAT platform. Some entirely skip market research and use machine learning algorithms to analyze the language in messages and predict winners vs. losers. Others bend market research limits by testing 100s of messages in one study and identifying the best message bundles/story flow for each messaging channel in personal and non-personal promotions.
Newristics helps brand teams compress the time, effort, and money they invest in message testing while simultaneously identifying the best message story flow for their omnichannel campaigns.
Step 3: The Holy grail of Segment-level Personalized Message Delivery
Perhaps the most important value of Newristics’ DSAT platform is the ability to execute segment-level personalized messaging. Newristics has a dedicated solution for segmenting customers based on decision heuristics and then creating a personalized set of messages for each segment based on its heuristics.
Already have an existing segmentation and don’t want to create a brand new one? No problem, Newristics can identify the dominant decision heuristics of your existing segments without new market research and deliver personalized message inventories for each segment.
Over 80 percent of brands who have a segmentation don’t use it for segment-based messaging because they are missing segment-level heuristics and the ability to write messages to heuristics. Newristics can bridge the gap between segmentation and segment-level messaging in a few weeks for any brand.
Step 4: Measure to Improve
Adding to the uniqueness of Newristics’ portfolio of solutions is its new machine learning-based system KRISTL. It uses behavioral science and artificial intelligence to score messaging for all brands in a category and create a message performance scorecard.
“With KRISTL, marketing teams can analyze the effectiveness of omnichannel messaging of all brands in a category without spending time and resources on market search,” explains Kapoor. Unlike ATUs or message recall research that can only measure a few core messages for each brand, KRISTL can score 1,000s of messages and do it quickly because there is no market research needed. KRISTL evaluates the effectiveness of a brand’s messaging in 3 ways— Brand vs. Competitors, Brand vs. Normative Database, Brand vs. Category Heuristic Drivers.
Future Vision: Optimize the world’s messaging
As a young eight-year-old organization, Newristics has quickly carved out a unique position for itself in the pharma industry with a long list of accolades. Newristics helps pharma brands bring better messaging to market while simultaneously reducing costs and timelines associated with the messaging cycle.