April 10, 2023
The Importance Of A Great Customer Experience For Pharmaceutical Companies
Anupam Nandwana1 is co-founder and CEO of P360, a leading developer of technology for the life sciences industry.
When it comes to customer experience (CX), Walt Disney’s timeless advice has never been more relevant. Perhaps one of the greatest entrepreneurs, educators and storytellers of all time, Disney has been credited2 with saying: “Whatever you do, do it well. Do it so well that when people see you do it, they will want to come back and see you do it again, and they will want to bring others and show them how well you do what you do.”
With heightened competition, simply meeting expectations no longer cut its. Instead, pharmaceutical companies must go above and beyond to retain customers and gain new ones. And a sure-fire way to do that, based on Disney’s advice, is to demonstrate quality that not only compels patients and prescribers to come back for more but also inspires them to share their experience with others. According to research from Salesforce, 72% of customers3 will share their good experiences with others.
Eight Ways Good CX Pays
Customer satisfaction is a must-have for any pharmaceutical company, and it’s easy to see why. Not only are 86% of customers4 willing to pay more for an exemplary experience—but research also shows that there are several other key reasons this should be prioritized by pharma businesses. They include:
- Happy customers lead to repeat business. If a patient has a good experience with a particular drug, they’re likely to come back and ask for it again the next time they need it. On the other hand, if they have a bad experience, they’re much less likely to give that company their business in the future. In other words, happy customers equal repeat customers5, which are essential for any business to thrive.
- Customers share their experiences with others. As noted in the Salesforce statistic above, satisfied customers are likelier to recommend a company’s products to their friends and family. In other words, word-of-mouth marketing is a very powerful marketing tool available. And it’s free.
- Satisfied customers are more forgiving when things go wrong. We all know that mistakes happen and sometimes things don’t go according to plan—it’s inevitable. However, if you have built up goodwill with your customers by providing them with great experiences in the past, they’re much more likely to forgive you when things go wrong. Researchers found that if a company’s customer service is excellent, 78% of consumers6 will do business with a company again after a mistake.
- Happy customers mean lower costs. When customers are satisfied with your product and their overall experience, they are cheaper to service7, less price-sensitive and less likely to churn. This means you can reduce support costs and avoid costly service issues. Additionally, satisfied customers tend to stick with a company longer, which means you can avoid the high costs of acquiring new customers.
- Happy patients follow treatment plans. Providing an exceptional customer experience can also improve adherence to8 prescribed treatments. This improved compliance helps ensure better health outcomes for patients. This, in turn, can lead to lower healthcare costs for providers and insurers.
- Happy patients and prescribers are more engaged. Exceptional customer experiences can help increase patient loyalty and trust and enhance patient engagement. This can lead to increased sales and greater patient and prescriber retention. It will also help ensure that word-of-mouth marketing favors your product or service.
- Good CX increases loyalty and retention. Customer loyalty and retention are also important factors to consider. If customers have a positive experience with your company, they’re likelier to stick around and continue doing business with you. In fact, according to HubSpot, 93% of consumers9 were more likely to be repeat customers at companies with excellent customer service.
- Happy customers can improve employee satisfaction. Lastly, improved employee satisfaction10 is another important reason to focus on customer experience. When employees are happy with their work environment and feel like they’re making a difference, they’re likelier to provide great customer service. Happy employees lead to higher customer satisfaction scores.
Three Tips To Help You Get Started
As you can see, there are many good reasons why pharmaceutical companies should focus on improving their customer experience strategies. By doing so, they can enjoy increased sales figures, increased loyalty and retention rates, reduced support costs, and improved employee satisfaction and more. But how can pharmaceutical companies improve the customer experience? Here are three pro tips to help get you started.
- Embrace digital technology. Digital technology has revolutionized the way we communicate and interact with each other. For instance, many people now prefer to communicate via text message11 rather than over the phone. Pharmaceutical companies can embrace this trend and make it easy for customers to access their services through digital platforms like SMS messaging. This will improve communication and make it easier for customers to get their questions answered promptly.
- Offer personalized solutions. Customers want personalized solutions that meet their needs, so pharmaceutical companies should focus on offering customized solutions. This can include providing personalized medication plans or advice on managing chronic conditions. By personalizing your products and services, you can build trust with your customers and ensure they remain loyal.
- Focus on quality control. No matter what industry you’re in, quality control is essential for delivering an exceptional customer experience. In the pharmaceutical industry, this means ensuring all medications are safe and effective before release. It also means providing clear instructions on how medicines should be taken and stored correctly so that customers have peace of mind knowing they are receiving the highest quality products available. Customer satisfaction is one of the most important aspects of any business, especially for pharmaceutical companies. As outlined above, there are many vital reasons why pharmaceutical companies need to focus on providing great customer experiences. And to provide a great experience, pharmaceutical companies must embrace digital technology, offer personalized solutions and focus on quality control with every product they release. By taking these steps, you can build trust with your customers and ensure they remain loyal in the long run.