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Best Practices in Reaching Busy Executives:
    How Pharmaceutical and Medical Device Leaders Use and
            Respond to External Communications




               Best Practices, LLC Benchmarking Report
Project Methodology and Study Objectives
Over the years, the communication process has evolved due to technological advances and
changes. This research study seeks to identify the most effective external strategies and
tactics and how people best utilize various B2B communication formats to achieve
organizational success/efficiency.

                                       Research Objectives:
        Benchmark the tools and usage frequency executives are making use of
        for external communication.
        Identify the preferred and effective channels for external
        communications.




         Field Research & Insight Development                           Primary Objective
         Research based on survey tool designed and
                                                                     Explore the most effective
         implemented by Best Practices®, LLC.
                                                           INFORM
                                                           INFORM
                                                                    and preferred B2B channels
         Tool used to gather insights from 63 leaders at
         in pharmaceutical and medical device
                                                                     & tools of communication,
         companies.                                                  optimum communication
         Leaders are from across 6 continents.                          frequencies for B2B
                                                                          communications.
Copyright © Best Practices®, LLC                     1
Definitions Used in the Research
 Communication is a process where information is shared between two or more people or
 organizations. Field researchers used the following definitions to differentiate
 communication types.




      External Communication: Any kind of
       interaction between a person with an
      outside person, organization or group is
        termed as External Communication




Copyright © Best Practices®, LLC          2
List of Participating Companies
Best Practices®, LLC gathered insights a total of 63 leaders at many pharmaceutical and
medical device companies.




Copyright © Best Practices®, LLC           3
External Communications Highlights



           PowerPoint Continues to Dominate: Respondents prefer that information be
           communicated through PowerPoint than other forms, followed closely by Word
           Documents. Press Releases are unfavored.
           Send communications Before Lunch: The majority of respondents prefer to receive
           external information before 1 PM.
           “I Trust Google”: Everyone in the study indicated that search engines are valuable
           sources of information, and most search Google on a daily basis.
           “Click Here” Call-to-Action: Respondents most likely to attend webinars and click on
           links within emails, than subscribe to emails or paid content.
           “Tell Me More”: Respondents were most interested in the following subjects: best
           practices, performance indicators, market trends, strategic guidance, and case studies.
           The Impact of Face-to-Face Communication: 9 in 10 of those surveyed stated that
           meeting someone in person has an impact on their purchasing decisions. Conversely,
           telemarketing and mobile marketing have the least impact on purchasing decisions.




Copyright © Best Practices®, LLC                   4
Usage Frequency of Internet Tools –
Pharmaceutical Segment
Organic searches and online content are the tools used most for main searching for work-related
information. Paid search engines are used at least once per week by 60% of respondents for
gathering work-related information.


   Please indicate how often you use the following Internet tools for gathering work-related information.

                                           Daily     Several Times a week         Weekly       Monthly
            3%                     3%
           19%                  20%                                                                      12%
                                                      27%
                                                                      40%                  38%                              45%
                                26%                   10%
                                                                                                         36%
                                                      19%             17%                  23%
           78%                                                                                                              26%
                                                                      20%                  15%
                                51%                   44%                                                12%
                                                                                                                            17%
                                                                      23%                  23%           12%                11%




                                                                                       communities/




                                                                                                                           Online videos
                              Online content
            Search engine –




                                                                                                         Search engine –
                                                   content read via




                                                                                       Social media
            general/organic




                                                                       RSS Feed
                              (i.e. Websites,




                                                    mobile devices




                                                                                                                           on business
                                                    Work-related

                                                     web-enabled




                                                                                                                             websites
                                                                                          Online
                                   Blogs)




                                                                                                              paid
            N=63                   N=61                N=48           N=35                 N=52          N=42               N=53
Copyright © Best Practices®, LLC                                      5
Methods Used to Gather Information –
 Pharmaceutical Segment
  Gathering information within the pharmaceutical industry appears similar to other
  industries. Nearly all of participants questioned perform some portion of information-
  gathering on their own, while few resort solely to utilizing corporate libraries or
  delegates.
                                   Which information-gathering method do you prefer?




                                                  Gather some
                                                  myself and
                                                  delegate                    Delegate task
                                                  other parts to                   to
                                                  subordinates,               subordinates,
                                                  52%                              2%

                                                                                 Ask
                                                                             corporate
                                                                              library to
                                                 Do it myself,
                                                                             gather, 2%
                                                      44%




       N=61
Copyright © Best Practices®, LLC                         6
Value Derived from Business Information
Sources – Pharmaceutical Segment
Among the pharmaceutical benchmark class, press releases and trade publications were the
most polarizing sources of business information. While 1/3 of the class expressed they were
very valuable, another 1 in 10 disagreed and derived no value at all

      Please rate the value you derive from the following business information sources for work-related
                                           external communications.
                                   Very Valuable   Somewhat Valuable      Not at all valuable    Not Applicable
                                                                                                2%
                     9%                      7%
                                                                                                16%                 14%
                                             9%                     31%
                                                                                                                    7%

                                                                              2%
                    57%
                                             50%
                                                                                                55%                 52%
                                                                    33%




                    34%                      34%                    33%                         27%                 27%


             Press releases          Trade publication      Search engine               Newspaper/                Webinars
                                                                paid                     magazine
                 N=44                      N=44                 N=42                        N=44                   N=44
Copyright © Best Practices®, LLC                                7
Preferred Formats & Effective Tools for General
Information – Pharmaceutical Segment
Among the pharmaceutical segment, the preferred format for general information is
PowerPoint (47%) followed by word document format (37%). Email communications (41%)
continue to dominate as an effective source of information as well as Internet Sources
(41%).
    Which are your preferred format (s) for reviewing business-related information from external parties?
     For the following type of content that could be communicated to you from external parties, please
                                      choose the most effective tools.

 Podcast/Audio                                               Meetings                  16%
                                   12%
      file

                                                                 Press
 No preference                           21%                                                 24%
                                                                Release

    Online                                                      E-
                                          23%                                                       33%
Video/Webcast                                               brochures


Worddocument                                    37%             Internet                                  41%


   Power Point
                                                      47%        Emails                                   41%
   presentation

                   Preferred Format                                        Effective Tools of Communication
                        N=43                                                         N=51
Copyright © Best Practices®, LLC                            8
Preferred Formats & Effective Tools for
Competitor Analysis – Pharmaceutical Segment
  The pharmaceutical segment overwhelmingly indicated the most preferred format to
  review competitor analysis was through Power Point presentations. Only 10% of the
  pharmaceutical industry recognized Press Release’s as an effective tool of
  communication, whereas half of the participants showed interest in receiving emails.
    Which are your preferred format (s) for reviewing business-related information from external parties?
     For the following type of content that could be communicated to you from external parties, please
                                      choose the most effective tools.

                                                          Press
 No preference          2%
                                                                           10%
                                                         Release

 Podcast/Audio
                        2%
                                                      Meetings                        24%
      file

                                                         E-
     Online
                                   21%
                                                                                            31%
 Video/Webcast                                       brochures


Worddocument
                                                         Internet                                 37%
                                         35%


   Power Point                                            Emails                                        45%
                                               77%
   presentation
                   Preferred Format                                 Effective Tools of Communication
                        N=43                                                  N=51
Copyright © Best Practices®, LLC                     9
Impact of Marketing Communications on
Purchase Decision – Pharmaceutical Segment
Almost 90% of the Pharmaceutical segment reported that a face-to-face meeting had an
impact on their purchasing decision. Close to 7 out of 10 reported that an organic search
had an impact.


 Please rate the impact of the following communication channels on your information purchase decision.
                                   Very Much Impact   Somewhat Impact   Very Little Impact   Don’t Impact

             8%                    13%                                                        10%
                                                 15%
             8%                                                23%            28%                            25%
                                   20%                                                        25%
            28%                                  30%           15%
                                                                              25%
                                                                                                             40%
                                   35%
                                                                                              48%
                                                 38%           50%
                                                                              30%
            58%
                                                                                                             23%
                                   33%
                                                 15%           13%            18%             18%            13%

      Face-to-face           Organic           Email    Tradeshows Paid search                Press         Company
        meeting              search           marketing                                      releases         blog
            N=40                   N=40          N=40          N=40           N=40            N=40           N=40
Copyright © Best Practices®, LLC                              10
Checking External Communication Through
Mobile – Pharmaceutical Segment
Over half of the Pharmaceutical segment reported using their mobile device to check case
studies and strategy planning/guidance. 1/3 reported checking product information on
their mobile device.


  Which of the following work-related external communications do you check using your Mobile device?

    Supplier information (either existing or
                                                                               37%
                   potential)

                   Legal/Compliance information                                37%

                   Product information/ services                            33%

     Discussing ongoing issues or projects
                                                                                        48%
                 with vendor
                       Strategy planning/guidance                                          52%

                               New product launches                            37%

                                   Research reports                                  44%

                                       Case studies                                        52%
    N=27
Copyright © Best Practices®, LLC                      11
Forwarding External Communication Through
Mobile – Pharmaceutical Segment
Almost half of the Pharmaceutical segment reported forwarding educational material
related to their profession to colleagues. Less than 1/5 reported forwarding
legal/compliance information to their colleagues.

   Which of the following work-related external communications do you forward (to colleagues at work)
                                       using your Mobile device? ?
                     Educational material related to
                                                                                            48%
                              profession
                         Market Trend
                                                                                   37%
               (Consumer/Economic/Social/Political)

                     Competitor Analysis/Benchmarks                             33%

                                          Best Practices                           37%

                                       Research Reports                   26%

                          Legal/Compliance Information              19%

                                   New Product Launches                      30%

                                     General Information                                 44%
    N=27
Copyright © Best Practices®, LLC                       12
Voices From the Field

    “I don't want to miss something important because I was offended by the manipulative
                                   introductory sentence.”
      Based on your experience, what are ways of using/modifying external and internal communication
                                 communications to improve productivity?




Copyright © Best Practices®, LLC                  13
About Best Practices, LLC



       Best Practices, LLC is a research and consulting firm that conducts work
       based on the simple yet profound principle that organizations can chart a
       course to superior economic performance by studying the best business
          practices, operating tactics and winning strategies of world-class
                                      companies.




                                   Best Practices, LLC
                      6350 Quadrangle Drive, Suite 200, Chapel Hill, NC 27517
                                          919-403-0251
                                    best@best-in-class.com
                                    www.best-in-class.com

Copyright © Best Practices®, LLC                14

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Best Practices in Reaching Busy Executives

  • 1. Best Practices in Reaching Busy Executives: How Pharmaceutical and Medical Device Leaders Use and Respond to External Communications Best Practices, LLC Benchmarking Report
  • 2. Project Methodology and Study Objectives Over the years, the communication process has evolved due to technological advances and changes. This research study seeks to identify the most effective external strategies and tactics and how people best utilize various B2B communication formats to achieve organizational success/efficiency. Research Objectives: Benchmark the tools and usage frequency executives are making use of for external communication. Identify the preferred and effective channels for external communications. Field Research & Insight Development Primary Objective Research based on survey tool designed and Explore the most effective implemented by Best Practices®, LLC. INFORM INFORM and preferred B2B channels Tool used to gather insights from 63 leaders at in pharmaceutical and medical device & tools of communication, companies. optimum communication Leaders are from across 6 continents. frequencies for B2B communications. Copyright © Best Practices®, LLC 1
  • 3. Definitions Used in the Research Communication is a process where information is shared between two or more people or organizations. Field researchers used the following definitions to differentiate communication types. External Communication: Any kind of interaction between a person with an outside person, organization or group is termed as External Communication Copyright © Best Practices®, LLC 2
  • 4. List of Participating Companies Best Practices®, LLC gathered insights a total of 63 leaders at many pharmaceutical and medical device companies. Copyright © Best Practices®, LLC 3
  • 5. External Communications Highlights PowerPoint Continues to Dominate: Respondents prefer that information be communicated through PowerPoint than other forms, followed closely by Word Documents. Press Releases are unfavored. Send communications Before Lunch: The majority of respondents prefer to receive external information before 1 PM. “I Trust Google”: Everyone in the study indicated that search engines are valuable sources of information, and most search Google on a daily basis. “Click Here” Call-to-Action: Respondents most likely to attend webinars and click on links within emails, than subscribe to emails or paid content. “Tell Me More”: Respondents were most interested in the following subjects: best practices, performance indicators, market trends, strategic guidance, and case studies. The Impact of Face-to-Face Communication: 9 in 10 of those surveyed stated that meeting someone in person has an impact on their purchasing decisions. Conversely, telemarketing and mobile marketing have the least impact on purchasing decisions. Copyright © Best Practices®, LLC 4
  • 6. Usage Frequency of Internet Tools – Pharmaceutical Segment Organic searches and online content are the tools used most for main searching for work-related information. Paid search engines are used at least once per week by 60% of respondents for gathering work-related information. Please indicate how often you use the following Internet tools for gathering work-related information. Daily Several Times a week Weekly Monthly 3% 3% 19% 20% 12% 27% 40% 38% 45% 26% 10% 36% 19% 17% 23% 78% 26% 20% 15% 51% 44% 12% 17% 23% 23% 12% 11% communities/ Online videos Online content Search engine – Search engine – content read via Social media general/organic RSS Feed (i.e. Websites, mobile devices on business Work-related web-enabled websites Online Blogs) paid N=63 N=61 N=48 N=35 N=52 N=42 N=53 Copyright © Best Practices®, LLC 5
  • 7. Methods Used to Gather Information – Pharmaceutical Segment Gathering information within the pharmaceutical industry appears similar to other industries. Nearly all of participants questioned perform some portion of information- gathering on their own, while few resort solely to utilizing corporate libraries or delegates. Which information-gathering method do you prefer? Gather some myself and delegate Delegate task other parts to to subordinates, subordinates, 52% 2% Ask corporate library to Do it myself, gather, 2% 44% N=61 Copyright © Best Practices®, LLC 6
  • 8. Value Derived from Business Information Sources – Pharmaceutical Segment Among the pharmaceutical benchmark class, press releases and trade publications were the most polarizing sources of business information. While 1/3 of the class expressed they were very valuable, another 1 in 10 disagreed and derived no value at all Please rate the value you derive from the following business information sources for work-related external communications. Very Valuable Somewhat Valuable Not at all valuable Not Applicable 2% 9% 7% 16% 14% 9% 31% 7% 2% 57% 50% 55% 52% 33% 34% 34% 33% 27% 27% Press releases Trade publication Search engine Newspaper/ Webinars paid magazine N=44 N=44 N=42 N=44 N=44 Copyright © Best Practices®, LLC 7
  • 9. Preferred Formats & Effective Tools for General Information – Pharmaceutical Segment Among the pharmaceutical segment, the preferred format for general information is PowerPoint (47%) followed by word document format (37%). Email communications (41%) continue to dominate as an effective source of information as well as Internet Sources (41%). Which are your preferred format (s) for reviewing business-related information from external parties? For the following type of content that could be communicated to you from external parties, please choose the most effective tools. Podcast/Audio Meetings 16% 12% file Press No preference 21% 24% Release Online E- 23% 33% Video/Webcast brochures Worddocument 37% Internet 41% Power Point 47% Emails 41% presentation Preferred Format Effective Tools of Communication N=43 N=51 Copyright © Best Practices®, LLC 8
  • 10. Preferred Formats & Effective Tools for Competitor Analysis – Pharmaceutical Segment The pharmaceutical segment overwhelmingly indicated the most preferred format to review competitor analysis was through Power Point presentations. Only 10% of the pharmaceutical industry recognized Press Release’s as an effective tool of communication, whereas half of the participants showed interest in receiving emails. Which are your preferred format (s) for reviewing business-related information from external parties? For the following type of content that could be communicated to you from external parties, please choose the most effective tools. Press No preference 2% 10% Release Podcast/Audio 2% Meetings 24% file E- Online 21% 31% Video/Webcast brochures Worddocument Internet 37% 35% Power Point Emails 45% 77% presentation Preferred Format Effective Tools of Communication N=43 N=51 Copyright © Best Practices®, LLC 9
  • 11. Impact of Marketing Communications on Purchase Decision – Pharmaceutical Segment Almost 90% of the Pharmaceutical segment reported that a face-to-face meeting had an impact on their purchasing decision. Close to 7 out of 10 reported that an organic search had an impact. Please rate the impact of the following communication channels on your information purchase decision. Very Much Impact Somewhat Impact Very Little Impact Don’t Impact 8% 13% 10% 15% 8% 23% 28% 25% 20% 25% 28% 30% 15% 25% 40% 35% 48% 38% 50% 30% 58% 23% 33% 15% 13% 18% 18% 13% Face-to-face Organic Email Tradeshows Paid search Press Company meeting search marketing releases blog N=40 N=40 N=40 N=40 N=40 N=40 N=40 Copyright © Best Practices®, LLC 10
  • 12. Checking External Communication Through Mobile – Pharmaceutical Segment Over half of the Pharmaceutical segment reported using their mobile device to check case studies and strategy planning/guidance. 1/3 reported checking product information on their mobile device. Which of the following work-related external communications do you check using your Mobile device? Supplier information (either existing or 37% potential) Legal/Compliance information 37% Product information/ services 33% Discussing ongoing issues or projects 48% with vendor Strategy planning/guidance 52% New product launches 37% Research reports 44% Case studies 52% N=27 Copyright © Best Practices®, LLC 11
  • 13. Forwarding External Communication Through Mobile – Pharmaceutical Segment Almost half of the Pharmaceutical segment reported forwarding educational material related to their profession to colleagues. Less than 1/5 reported forwarding legal/compliance information to their colleagues. Which of the following work-related external communications do you forward (to colleagues at work) using your Mobile device? ? Educational material related to 48% profession Market Trend 37% (Consumer/Economic/Social/Political) Competitor Analysis/Benchmarks 33% Best Practices 37% Research Reports 26% Legal/Compliance Information 19% New Product Launches 30% General Information 44% N=27 Copyright © Best Practices®, LLC 12
  • 14. Voices From the Field “I don't want to miss something important because I was offended by the manipulative introductory sentence.” Based on your experience, what are ways of using/modifying external and internal communication communications to improve productivity? Copyright © Best Practices®, LLC 13
  • 15. About Best Practices, LLC Best Practices, LLC is a research and consulting firm that conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies. Best Practices, LLC 6350 Quadrangle Drive, Suite 200, Chapel Hill, NC 27517 919-403-0251 best@best-in-class.com www.best-in-class.com Copyright © Best Practices®, LLC 14