The change challenge: Reinventing customer centricity in the pharma industry

How can pharma and healthcare companies adopt a more customer-centric approach, meeting the changing needs of their customers while delivering more value to them?

Ahead of our joint webinar on the 22nd November with STRAT7 Advisory, we have invited Björn Dufwenberg (MD, STRAT7 Advisory) to share the 3 key areas of this unique challenge which the session will explore in more depth.

Next week STRAT7 Advisory together with Incite Health will run a webinar to explore how, in today’s business landscape, where change is happening faster than ever, companies can reinvent and drive true customer centricity.

At STRAT7 we believe that true customer centricity is the key driver of long-term profitability, as it makes a business more able to adapt to changing customer needs, preference and behaviours. Similarly, pharma companies have long recognised the need to be more patient- and HCP-centric.

STRAT7 Advisory have been working closely with the health experts at Incite to understand what that looks like in practice, what lessons we can learn from the way consumer brands engage with their customers, and how our toolbox can be applied to the pharma industry to create real business impact through customer centricity.

We have distilled the challenge into three key areas:

  1. Making customer centricity tangible for health/pharma businesses today, including taking a deeper look at who the customer is in this sector  By deeply understanding customers, it becomes possible to identify pain points, uncover unmet needs, and predict future demand, enabling proactive development of products, services, and experiences that resonate with the audience.
  2. How to navigate change successfully, both internally and externally, by cracking the code through customer centricity   Businesses can find themselves on the back foot, unsure how to tackle so many challenges at once, and at the mercy of more agile and adaptable competitors. The key is to develop internal capabilities and leverage external expertise to establish a ‘sensory system’ that consistently detects and acts upon market and customer changes.
  3. Practical solutions and our structured framework, STRAT7 Path, to evaluate true customer centricity  A successful customer centric model places the customer at the core of every business decision, with an operating model that supports this. Deep understanding of customer needs, preferences, and behaviours guides product development, marketing strategies, and service offerings.

We have developed a proprietary assessment framework which establishes the level of maturity of the business on its journey to customer centricity.

Organisations that fail the customer centricity test are more likely to face risks, including:

  • Loss of customer loyalty, retention, and the risk of negative reputation:
  • Missed revenue opportunities
  • Competitive disadvantage
  • Innovation stagnation
  • Difficulty in adapting to change

Whereas those that pass the customer centricity test are more likely to reap rewards, including:

  • Enhanced customer experiences
  • Competitive advantage
  • Impactful innovation
  • Positive reputation and brand image

Adopting a customer-centric approach should, therefore, be viewed as – at the very least – a survival strategy, and really a way of getting ahead.

Our upcoming webinar looks at how pharma and healthcare companies can adopt a more customer-centric approach, meeting the changing needs of their customers while delivering more value to them.

If this has piqued your interest, join us on Wednesday as we explore and redefine what it means to be customer-centric in the pharma industry.

Reserve your spot here.