President and Chief Innovation Officer
March 24, 2021
Why Own Depreciating Assets That Are Idle Most of the Time?
I was researching how companies evolve their value proposition & how non-digital companies create innovative digital value propositions and become more omnichannel.
Like a website for healthcare professionals, a luxury car is a depreciating asset that spends most of its time idle. Is there any way to get the thrill of using the car just when you want it, without the hassle of owning it? If so, can we use the same approach for HCP websites?
Porsche offers a tiered subscription service that lets you subscribe to a single Porsche vehicle or to a fleet of Porsche vehicles for 1 to 3 months. As a subscriber, you use an app to request a vehicle, which is then delivered to you. With a fleet subscription, you can swap cars according to your need. For a trip to the mountains, you might request a Cayenne; for a gala at Kennedy Center, you could request a Panamera; for a weekend road trip to wine country, you would definitely request a 911.
Porsche’s car subscription service is a luxury. However, it represents a new way of thinking about automobiles and ownership. The subscription model is the next evolution in digital on-demand services and leasing. For an all-inclusive cost, car subscription services will soon feature electric vehicles and self-driving technology (the car delivers itself, no flatbed). Now that younger people are less interested in car ownership, car subscription is a model that will likely trickle down to the big car makers’ non-luxury brands.
HCP websites are also depreciating assets that spend most of their time idle, so why own them? What if there were a solution that HCP brand marketers could subscribe to or access that would enable them to target their multi-channel marketing activities according to geography and HCP Dx and Rx behavior while reducing their fixed costs? What if this solution had predictable ROI and evened out the performance variability of the field sales team?
Relevate+Arteric has the answers to these questions: PracticeShare®. In development for more than a decade and proven with more than 60 pharma and biotech customers, our solution reduces reliance on costly field sales teams and fixed HCP digital assets. PracticeShare® is a suite of multi-channel marketing solutions that are delivered by Relevate’s Elevated Relevance Platform℠ (ele). Our proven approach is the equivalent of subscribing to a fleet of Porsches instead of owning a single Ford. PracticeShare® delivers >3:1 ROI and 3% to 5% Rx lift against control markets. It is the platform that makes asymmetric marketing strategies practical while maximizing brand performance in a world where HCPs are inundated with digital marketing noise and cannot see the field sales team to get the answers they need.
PracticeShare® is locally relevant marketing (the right car for the right event), executed at a national scale and leveraging the messaging, content, and relationships that brands already own. For launch brands, PracticeShare® delivers the market intelligence, KOLs, content, digital assets, and engagement that the brand needs to maximize launch velocity—without the fixed overhead of brand-owned digital assets and platforms.
While we haven’t reached the promised land of subscriptions, we do offer brands an integrated multichannel solution that drives Rx revenue and brand performance.
Ready to take a test drive?