As 2022 came to a close, the bumps of economic uncertainty are further impacting health and life sciences organizations.
Health care changes at the snap of a finger. Whether it’s a new cutting edge technology, a groundbreaking drug discovery, or the emergence of infectious diseases that halts us in our tracks it is important for organizations to stay nimble to best serve their customers and patients.
As 2022 comes to a close, the bumps of economic uncertainty are further impacting health and life sciences organizations. What will this mean for them heading into 2023?
STAT Brand Studio recently sought to answer this question and many more in our STAT Pulse Check report, by asking more than 100 marketers in the health and life sciences about the strategies and plans for 2023. While many are planning to invest in growth and digital advertising, they will most certainly be keeping tabs on their budgets and campaign performance over the first half of the year.
We’ll tease out some of the key data points beginning with their perspectives following a year of new virus variants and economic uncertainties.
Pandemic’s lingering impact is still being felt
In 2022, the world was introduced to the Delta and Omicron variants, so it’s understandable that the respondents to this survey have plenty on their minds. And perhaps, unsurprisingly, when asked to name their top challenges, marketers cited the pandemic’s impact (37%) and economy (34%) as their top challenges. These concerns increase the urgency to be efficient with budgets and having the foresight to pivot as needed.
Marketing budgets are expected to be higher in 2023
Marketers remain optimistic when it comes to 2023. For instance, following a year where 69% of respondents saw their marketing budgets rise, 75% anticipate their budgets to be higher in 2023. Being equipped with larger budgets can make responding to rapid changes in market conditions a bit easier.
Obvious top priorities and a key audience becomes evident
As marketers look to keep pace and stay ahead in a digital-first era, it makes sense that they pinpoint product marketing (28%), digital advertising (25%), and public relations (19%) as their top priorities.
And they will be using these channels to reach the right audiences at the right time. In 2023, the majority of marketing budgets are expected to go towards one key audience: physicians and specialists, the top ranked group by 73% of marketers.
The health and life sciences industries are rapidly changing, and the numbers are proving it. These marketing statistics can help marketing teams and their organizations inform their strategies and set themselves up for further success in 2023.