Lasso becomes the first platform to enable both Rx and OTC Sales Lift analysis for healthcare provider and patient targeted campaigns
AUSTIN, Texas, April 19, 2022 /PRNewswire/ -- Lasso (lassoplatform.io), the world's first and only omnichannel platform for healthcare marketing and analytics, has expanded its comprehensive measurement suite to include OTC (over-the-counter) Sales Lift Analysis, successfully connecting healthcare professionals (HCPs), affiliated patients, and purchasing behavior. Lasso's OTC measurement solution uses the same technology that powers Lasso Connect, the first product to deterministically link providers to patients for both targeting and attribution in a privacy-safe and HIPAA-compliant way.
Late last year, Lasso partnered with a leading pharmaceutical manufacturer to conduct a sales lift analysis for a top OTC pain relief medication. The campaign ran in Q4 2021 and targeted several custom HCP audiences, created using clinical data, to recommend the brand's medication. Unlike other solutions in market that project metrics due to limited data coverage, Lasso's unique measurement methodology, combined with in-house media tagging and identity resolution, allows the company to capture 100% deterministic and actionable insights. These detailed analytics are then surfaced directly in Lasso's platform to avoid unnecessary delays in reporting, enabling its clients to monitor and optimize campaigns with unparalleled speed.
Lasso selected IRI, the world's largest set of purchase data for CPG and OTC healthcare products, as its partner for the Sales Lift Analysis. IRI Lift™ provides marketers with the ability to test and learn by comparing the sales lift achieved from their Lasso optimized media campaigns. IRI then uses a forensic test and control method to ensure the tightness of fit to accurately measure incrementality against various test groups. The results from the campaign showed an impressive lift of 1.07% in dollar sales per occasion and revealed that Orthopedic Surgery had a sales lift of 2.8%, the highest among targeted audiences. The category of "non-buyers" also saw a 4.5% lift in sales per household. With the reach and scale of IRI's purchase data lift, granular measurement is now available at the audience cohort level, providing deep insights for future optimizations.
Lasso also measured audience quality, and the PCP (Primary Care Physicians), NP (Nurse Practitioners), and PA (Physician Assistants) segments had the highest audience quality of all those targeted.
"Our new partnership with Lasso demonstrates the holistic measurement solutions that are available to the healthcare industry to further enhance more informed allocations of marketing resources and illuminate more of consumers' omnichannel path to purchase," said Jennifer Pelino, Executive Vice President of Global Media Solutions for IRI.
"This new addition to our Measurement Suite provides campaign and audience insights with unprecedented granularity and flexibility," said Greg Field, CEO of Lasso. "By combining our best-in-class identity resolution with the industry's highest quality datasets, we are able to link digital campaign performance to real-world behavior across any channel. We are confident that these powerful analytics will be a key driver of ROI and strategic growth for healthcare marketers of all shapes and sizes, including those making OTC products."
Lasso is the world's first and only omnichannel healthcare marketing and analytics platform that allows you to plan, activate, and measure your HCP and DTC campaigns across programmatic, social, email, and connected TV — all in one place. Lasso has offices in New York, NY, and Austin, TX. Visit us at lassoplatform.io to learn more.
IRI is a fast-growing, leading provider of big data, predictive analytics, and forward-looking insights that help CPG, OTC health care organizations, retailers, and financial services and media companies grow their businesses. With the largest repository of purchase, media, social, causal, and loyalty data, all integrated into an on-demand, cloud-based technology platform, IRI is empowering the personalization revolution. For more information, visit here.