SMART is an acronym for “Strategic Marketing Action Resource Team,” and consists of a group of outside experts with specific backgrounds. They are engaged to provide feedback, input, and critiques of the plans that a firm has developed or an initiative it is considering. More than a simple advisory board, SMART panels act as a high level consulting group or outside board of directors who take on the responsibility of assuring the completeness of strategic plans.
The market for pharmaceuticals is complex and dynamic. Each area of the market is rife with its own challenges, questions, terminology, and rules. To exploit fully the opportunities in any market, and overcome the changes and challenges, a company must explore and evaluate every option available. No single company has the resources and experience to explore and exploit all market opportunities. Similarly, no single consulting group, regardless of size or reputation, can do so.
To deal with a client’s specific issue or problem, Medical Marketing Economics engages a unique SMART panel, a group of experts brought together to address key issues, who advise and educate marketing teams and senior management on specific issues, review and critique strategic plans, and provide guidance for moving plans forward.
The benefits of employing a SMART panel to evaluate and refine plans include access to the best thinking available on a topic, provided by a group that will leave no stone unturned and not feel constrained by internal policies or decisions. This ensures that the maximum performance of the product or initiative can be achieved, or at the very least confirmation that all appropriate avenues are explored. The return on the minor investment required to form and maintain this panel could be several thousand percent.
SMART panels are made up of acknowledged experts in their field. Previous SMART panels have consisted of:
These sessions are interactive, in that panel members ask questions of the marketing or project team and provide commentary during all presentations and other activities.
The logistics of the SMART meeting, including the arrangement of travel and lodging, are handled by MME.
After the SMART meeting, MME prepares a written report and presentation in PowerPoint® format, for delivery to company executives. The reports recap the content of the meeting and the recommendations of the panel. Included in this report are: