The rising healthcare expenditure is forcing leading organizations to look for promising solutions to drive growth and bring new value to the organization. Leading businesses in the healthcare industry are advocating the need for marketing mix modeling to allocate market expenditures in an agile and efficient manner. Marketing mix analysis leverages the use of advanced statistics to quantify the impact of marketing campaigns on KPIs. Also, marketing mix modeling helps leading hospitals in the healthcare setup determine ROI and future marketing spend; thereby, developing a robust sales forecast.
With years of expertise in offering a plethora of services, Quantzig’s team of marketing mix modeling experts help the client gauge the effectiveness of their promotional activity, the marketing spend, and price elasticity in the healthcare space. Furthermore, Quantzig’s solutions also help the client to identify the potential customers and profile them based on their treatment patterns.
The Business Challenge
A renowned pharmaceutical player in the US wanted to re-align their existing marketing tactics to achieve their financial objectives. The client further wanted to quantify their business drivers on NRx, RRx, and physician acquisition to re-allocate investments. Furthermore, the client wanted to assess the success of digital and social media channels and wanted to leverage the use of promotion mix to identify better opportunities in the healthcare market.
The primary aim of this engagement was to identify the right audiences to invest and drive maximum growth and profits. By leveraging marketing mix modeling, the client wanted to invest in non-personal channels to further supplement personal sales and increase market shares in the pharmaceutical space.
To understand the marketing tactics, Quantzig’s team of marketing mix modeling experts crafted a dashboard compiling data and information from reliable sources such as prescription data and pricing data. Also, the experts further compiled information from various proprietary sources to understand the recurring seasonal discounts, competitor sales, purchase funnel, economic indicators, and media spending and GRPs.
Marketing Mix Modeling Solution Benefits:
With the help of Quantzig’s effective marketing mix modeling solution, the client was able to optimize commercial investments across channels such as DTC, E-detailing, and TV, etc. The optimization solution further helped the sales force further understand the optimal call frequency. Furthermore, the solution assisted the client devise effective campaigns during different seasons and implement robust marketing and promotion tactics.
Marketing Mix Modeling Predictive Insights:
- Gain actionable insights in terms of yearly and monthly trends for new prescriptions and other variables related to various marketing tactics
- Organize activities to generate incremental prescriptions to further target the physicians
- Identify the key marketing drivers and devise strategies to deliver higher value in the future
- Collate information during the growth and decline of the business
- Effectively analyze the effectiveness of each individual campaign to understand the ROI
- Develop a robust synergy analysis to assess direct and indirect impact of media types on incremental prescriptions
- Identify the media types that performed well in the short-term