What You Can Expect from the Market Customer Segmentation Case Study
- Pharmaceutical Industry Overview
- The Client
- The Business Challenge
- Our Market Customer Segmentation Approach
- Market Customer Segmentation Solution Delivered
Highlights of the Market Customer Segmentation Case Study
|Client||A global pharmaceutical company|
|Business Challenge||To identify the most receptive and valuable customers in the pharma market|
|Solution Impact||Assessed customer needs and preferences and effectively allocated resources to maximize growth, ROI, and develop a competitive advantage|
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Game-Changing Solutions for the Pharmaceutical Industry
The pharmaceutical industry is very dynamic and vibrant due to the presence of customers who are more informed and want to get the best products at reasonable prices. To improve sales performance and assess the growth potential of new market segments, key players in the pharmaceutical industry rely on effective customer segmentation. Customer segmentation helps companies in the pharmaceutical industry space to understand customers’ needs, buying processes, and preferences to devise an effective brand strategy. With the aid of customer segmentation solutions, pharmaceutical industry players can effectively allocate resources and tailor marketing strategies to enhance the brand’s performance.
To effectively bridge the barriers to enter new markets, Quantzig’s customer segmentation experts helped the pharmaceutical industry client to optimize the marketing mix and sales force resource levels to allocate resources and ensure better returns on investment. In addition, customer segmentation can help the client devise a value-based approach to enhance customer lifetime value, improve customer service, and maintain long-term customer satisfaction. The pharmaceutical industry client can further leverage the use of customer segmentation to connect with the customers and improve sales performance.
Let’s first look into the role of pharma customer analytics in the pharmaceutical industry. Pharmaceutical representative sales calls have been in practice for many years, and this technique has been a major part of sales operations. For years, the target lists, also known as call plans of healthcare practitioners (HCPs), have been developed by focusing on and aligning teams inside pharmaceutical commercial operation teams. These call plans are then given to sales representatives with stringent adherence instructions. The selling process is significantly impacted by the relationship that is organically created when call plan adherence occurs between salespeople and practitioners. However, the ability of those relationships to grow has been hampered recently by a very slow but constant transformation.
The rising skepticism over the ever-escalating prices on pharmaceutical products is compelling organizations to improve their innovation capabilities and increase investment in R&D. As people are gaining more access to healthcare, prominent businesses are planning to manage healthcare funding and tender effective measures to narrow the price gaps between local and international brands. Along with urbanization, the rise of aging population, changing lifestyles, and increasing incidences of chronic diseases will drive the growth of the pharmaceutical products space.
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Customer Analytics Pharma Challenges Faced by the Client
With the shift toward a customer-centric environment, manufacturers are leveraging effective customer segmentation services to better understand their customers, buying preferences, and value perceptions. Like all other manufacturers in the pharma landscape, a leading pharmaceutical industry player wanted to identify the most receptive and valuable customers in the pharma market. Assessing the most valuable customers will help the client to develop a competitive advantage over their competitors. Furthermore, the leading market client also wanted to tailor effective marketing strategies and tactics to meet the needs of the customers.
A leading healthcare partner based out of India wanted to overcome communication challenges and eliminate barriers through insightful interpretation. The client sought to manage the launch of a new medicine by designing effective targeting and call planning. A successful call strategy was required for the pharmaceutical industry client’s upcoming launch of new medicine. Though the client had retail teams scattered throughout several therapeutic categories, including respiratory, diabetes, cardiovascular, oncology, and neuroscience, it also wanted to remain competitive and lean on the pharmaceutical sector.
The client struggled with offering mass notification technology and call planning with patients, stakeholders, and employees, which would help in boosting customer engagement. The client required Quantzig’s assistance in building a multi-channel call planning solution to engage with the customers. It also faced difficulty in setting call plans for its biotech and pharmaceutical sales force, as well as challenges due to the changing preferences for interaction and shrinking representative access to physicians.
Through Quantzig’s pharma customer analytics, the client wanted to improve communications for call planning.
A renowned medical supplies retailer wanted to understand the customers in context with their individual relationships with the brand. The client wanted to seek ways to engage customers with the right channel, and the right message, at the right time. With the aid of customer analytics, the medical supplies retailer wanted to predict the likeliness of the customers to churn and take effective actions to retain the most profitable customers. Moreover, the primary objective of the medical supplies retailer was to measure the customers’ sentiment and deliver more personalized offerings to the customers.
After attending a webinar on market customer segmentation by Quantzig’s experts, the client decided to connect with us.
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Revolutionary Customer Analytics Solutions for Pharma Industry
After a complete analysis of the obtained information, the pharmaceutical industry client was able to arrange customers into smaller segments and effectively gain a deep understanding of the customers. The engagement further helped the client gauge the buying characteristics of customers to uncover customer needs. Also, effectively implementing a customer segmentation solution helped the client develop better marketing campaigns and pricing strategies to reach out to an ideal target audience. The client was further able to effectively prioritize customers and improve conversion rate, thereby retaining long-lasting customer relationships.
Strategies that we recommend to improve customer satisfaction and increase business efficiency.
The customer analytics solution offered by Quantzig helped the medical supplies retailer understand how the customers behave when interacting with the organization. The solution helped the client understand the buying habits and purchasing preferences of the customers and deliver relevant offers to reduce the likeliness of churn. The engagement helped the medical supplies retailer increase response rates, customer loyalty, and ultimately the ROI through highly relevant and targeted messages.
To know more about how our customer analytics solution helped the medical supplies retailer, request more information.
Quantzig started by evaluating the alignment, segmentation, and brand promotion response models and the evaluation of the physician. With inputs from the field force and support from the sales leadership, the pharmaceutical sector client also generated updated target lists, call plans, and physician valuations for both current and newly launched drugs. Interviews with important stakeholders and influencers were conducted by Quantzig analysts as part of an efficient primary and secondary research effort. A thorough investigation of the pharmaceutical industry was also conducted to provide the client with information that would assist it in refining its business plans.
Quantzig’s customer analytic calls planning solution combined the inputs from strategic guidance, analytics, and localized planning to create effective call plans that have adequate field buy-ins and can increase sales force efficiency. Quantzig’s solution is designed to provide real-time updates and track and analyze purchase behavior.
Impact Analysis of Quantzig’s Customer Analytics in Pharma
By gaining easy access to all the data segregated from different sources, the pharmaceutical industry client was able to devise an effective customer-focused marketing strategy for their products. Also, to penetrate through different markets, the client was able to assess customer needs and preferences and effectively allocate resources to maximize growth, ensure better ROI, and develop a competitive advantage.
The client in the pharma companies space gained insights on topics that are linked to specific/real-time events and have continuous relevance for specified core brands across Mexico. A retrospective social media assessment enabled deeper understanding of online chatter on the target brands and their respective disease categories.
Quantzig’s call planning solution enabled the client in the pharmaceutical business to obtain a best-in-class procedure for routine and speedy plan refresh and rollout for a sales team of 500+ reps, which helped it lower the time to market, increase sales force utilization, and improve call adherence. The data from field intelligence, in turn, helped the sales crew. The statistical tools also assisted the company in enhancing the effectiveness of sales calls, which is comparable to growing the sales staff without incurring additional costs, thereby highlighting the importance of creating precise and efficient call plans.
Quantzig’s call planning solution enabled the client in the pharmaceutical business to obtain a best-in-class procedure for routine and speedy plan refresh and rollout for a sales team of 500+ reps, which helped it lower the time to market, increase sales force utilization, and improve call adherence. The data from field intelligence, in turn, helped the sales crew. The statistical tools also assisted the company in enhancing the effectiveness of sales calls. The solution enabled the client to manage the call planning process effectively.
- The solution analyzed the brand’s purpose and finalized the best call planning strategy.
- It developed a call planning engine to ensure that the plan fits the business objectives.
- It developed diagnostics of a call planning scenario and compared them.
- The solution enabled configured analytics for call planning feedback, the creation of final plan files for use by downstream applications, and the retrieval of post-call plan feedback diagnostics.