In the ever-evolving pharmaceutical industry, staying competitive requires leveraging innovative solutions. One such pivotal strategy is effective customer segmentation, allowing key players to understand customer needs, preferences, and buying processes. Quantzig, a leader in analytics solutions, offers transformative customer segmentation expertise to optimize marketing mix, sales force resources, and overall returns on investment for pharmaceutical industry clients.
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
- Dynamic Pharmaceutical Industry:
- Presence of informed customers seeking quality products at reasonable prices.
- Constantly evolving landscape demands proactive strategies from pharmaceutical players.
- Significance of Customer Segmentation:
- Key players rely on customer segmentation to enhance sales performance and explore new market segments.
- Understanding customer needs, buying processes, and preferences is crucial for effective brand strategy formulation.
- Customer segmentation solutions enable resource allocation and tailored marketing strategies for improved brand performance.
- Role of Pharma Customer Analytics:
- Pharmaceutical representative sales calls, a traditional practice, have been pivotal in sales operations.
- Target lists (call plans) for healthcare practitioners (HCPs) form the basis, aligning teams for effective execution.
- Adherence to call plans creates organic relationships between salespeople and practitioners, impacting the selling process.
- Recent transformations have slowed the growth of these relationships, necessitating adaptive strategies.
- Challenges and Transformation in Pharma:
- Escalating pharmaceutical product prices prompt organizations to enhance innovation and increase R&D investments.
- Access to healthcare is expanding, compelling businesses to manage funding effectively and bridge price gaps.
- Urbanization, an aging population, changing lifestyles, and a rise in chronic diseases contribute to the growth of pharmaceutical products.
- Quantzig’s Customer Segmentation Solutions:
- Overcoming barriers to entering new markets through optimized marketing mix and sales force resource allocation.
- Ensuring better returns on investment by strategically allocating resources based on customer segmentation insights.
- Value-based approach enhancement for increased customer lifetime value, improved customer service, and sustained long-term satisfaction.
- The Future Landscape of Pharmaceutical Products:
- Rising skepticism over escalating prices requires a focus on innovation and increased investment in research and development.
- Businesses need effective strategies to manage healthcare funding and narrow price gaps between local and international brands.
- Factors like urbanization, an aging population, evolving lifestyles, and a surge in chronic diseases contribute to the growth of pharmaceutical products.
In summary, the pharmaceutical industry’s dynamism and the changing landscape necessitate proactive strategies, with customer segmentation playing a pivotal role. Quantzig’s solutions address the evolving challenges, optimizing resource allocation and enhancing the value-based approach for sustained success in the pharmaceutical market. The future of pharmaceutical products is intricately tied to innovation, effective healthcare funding management, and strategies to address changing demographics and lifestyles.
Customer Analytics Pharma Challenges Faced by the Client
With the shift toward a customer-centric environment, manufacturers are leveraging effective customer segmentation solutions 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
- Effective Customer Segmentation:
- Through comprehensive analysis, the pharmaceutical client successfully segmented customers into smaller, more manageable groups.
- Deep understanding of customer behavior allowed the client to uncover specific buying characteristics and address individual customer needs.
- Improved Marketing and Pricing Strategies:
- Implementation of customer segmentation solutions empowered the client to develop targeted marketing campaigns.
- Enhanced pricing strategies were formulated to effectively reach and resonate with the ideal target audience.
- Prioritizing Customer Relationships:
- The engagement enabled the client to prioritize customers based on insights, leading to improved conversion rates.
- Focus on long-lasting customer relationships contributed to sustained customer loyalty.
- Strategies for Customer Satisfaction:
- Recommendations were provided to the client for strategies aimed at enhancing customer satisfaction.
- Business efficiency was emphasized through tailored approaches to meet customer needs and expectations.
- Customer Analytics for Retailer:
- Quantzig’s customer analytics solution offered insights into customer behavior during interactions with the medical supplies retailer.
- Understanding buying habits allowed the client to deliver relevant offers, reducing the likelihood of churn.
- Increased Response Rates and Loyalty:
- The engagement resulted in higher response rates from customers, indicating a positive impact on engagement.
- Customer loyalty was strengthened through the delivery of highly relevant and targeted messages.
- Evaluation of Alignment and Segmentation Models:
- Initial steps involved evaluating alignment, segmentation, and brand promotion response models.
- Comprehensive analysis included the assessment of physician evaluations and updated target lists for drugs.
- Primary and Secondary Research:
- Interviews with key stakeholders and influencers were conducted as part of efficient primary and secondary research.
- Thorough investigation of the pharmaceutical industry provided valuable information for refining business plans.
- Customer Analytic Call Planning Solution:
- Quantzig’s solution combined strategic guidance, analytics, and localized planning for effective call plans.
- Designed for real-time updates, the solution tracked and analyzed purchase behavior to enhance sales force efficiency.
The pharmaceutical industry client and the medical supplies retailer benefited from effective customer segmentation, tailored marketing, and analytics-driven approaches. The strategies implemented contributed to customer satisfaction, increased response rates, and improved business efficiency.
Impact Analysis of Quantzig’s Customer Analytics in Pharma
- Effective Customer-Focused Marketing:
- Easy access to segregated data facilitated the pharmaceutical client in devising an impactful marketing strategy.
- Tailoring strategies based on customer needs and preferences enabled successful penetration into diverse markets.
- Resource Allocation for Growth:
- The client efficiently allocated resources, maximizing growth and ensuring a better return on investment.
- Strategic resource allocation contributed to the development of a competitive advantage in the pharmaceutical industry.
- Insights from Real-Time Events:
- Gain of insights linked to specific and real-time events, enhancing the relevance of the client’s core brands across Mexico.
- Retrospective social media assessment deepened understanding of online discussions related to target brands and disease categories.
- Call Planning Excellence:
- Quantzig’s call planning solution facilitated a best-in-class procedure for routine and rapid plan refresh and rollout.
- Implemented for a sales team of 500+ reps, the solution lowered time to market, increased sales force utilization, and improved call adherence.
- Utilizing Field Intelligence Data:
- Data from field intelligence supported the sales crew in making informed decisions and enhancing effectiveness in sales calls.
- Statistical tools aided in optimizing sales calls without incurring additional costs, akin to expanding the sales staff efficiently.
In summary, the pharmaceutical industry client benefited from streamlined processes, leveraging insights from data, and implementing efficient call plans. The success story highlights the importance of precision and efficiency in call planning, contributing to market growth, improved sales force performance, and a competitive edge in the pharmaceutical sector.
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.