The client: Pharmaceutical products supplier, Size: >34 billion in revenue, Area of engagement: Customer segmentation
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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Although the pharmaceutical products space is witnessing a promising growth, several factors may influence the growth of the sector over the next couple of years. These include.
- Poor scientific productivity: The incidences of chronic diseases is witnessing a manifold where it becomes essential for the pharmaceutical products manufacturer to invest highly in innovations to meet the constant customer demands. With the relatively slow growth of the healthcare space, businesses need to ensure better production capabilities while meeting the quality requirements.
- Drug approval stagnation: The regulations set forth by the FDA becomes an obstacle for many leading pharmaceutical products manufacturers. So, organizations need to maintain a balance between safety and innovation in the products while entering the market.
- Rising customer expectations: As the pharmaceutical products space is shifting to a patient-centric environment, the consumers buying preferences are altering and are looking for a fast-relief in curing their illnesses. The relentless demands of the consumers are forcing businesses to produce products in an agile and seamless manner.
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To counter these challenges and effectively meet the growing demands of the customers, organizations are leveraging the need for a customer segmentation solution. Customer segmentation helps businesses divide the customer base into sub-segments to tailor their marketing efforts adequately. Customer segmentation also helps businesses gain a deeper understanding of their customers’ preferences and needs to maximize cross-selling opportunities.
The Business Challenge
The client, a prominent pharmaceutical products supplier, wanted to stay ahead of the competitors and identify new products to meet customer expectations. The client wanted to segment their customers based on the needs, behaviors, and demographics. Moreover, through an effective customer segmentation engagement, the pharmaceutical products supplier wanted to develop value-based segmentation to understand the revenue they generate. The primary concern of the client was to create and communicate targeted marketing messages to resonate with the specific group of customers.
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The Solution Benefits and the Business Impact
Strategies that we recommended based on our analysis to help clients promote sales and business development.
The customer segmentation solution offered by Quantzig helped the supplier of the pharmaceutical products identify ways to improve product and service opportunities and establish a better relationship with the customers. The solution also sought ways for the client to different customers based on their economic value. Moreover, prominent products supplier was able to predict and anticipate the most profitable customers and allocate their capital resources efficiently. The client was able to differentiate their products from that of the competitors’ offerings and improve their performance in the market.
Customer Segmentation Solution Predictive Insights
Beyond the product offerings, gaining adequate insights into customer preferences allow organizations to offer better customer support and professional services by developing more focused marketing messages to best fit each customer segment. Moreover, the supplier of the pharmaceutical product can identify the most lucrative opportunities and ultimately increase revenues on investment.