Marketing Mix Modeling | Embedding Analytics Capabilities to Drive Better Marketing Outcomes
The client is a leading non-generic drugs manufacturer based out of the United States. They wanted to establish a marketing mix strategy to calculate the ROI for their marketing initiatives. The Business Challenge The pharma sector is navigating a profound transformation. With the ongoing shifts in market demands and consumer needs, pharma companies are finding [...]
The client is a leading non-generic drugs manufacturer based out of the United States. They wanted to establish a marketing mix strategy to calculate the ROI for their marketing initiatives.
The Business Challenge
The pharma sector is navigating a profound transformation. With the ongoing shifts in market demands and consumer needs, pharma companies are finding it hard to adapt to the changes to gain a leading edge. Along with challenges the transformations have also presented new opportunities for pharma companies to focus on a variety of new marketing mix models to improve the performance of their products by tapping into new revenue streams. Today resource allocation for new drug launch or even an existing product is not a simple task. Owing to the complex business scenario and the availability of diverse marketing channels, finding the right marketing mix strategy has turned out to be a major challenge for players across industries.
Having launched a new drug in the non-generic drugs segments the client faced several challenges in generating a useful market share for the new product. To effectively address this issue they wanted to adopt a more holistic, commercially focused approach to gain in-depth insights into their marketing initiatives. As such, they approached Quanztig to leverage its marketing analytics expertise in developing a robust marketing mix modeling strategy.
Solutions Offered and Value Delivered
Our marketing analytics experts helped the client to build a robust marketing mix model to gauge the effectiveness of individual marketing channels. The devised model helped the client to systematically gauge target markets to optimize marketing investments and maximize profits from specific regions. A holistic approach to marketing mix modeling helped the client to embed the required analytic capabilities into their marketing processes to drive better business outcomes.
The marketing mix modeling solutions also helped the client to:
• Reduce total marketing spend by 15%
• Increase market share for the newly launched drug
• Improve the ability to quantify the marketing effectiveness of channels and events in terms of MROI
Optimize your marketing efforts and outcompete your competitors with our marketing mix modeling solutions. Request for more information right away.
How does marketing mix modeling work?
Marketing mix modeling is a statistical technique that performs several multivariate regressions on sales and business data to quantify the impact of marketing investments on the overall sales. A robust marketing mix modeling strategy helps businesses to determine the impact of each marketing initiative in terms of MROI. By gaining detailed insights on their marketing initiatives companies can further optimize future spend and deploy robust strategies to maximize their marketing effectiveness.
Importance of marketing mix modeling in pharma
Pharma companies are constantly challenged to efficiently allocate their fixed marketing budgets among different marketing channels. The impact of each marketing channel on sales differs based on the several factors and to analyze such factors businesses must develop a robust marketing mix modeling strategy. A good marketing mix modeling strategy not only helps businesses to measure the ROI of past marketing initiatives but also empowers them to forecast the impact of changes on the overall business performance. Here are a few other reasons why marketing mix modeling is essential:
• Helps expand the product portfolio
• Improves the return on marketing spend
• Helps identify new channels for revenue growth
Request a FREE proposal to gain detailed insights into our portfolio of marketing mix modeling solutions.