Sales Analytics Engagement – Sampling Optimization for a Leading Pharmaceutical Developer
Though the adoption of sales analytics services is still in its infancy, growing awareness about its capabilities and the availability of data and analytical tools are driving its adoption among organizations across the world. Through the effective adoption of sales analytics solutions, global conglomerates can easily identify key areas across their sales processes and augment the effectiveness of their sales force. Additionally, the adoption of sales analytics services will also allow organizations to make better business decisions and develop strategic initiatives to improve revenue.
With the emergence of several channels for sales, organizations are finding it difficult to manage multiple sales channels and track their effectiveness. Though organizations currently prefer customer relationship management (CRM) to manage customer interactions and drive sales, they will soon realize the need for sales analytics services that can accurately predict sales trends and customer buying behavior, augment the productivity of the sales force, and make precise forecasts on the demand and sales. This will help businesses better understand the requirements of their clients and improve sales and revenue.
By realizing the need to understand the constantly changing customer preferences that drive sales, Quantzig offers sales analytics services that assist organizations in enhancing the effectiveness of their sales force and track their performance. Additionally, our sales analytics solutions also offer insights that will help businesses forecast sales in different regions and also make better pricing decisions and business strategies to improve their profit margins.
The Business Challenge and Quantzig’s Approach
With a keen eye on exploring future growth opportunities, the client – a renowned pharmaceutical developer and manufacturer in the US with more than USD 500 million in revenues – collaborated with Quantzig to develop an effective sampling distribution strategy across various states and physicians, which would help them gain a better understanding of the impact of sample allocation in different scenarios. Though the client mainly delivered through agreements with third parties, intense competition from the other strong market players played a significant role in hampering their growth prospects. As a result, the client wanted to implement a more targeted approach, based on the insights from the physician prescription behavior, which would help them improve their reach and marketing strategy to ensure that the physicians prescribe their brand.
The primary objective of this sales analytics and business intelligence engagement was to assess the short- and long-term impact of marketing, understand the underlying behavior for non-prescription and channelizing the spending to physicians who were prescribing their brand. Furthermore, the analysts at Quantzig also helped the client develop solutions for targeting physicians based on their prescription propensity and optimize the sample allocation strategy.
To meet the specific requirements of the leading pharma company, our sales analytics team collaborated with the client to develop a solution based on the analysis of TRx and NRx trends and collected data from various sources and achieve the business objectives.
An overview of the data used and models applied are given below
Business Benefits and Insights
With the objective of helping the leading pharmaceutical manufacturer develop an effective sampling distribution strategy across various states and physicians, a dedicated sales analytics team with hands-on experience in sampling optimization and various sales analytics assignments offered the client a complete end-to-end solution for physician sampling. Additionally, the solution offered to the pharmaceutical client also helped them develop a sample allocation strategy to generate incremental sales and higher returns on investment. Furthermore, the dashboard based solution offered by Quantzig enabled the client get real-time updates and insights on brand, representative, and physician performances and also gain a clear understanding of the impact of sample allocation in different scenarios.
With the help of our sales analytics solutions, the leading pharmaceutical developer and manufacturer was able to identify extreme scenarios reflecting over-sampling and under sampling situations for better sampling allocation. During the course of this sales analytics engagement, it was also noted that the inappropriate sample distribution across the states was due to the concentration of sales representatives in the Southern and Eastern regions. Furthermore, our analysts also executed a deep-dive analysis of each physician decile and helped the client identify the exact number of samples to be allocated to each physician.
In a span of eight weeks, the client could gain insights on the focused targeting of physicians with optimum samples and marketing activities to maximize the sales and return on sampling activities. Quantzig’s sales analytics solution also helped the client improve the effectiveness of their sales representatives and create marketing strategies that enhanced the satisfaction levels of physicians. The solution also helped the client gain insights on how to retain frequent prescribers and migrating infrequent prescribers to frequent prescribers.
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