Developing an Effective Sampling Distribution Strategy for a Pharmaceutical Developer Through Sales Analytics
The recent sales analytics solution provided by Quantzig for a pharmaceutical developer and manufacturer in the US guarantees 15% increase in sales including many other benefits.
Importance of sales analytics in pharmaceutical industry
The rising awareness about the capabilities of sales analytics and availability of data and analytical tools are driving its adoption in the pharmaceutical industry. The adoption of effective sales analytics solutions helps identify key areas across the sales processes and augment the effectiveness of a company’s sales force. Pharmaceutical enterprises are adopting sales analytics to improve their business decisions and develop strategic initiatives to increase revenue. These solutions are specifically designed to augment the productivity of the sales force, to predict sales trends and customer buying behavior, and make precise forecasts of the demand and sales. The rapid changes in the services consumed, insurance and reimbursement policies, and the advent of stringent regulations is propelling the demand for sales analytics to boost the revenues in the industry. Quantzig offers sales analytics services that assist organizations to enhance the effectiveness of their sales force and track their performance.
Many pharmaceutical companies are adopting advanced analytics to identify the switchers, monitor adherence challenges, and predict the impact of medical events. The data models are designed to study information from various sources to identify disease patterns, consumer preferences, and impact of new drugs and therapeutics launched in the market. Additionally, the advent of automated analytics and real-time sales planning processes will help revolutionize the pharmaceutical industry.
Focus on digital marketing
The exponential growth in digital platforms and social media channels are encouraging pharma companies to invest in marketing strategies for various digital mediums. The implementation of marketing campaigns through email, apps, and other digital assets will help companies reach a wider customer base and assess the perception of the consumers of the brand. Analyzing data from these channels will also provide detailed information on the therapeutics available in the market and strategies adopted by competitors in the market.
The pharma companies are investing in the development and deployment of artificial intelligence (AI) software and sales robots to increase customer interactions. These are innovative tools that gauge customer reactions and offer products and services that are customized according to their requirements. Moreover, these solutions facilitate e-auctions, real-time bidding, and programmatic buying that results in higher sales revenue.
Outcomes and solutions offered
The recent sales analytics solutions offered by Quantzig for a leading pharmaceutical developer and manufacturer in the US developed a solution based on the analysis of TRx and NRx trends to achieve the business objectives. Some of the solutions offered are as follows:
- Improved sales representative’s effectiveness based on actionable insights on sales growth opportunities
- Developed an effective sampling distribution strategy across various states and physicians that reduced sampling cost by almost 51%
- Offered a deep-dive analysis of each physician decile and helped identify the exact number of samples to be allocated to each physician
- Designed marketing activities to maximize the sales and return on sampling activities
- Provided insights on how to retain frequent prescribers and migrating infrequent prescribers to frequent prescribers
The complete case study on sales analytics solutions – sampling optimization for a leading pharmaceutical developer, is now available.
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