Quantzig’s multi-dimensional approach to customer segmentation analytics helped us better target our customers by understanding customer’s behaviors, needs, and values.
About the Client
The client is a leading pharmaceutical products supplier based out of the United States. The company sells its products in more than 12 countries all around North America.
The Business Challenge
The rising skepticism over the ever-escalating prices on pharmaceutical products is compelling organizations to innovate by increasing their investments 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 the aging population, changing lifestyles, and increasing incidences of chronic diseases will drive the growth of the pharmaceutical product space.
The client, a prominent pharmaceutical products supplier, wanted to stay ahead of the competitors and identify new products to meet customer expectations. The pharmaceutical industry client wanted to segment their customers based on their needs, behaviors, and demographics. Moreover, through an effective customer segmentation engagement, the supplier of the pharmaceutical product 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 a specific group of customers.
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Based on the business requirements, the client collaborated with Quantzig to leverage its expertise in offering customer segmentation analytics solutions to help them develop value-based segmentation to understand the revenue they generate.
Solution Offered and Value Delivered
Quantzig’s dedicated team of customer segmentation analytics designed a three-step approach to help the client tackle the core business challenge.
Our analytics experts adopted a three-step approach to help the client tackle their core business challenges.
Phase 1
The first phase of customer segmentation engagement focused on analyzing business objectives by collecting customer data from disparate sources and developing a detailed roadmap to help the client identify unique customer personas.
Phase 2
In the second phase of customer segmentation engagement, our analytics experts integrated and harmonized data to identify high-performing, profitable product categories, and understand the degree of alignment between the needs of the customers and their offerings.
Phase 3
The third and final phase of the customer segmentation engagement focused on creating customer profiles based on the demographic consumption patterns. Also, our analytics experts leveraged predictive modeling techniques to help the client devise suitable marketing strategies and cater to the needs of different customer segments.
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Business Outcome
The customer segmentation solution offered by Quantzig helped the pharmaceutical products supplier to 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 differentiate customers based on their economic value. Moreover, the client was able to predict and anticipate the most profitable customers and allocate their capital resources efficiently. The client was able to differentiate their products with that of the competitors’ offerings and improve the overall market share.
Quantzig’s customer segmentation analytics solution also empowered the client to:
- Successfully bridge the price gaps
- Improve customer retention by 4X
- Enhance relationships with potential customer groups
- Target niche customer segments
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