Originally published by Quantzig: Market Mix Optimization and Campaign Analysis for a Leading Healthcare Client
The escalating costs within the healthcare sector have spurred leading organizations to seek innovative solutions for growth and enhanced value delivery. Amidst this, marketing mix modeling has emerged as a pivotal strategy for agile and efficient allocation of market expenditures. By leveraging advanced statistical techniques, businesses can quantify the impact of marketing campaigns on key performance indicators (KPIs) and determine return on investment (ROI) for future marketing spend, thereby strengthening sales forecasts.
At Quantzig, our team of marketing mix modeling experts specializes in empowering healthcare clients to assess promotional effectiveness, marketing spend, and price elasticity. Through our tailored solutions, clients gain insights into customer profiles based on treatment patterns, enabling informed decision-making in a dynamic industry landscape.
The Challenge:
A prominent pharmaceutical player in the US sought to realign their marketing tactics to achieve financial objectives. They aimed to quantify business drivers such as new prescriptions (NRx), repeat prescriptions (RRx), and physician acquisition to optimize investments. Additionally, they sought to evaluate the efficacy of digital and social media channels and identify opportunities for market expansion through strategic promotion mix analysis.
Our Approach:
Quantzig's experts devised a comprehensive dashboard integrating data from diverse sources, including prescription and pricing data, as well as proprietary sources. By analyzing factors such as seasonal discounts, competitor sales, purchase funnel dynamics, and media spending, we provided actionable insights to drive informed decision-making.
Solution Benefits:
- Optimization of commercial investments across channels like direct-to-consumer (DTC), e-detailing, and television
- Enhanced understanding of optimal call frequency for salesforce
- Implementation of effective campaigns tailored to seasonal variations
- Robust marketing and promotion tactics
Predictive Insights:
- Yearly and monthly trend analysis for new prescriptions and other relevant variables
- Targeted activities to generate incremental prescriptions and engage physicians
- Identification of key marketing drivers and strategies for future value enhancement
- Real-time analysis of campaign effectiveness and ROI assessment
- Synergy analysis to gauge direct and indirect media impact on prescriptions
- Identification of high-performing media types for short-term gains
In conclusion, our marketing mix modeling solutions empower healthcare organizations to navigate complexities, drive growth, and deliver value in a dynamic market environment.
