How did Pharma Marketing Analytics Help the Pharma Retailer Increase MROI? 

Author: Associate Vice President, Analytics and Data Strategy, Quantzig.

In the realm of pharma marketing, leveraging advanced analytics is key to transforming marketing strategies and optimizing campaign execution, leading to higher ROI. Quantzig offers comprehensive pharma marketing analytics solutions that empower companies to gain deeper insights and make data-driven decisions.

As you navigate this journey, it’s crucial to address key questions that can impact the success of your commercial investments.

• Do you have a clear understanding of how effective your marketing tactics will be in the first year? Are your expectations aligned with industry benchmarks?
• Is your organization truly realizing the value of pharma marketing analytics, or is it reverting to “business as usual” once the results are in?
• Are your marketing activities precisely targeted to engage the highest-value prescribers?
• Do you have a robust measurement platform in place to track actual value achieved versus expected outcomes?

Quantzig helps you answer these questions by delivering actionable insights, ensuring your marketing efforts drive maximum impact.

Leveraging Pharma Marketing Analytics for Targeted, Data-Driven Strategies

From sales force detailing and samples to HCP and DTC communication, leveraging data for informed decision-making plays a pivotal role in driving commercial success. Timely patient treatment and broad awareness are critical, and using data insights enables pharmaceutical companies to refine their marketing strategies and improve outcomes.

Quantzig’s Pharma Marketing Analytics Solutions

At Quantzig, we offer comprehensive Marketing Mix Modeling (MMM) solutions that empower pharmaceutical companies to assess the effectiveness of their marketing efforts across a wide range of data sources, including script data, claims data, sales force activities, formulary changes, and competitor analysis. By leveraging these insights, we help businesses understand which marketing activities are driving physician engagement and patient adoption, enabling data-backed adjustments for maximum impact.

Our analytics-driven approach allows pharmaceutical companies to allocate marketing budgets more effectively, focusing on strategies that yield optimal patient and physician outcomes. Beyond this, our solutions also help identify untapped market opportunities, target specific customer segments, and monitor campaign success over time.

Building a Data-Driven Media Plan

Effective pharma marketing campaigns are fueled by data. Without data, companies rely on assumptions and guesswork. Quantzig’s analytics-driven marketing strategies harness the power of data to make informed, targeted decisions that deliver measurable results.

By analyzing HCP and patient behavior, market trends, and campaign performance, we provide valuable insights that inform marketing strategies and allow for swift course correction. These insights empower marketers to target the right audience, personalize content, and optimize campaigns for maximum ROI.

Key Components of an Analytics-Driven Strategy:

1. Goal Setting: Defining clear marketing objectives, whether it’s increasing brand awareness, driving traffic, or boosting sales, ensures alignment with your analytics plan.
2. Data Collection & Analysis: We gather and analyze relevant marketing data to measure campaign performance against your goals. Quantzig’s MMM and attribution models provide insights into the effectiveness of your tactics, enabling budget optimization.
3. Addressing Challenges: Common challenges like data availability, timing, and quality are addressed through our data readiness assessments. With expertise in data science, we help companies navigate data sparsity and complexities, ensuring informed decisions through robust analytics infrastructure.

With Quantzig as your trusted partner, you’ll have the tools and insights to navigate the challenges of pharma marketing and drive sustainable growth through data-driven strategies.

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Highlights of the Case Study: 

Particulars	Description
Client	A leading pharma retailer with operations spread across geographies.
Business Challenge	The client needed visibility on its MROI and sought to quantify the effectiveness of its marketing channel.
Impact	The pharmaceutical marketing analytics solution helped the client’s marketing team understand the buying behavior of segment customers and then allocate the budget for marketing activities accordingly.

Game-Changing Solutions for Pharmaceutical Retailers: 

The pharmaceutical industry thrives on trust and brand loyalty. Marketing is essential in creating brand awareness and product visibility. Effective marketing helps create a competitive edge and aids in expansion into new markets, thus acquiring new customers.  

To increase marketing return on investment (MROI), pharma retailers must project future marketing productivity, secure and justify marketing budgets, allocate marketing budgets across segments, and gain approval for campaign launches. The rising competition and volatile customer base in the pharmaceutical industry have prompted pharma retailers to look for opportunities to allocate marketing budgets effectively. 

Pharma Marketing Analytics Challenges of the Pharma Client

Our client, a leading pharma retailer, had operations spread across geographies. Hence, the client could not collate data and analyze the impact of the spending on marketing activities. As the client lacked visibility on its MROI, it could not quantify its marketing channels’ effectiveness. Thus, the client approached Quantzig to devise a strategy that would provide a comprehensive understanding of their marketing efforts. The pharma client wanted Quantzig to optimize its marketing strategy to gain maximum return on investment and increase the conversion rate. 

Considering the sensitive nature of the industry, the client wanted to improve their trust and brand loyalty. To achieve this target, the client contacted our experts to understand the role of pharmaceutical marketing analytics.

Quantzig’s Three-Phase Approach to Pharma Marketing Analytics

Quantzig’s team designed an innovative three-phase approach to marketing analytics to tackle the challenges faced by the client.  

• In the first phase, Quantzig’s team created a real-time dashboard by analyzing a vast amount of customer data and marketing data to provide consolidated marketing information to the client.  
• In the second phase, the Quantzig team used marketing analytics throughout the commercial life cycle of the client’ products and services to glean insights that could enable better targeting and understanding of its consumers.  
• In the third phase, Quantzig’s team implemented a marketing mix solution based on machine learning techniques and advanced algorithms that focused primarily on bridging data gaps and were used to estimate individual channel spending at a granular level.  

Quantzig used integrated AI and statistical techniques in the marketing mix model to analyze and quantify the effectiveness of all marketing channels and campaigns used by the client. 

Impact Analysis of Quantzig Pharma Marketing Analytics

The marketing analytics solutions helped the client’s marketing team understand their customer’s buying behavior and segment performance. It could then effectively allocate the budget for marketing activities. The client determined the investment slabs for its market segments with actionable market insights and adopted an analytics-driven marketing mix modeling strategy to improve its brand value globally.  

Below is a list of the critical areas of impact as a result of the above solutions: 

• Reduced marketing costs by 45% 
• Improved market share by an increase in sales 
• A boost in sales led to a 15% increase in MROI owing to the implementation of the new marketing strategy 
• Increase in profit margins by 9% 
• Increased conversion rate by 30% 
• Devised robust marketing strategies for specific customer segments 
• Optimized allocation of marketing budget across different segments 

Key Outcomes: 

The overall result of these interventions translated into a 9% increase in profit margins. The company managed to reduce its marketing costs by 45% and, at the same time, was able to increase the impact of its new marketing strategy on sales, leading to an increase in MROI by 15%. Marketing has a crucial role in creating awareness, positioning, and sharing information about product performance. Every pharmaceutical product goes through these processes. Hence, at each stage, a different marketing strategy needs to be implemented to impact the company’s bottom line positively. Pharmaceutical Marketing analytics thus plays a key role in carving out the right approach for the evolution of each product segment. 

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Broad Perspective on Marketing Analytics in the Pharmaceutical Industry: 

Promoting company values and products/services across several marketing channels has become one of the most common marketing trends in the pharmaceutical industry since 2021. As pharma retailers try to minimize marketing spending and optimize the budget allocation among multiple segments, they need to rely on data-backed insights to maximize their MROI. Marketing analytics solutions provided by Quantzig enable clients from the pharmaceutical industry to analyze the data obtained from multiple marketing channels and campaigns and target potential customers effectively. 

Maximize the Impact of Your Marketing Strategy with Advanced Data-Driven Solutions

In the pharmaceutical industry, crafting a marketing strategy that truly resonates with customers and delivers measurable outcomes is crucial. At Quantzig, we specialize in helping pharmaceutical companies, including a renowned German drug development firm, unlock the full potential of their marketing efforts through our data-driven approach.

By leveraging advanced analytics and end-to-end data modeling, we provide actionable insights tailored to your specific customer requirements. Our solutions enable patient-centric marketing and optimize marketing communication, ensuring your brand reaches the right audience at the right time.

With real-time updates and a deep understanding of marketing performance, Quantzig helps companies make informed, data-backed decisions that enhance brand value. By integrating data analytics into every step of the decision-making process, we empower pharmaceutical businesses to stay agile and adapt their strategies for maximum impact.

Let Quantzig guide you in transforming your marketing approach, making it more efficient, insightful, and aligned with the evolving needs of the pharmaceutical landscape.