Written By: Associate Vice President, Analytics and Data Strategy, Quantzig.
Market segmentation is crucial in refining your approach to potential customers, especially in the pharmaceutical industry. This process involves categorizing the market based on specific characteristics, such as interests or needs, allowing for more precise and effective marketing strategies.
In the pharmaceutical sector, market segmentation typically falls into four categories: demographic, psychographic, behavioral, and geographic. Each plays a pivotal role in understanding and targeting your audience more accurately.
Given the ever-evolving nature of the pharmaceutical industry, where consumers are increasingly informed and discerning, companies face significant challenges in effectively marketing their products. The demand for quality healthcare continues to rise, complicating the landscape even further. To navigate these complexities, customer segmentation in the pharmaceutical industry is more critical than ever.
This is where Quantzig steps in as your expert partner. We specialize in delivering advanced customer segmentation strategies that empower pharmaceutical companies to optimize their marketing mix, allocate sales resources efficiently, and ultimately enhance their return on investment. With Quantzig’s analytics solutions, you can stay ahead of the curve in this dynamic industry.
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Table of Contents
Pharma Market Segmentation – An Overview
Pharmaceutical companies can view their brand from the perspective of the customers who fall into the various market segments by using the market segmentation process. For pharmaceutical companies, it is a crucial element of success. Market segmentation is the process of dividing up target consumers into different groups based on each group’s distinctive qualities. Through this process, pharmaceutical brands can better understand the needs of their customers. Customers are divided into groups according to requirements, interests, and locations in these segments. Individuals sharing comparable characteristics are grouped together into what the pharmaceutical industry refers to as segments.
Also read: Amplifying AI in Life Sciences Reach Across the Life Sciences Value Chain
Making the most of this process makes it simple to develop a marketing plan or campaign that works for each target market. Additionally, it helps businesses to responsibly manage their marketing and advertising budgets. They can also enhance their offerings to guarantee the utmost contentment of a specific market segment while fulfilling their requirements.
Types of Pharma Customer Segmentation
- Psychographic Segmentation: Targets customers based on their interests, activities, lifestyles, and opinions, focusing on psychological factors like purchasing patterns.
- Demographic Segmentation: Categorizes the market by race, nationality, gender, age, occupation, family size, and religion, using existing client-business relationships for straightforward targeting.
- Behavioristic Segmentation: Groups consumers by their behavior with the brand, considering shopping habits, brand awareness, purchase trends, usage intensity, and product/service ratings.
Quantzig’s Expertise in Pharma Customer Segmentation Analytics for a Global Pharmaceutical Company
| Client Details | A global pharmaceutical company well-known for offering a portfolio of pharmaceutical services for its huge clientele all over the globe. |
| Challenges Faced by The Client | The client wanted to identify the most receptive and valuable customers in the pharma market. A successful call strategy was required for the client’s upcoming launch of new medicine. |
| Solutions Offered by Quantzig | Quantzig’s call planning solution enabled the client in the pharmaceutical business to obtain a best-in-class procedure for routine and speedy plan refresh and rollout for a sales team of 500+ reps, which helped it lower the time to market, increase sales force utilization, and improve call adherence. |
| Impact Delivered | Assessed customer needs and preferences and effectively allocated resources to maximize growth, ROI, and develop a competitive advantage. |
Client Details
Our recent client was a global pharmaceutical company well-known for offering a portfolio of pharmaceutical services for its huge clientele all over the globe.
Challenges Faced by the Client
With the shift toward a customer-centric environment, manufacturers are leveraging effective customer segmentation solutions services to better understand their customers, buying preferences, and value perceptions. Like all other manufacturers in the pharma landscape, a leading pharmaceutical industry player wanted to identify the most receptive and valuable customers in the pharma market. Assessing the most valuable customers will help the client to develop a competitive advantage over their competitors. Furthermore, the leading market client also wanted to tailor effective marketing strategies and tactics to meet the needs of the customers.
The client sought to manage the launch of a new medicine by designing effective targeting and call planning. A successful call strategy was required for the pharmaceutical industry client’s upcoming launch of new medicine. Though the client had retail teams scattered throughout several therapeutic categories, including respiratory, diabetes, cardiovascular, oncology, and neuroscience, it also wanted to remain competitive and lean on the pharmaceutical sector.
Strategic Targeting in Pharma: A Dual Approach
To effectively target both businesses and consumers, pharmaceutical companies must adopt a strategic approach:
Business-to-Business (B2B):
- Identify industries that would benefit from your offerings, such as components, inhalation, and packaging.
- Consider the price point and client type, whether you’re targeting budget-conscious clients or those at various development stages (e.g., preclinical, phase 1 discovery).
- Generic segments provide a foundation, but deeper targeting is essential due to the market’s size and complexity.
Business-to-Consumer (B2C):
- Focus on product portfolios that align with clients’ goals, narrowing down to those they can and should develop.
- Shift from a product-oriented approach to a market-oriented strategy to enhance targeted marketing.
- Lack of strategic focus can lead to lost market share, making it crucial to stand out and react competitively, especially in pricing.
Pharma Segmentation Strategies:
- Utilize demographic, geographic, psychographic, and behavioral segmentation to understand and engage your target audience.
- Leverage digital channels to engage online-driven segments, designing tailored marketing campaigns that resonate and enhance ROI.
- Comprehensive segmentation strategies enable companies to meet customer needs, stay competitive, and maximize market impact.
Quantzig empowers pharmaceutical companies with advanced segmentation strategies, optimizing marketing efforts for maximum ROI. By partnering with Quantzig, you gain a competitive edge and ensure your brand thrives in a dynamic industry. Trust Quantzig as your ultimate solution provider for strategic success in the pharmaceutical sector.
Pharma Customer Segmentation Analysis Solution Offered by Quantzig
Quantzig’s call planning solution enabled the client in the pharmaceutical business to obtain a best-in-class procedure for routine and speedy plan refresh and rollout for a sales team of 500+ reps, which helped it lower the time to market, increase sales force utilization, enhance customer lifetime value, and improve call adherence. The data from field intelligence, in turn, helped the sales crew. The statistical tools also assisted the company in enhancing the effectiveness of sales calls. The solution enabled the client to manage the call planning process effectively.
- The solution analyzed the brand’s purpose and finalized the best call planning strategy.
- It developed a call planning engine to ensure that the plan fits the business objectives.
- It developed diagnostics of a call planning scenario and compared them.
- The solution enabled configured analytics for call planning feedback, the creation of final plan files for use by downstream applications, and the retrieval of post-call plan feedback diagnostics.
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Request a Free PilotBenefits of Pharmaceutical Market Segmentation
- A market segmentation strategy helps pharmaceutical organizations focus more effectively, reduce waste, and free up resources amid rising costs and demands for affordable healthcare and drug development.
- It can also open new opportunities, allowing competitive organizations to succeed even in changing environments caused by unforeseen events.
- Enhancing communication and interaction with healthcare professionals and patients helps achieve marketing goals and improves health outcomes.
- Comprehensive customer data, including personalities, emotions, values, interests, beliefs, and attitudes, can enhance every aspect of the business.
- Tailored messages that align with the target audience’s attitudes and motives are more likely to encourage desired behaviors and strengthen client-business relationships.
Unlocking the Power of Pharma Customer Segmentation with Quantzig’s Analytics
| Category | Details |
|---|---|
| Effective Customer-Focused Marketing | – Easy access to segregated data helped the pharmaceutical client devise an impactful marketing strategy. – Tailoring strategies based on customer needs and preferences enabled successful market penetration. |
| Resource Allocation for Growth | – Efficient resource allocation maximized growth and ensured a better return on investment. – Strategic resource allocation contributed to a competitive advantage in the pharmaceutical industry. |
| Insights from Real-Time Events | – Insights from real-time events enhanced the relevance of the client’s core brands across Mexico. – Retrospective social media assessment deepened understanding of online discussions related to target brands and disease categories. |
| Call Planning Excellence | – Quantzig’s call planning solution facilitated routine and rapid plan refresh and rollout. – Implemented for a sales team of 500+ reps, improving time to market, sales force utilization, and call adherence. |
| Utilizing Field Intelligence Data | – Field intelligence data supported informed decision-making and effectiveness in sales calls. – Statistical tools optimized sales calls without additional costs, akin to expanding the sales staff efficiently. |
In summary, the pharmaceutical industry client benefited from streamlined processes, leveraging insights from data, and implementing efficient call plans. The success story highlights the importance of precision and efficiency in call planning, contributing to market growth, improved sales force performance, enhanced customer engagement, and a competitive edge in the pharmaceutical sector.
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In summary, the pharmaceutical industry’s dynamism and the changing landscape necessitate proactive strategies, with customer segmentation playing a pivotal role. Quantzig’s solutions address the evolving challenges, optimizing resource allocation and enhancing the value-based approach for sustained success in the pharmaceutical market. The future of pharmaceutical products is intricately tied to innovation, effective healthcare funding management, data management, and strategies to address changing demographics and lifestyles.
