Originally published by Quantzig: Maximizing Drug Launch Sales Through Marketing Mix Modeling for a Leading Pharmaceutical Company
Client Overview and Objectives
The client is a prominent US-based manufacturer specializing in medical devices and pharmaceutical products. Their goal was to assess the effectiveness of their marketing strategies regarding the launch of a new drug and its subsequent sales performance. This process involved integrating and analyzing complex datasets using advanced marketing mix and multi-touch attribution models.
Pharma Marketing Mix Business Challenge
In the current digital environment, where online, influencer-driven, and personalized marketing efforts must seamlessly collaborate to influence consumer choices, businesses need to identify the most effective channels for engaging customers and driving revenue growth. A comprehensive and commercially-focused approach to marketing mix modeling is crucial for accurately evaluating the return on investment (ROI) of marketing initiatives. By leveraging data-driven marketing mix modeling and multi-touch attribution solutions, organizations can significantly optimize their marketing expenditures.
The pharmaceutical company faced significant challenges in transitioning one of its products from prescription-only to over-the-counter (OTC) availability. To successfully navigate this transition, they required a full suite of marketing mix modeling solutions tailored to their offerings in the US market. Their primary objectives included quantifying the impact of marketing campaigns and promotions on sales, assessing the ROI for each marketing channel, and establishing cross-channel attribution between social media and traditional platforms to facilitate effective media mix planning.
Pharmaceutical Marketing Mix Solutions: Services and Value Delivered
We executed a holistic marketing mix modeling strategy that enabled the client to accurately forecast, optimize, and evaluate the effectiveness of their marketing initiatives, which encompassed media advertising, consumer promotions, trade activities, and competitive strategies.
By utilizing advanced multi-touch attribution models, the client successfully measured the ROI and sales uplift across various drug categories. This in-depth understanding of marketing effectiveness allowed the pharmaceutical client to allocate resources more efficiently to successful marketing tactics. Consequently, the client’s sales and marketing teams were able to refine their campaigns to maximize revenue across all product categories.
Our marketing mix modeling solutions empowered the client to:
- Create a tailored strategy for improving cross-channel attribution
- Generate an additional $2 million in profit
- Cut marketing costs by 60% while surpassing launch sales objectives
Understanding How Marketing Mix Modeling Works
Marketing mix modeling (MMM) is an advanced analytical technique that allows businesses to evaluate the effectiveness of their marketing campaigns and their impact on marketing return on investment (MROI). By applying marketing mix models, marketers can enhance their strategies and develop customized solutions to improve engagement rates.
Why Choose Quantzig as Your Analytics Partner?
Quantzig's marketing mix modeling solutions employ advanced analytical techniques to tackle the real-world challenges faced by businesses across various industries. Our expertise includes machine learning, data science, data mining, data visualization, and multi-touch attribution modeling. With extensive experience managing a diverse range of scenarios through our sophisticated marketing mix modeling solutions, we are well-positioned to enhance your marketing effectiveness and drive profitability.