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 leading US-based manufacturer focused on medical devices and pharmaceutical products. They aimed to evaluate the effectiveness of their marketing strategies in launching a new drug and its subsequent sales performance. This involved integrating and analyzing complex datasets using sophisticated marketing mix and multi-touch attribution models.
Pharma Marketing Mix Business Challenge
In today’s digital landscape, where online, influencer-driven, and personalized marketing strategies need to work in unison to sway consumer decisions, businesses must identify the most effective channels for customer engagement and revenue growth. A thorough and commercially-oriented approach to marketing mix modeling is vital for accurately assessing the return on investment (ROI) of marketing initiatives. By leveraging data-driven marketing mix modeling and multi-touch attribution solutions, organizations can significantly enhance their marketing investments.
The pharmaceutical company faced several challenges while transitioning one of its products from prescription-only to over-the-counter (OTC) status. To navigate this transition successfully, they required a comprehensive suite of marketing mix modeling solutions tailored to their products in the US market. Their key objectives included quantifying the effects of marketing campaigns and promotions on sales, evaluating the ROI of each marketing channel, and establishing cross-channel attribution between social media and traditional media to inform effective media mix planning.
Pharmaceutical Marketing Mix Solutions: Services and Value Delivered
We implemented a comprehensive marketing mix modeling strategy that enabled the client to accurately forecast, optimize, and evaluate the effectiveness of their marketing initiatives, which included media advertising, consumer promotions, trade activities, and competitive strategies.
By employing advanced multi-touch attribution models, the client was able to quantify the ROI and sales uplift across different drug categories. This deep understanding of marketing effectiveness allowed the pharmaceutical client to allocate resources more efficiently to successful marketing strategies. As a result, the client’s sales and marketing teams refined their campaigns to maximize revenue across all product lines.
Our marketing mix modeling solutions provided the client with the capability to:
- Develop a customized strategy for enhancing cross-channel attribution
- Generate an additional $2 million in profit
- Reduce marketing costs by 60% while exceeding launch sales targets
Understanding How Marketing Mix Modeling Works
Marketing mix modeling (MMM) is a sophisticated analytical approach that helps businesses evaluate the effectiveness of their marketing campaigns and their impact on marketing return on investment (MROI). By utilizing marketing mix models, marketers can refine their strategies and create tailored solutions to boost engagement rates.
Why Choose Quantzig as Your Analytics Partner?
Quantzig's marketing mix modeling solutions leverage advanced analytical techniques to address the real-world challenges faced by businesses across various sectors. Our expertise encompasses machine learning, data science, data mining, data visualization, and multi-touch attribution modeling. With extensive experience managing a diverse array of scenarios through our sophisticated marketing mix modeling solutions, we are well-equipped to enhance your marketing effectiveness and drive profitability.
