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For product managers a clear understanding of customer needs, buying processes and preferences, value perceptions, and potential is paramount to ensure sales and marketing success. They need to understand the attitudes and perceptions of various groups as well as the economic benefit of targeting them. Translating these insights in an actionable segmentation and targeting strategy is a precursor to developing effective value propositions, organizational sales processes, and sales force structuring.
marketRx's unique integrated segmentation solution provides actionable segments for all aspects of brand promotion enabling you to target customers with focused marketing efforts. Our qualified and experienced team enables you to segment the market effectively to help quantify the economic potential of each target segment.
Impactful segmentation and targeting decisions are built on sound customer intelligence and on processes that harness that intelligence. marketRx combines expertise in advanced marketing analytics methodologies with extensive experience in strategy and execution to develop action-oriented segmentation and targeting strategies. Further, we bring the capability to translate segmentation insights into effective value propositions, organizational sales processes, go-to-market channels, and sales organization designs.
marketRx offering:
Using advanced analytics and a structured approach, our robust solution helps you in characterizing physician segments in terms of attitudes, behavior and demographics. We also incorporate patient level data to improve the segmentation outcomes, which forms the base for developing an actionable marketing and sales force strategy.
Our integrated segmentation solution can help you generate a tailored list of customer segments covering all aspects of promotional targeting enables you to optimize ROI on your marketing efforts.
Some of our key segmentation and targeting offerings include-
- Analyze implications of organization's sales and marketing strategies to help customers bridge sales and marketing interfaces
- Conducting primary and secondary research to understand customer needs, buying processes, buying preferences, value perceptions and potential
- Evaluating penetration, cross-sell and new account acquisition growth opportunities
- Construct viable segmentation strategies and determine optimal segment targets
marketRx approach:
We use a predictive behavioral model that classifies the universe of physicians into one of the Latent Class Analysis segments. Latent Class Analysis allows for attitudes to be incorporated, uncovers latent variables, and is best at developing promotions tailored to each segment. This predictive model typically has a classification accuracy of 70-90%.
Additionally, we incorporate attitudinal data through sales representatives and subsequent survey work to further enhance the predictive accuracy of the algorithm.
| Case Study Example: Behavioral & attitudinal segmentation for targeted marketing |
| Objectives |
The client wanted to get several new indications for their with RA product. The key challenge for them was to develop a sales force strategy to provide adequate coverage for the launch of new indications & target segment. The client was new to RA market and needed support to develop actionable segmentation.
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| Our Approach |
- marketRx's qualified team started by conducting a fully integrated behavioral plus attitudinal segmentation on doctors along with concept evaluations studies.
- Developed predictive models to extrapolate latent class segments for the broader prescribing universe.
- Overlaid information from primary research and background characteristics with the behavioral segments to profile each segment.
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| Key Outcome |
Client was able to derive the following benefits:
- Quantify potential economic value that can be gained from each segment.
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The Latent Class Analysis brought out some key differences across segments that could be leveraged.
- Prioritize customer segments in terms of attitudes, perceptions for subsequent targeting and sequencing of marketing efforts.
- Generate a viable list of customer segments that can be activated through appropriate differentiated marketing tactics.
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Key benefits of our services:
- Strong foundation in analytics and technology enables us to deliver actionable solutions
- Expertise in providing a host of robust brand management and market research solutions to global clientele using various data sources
- Experience with a large number of therapeutic classes enables us to understand the key marketing initiatives for a variety of brand types and life-stages, providing key insights
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