Marketing mix (MMx) analysis is a process that helps companies define their marketing strategies and achieve their business objectives. It allows companies to examine the individual return on investment (ROI) for each tactic and channel; then devise simulated models that inform the creation of alternative marketing investment plans. It is essential for pharmaceutical companies to develop an MMx model that successfully navigates their highly regulated and competitive market.
Axtria helped a top 10 pharmaceutical company in the US optimize its multi-channel marketing mix for a blockbuster gastrointestinal (GI) drug through a patient-centric approach. Axtria built individual models for new patient starts and therapy adherence to assess the impact of promotions on brand revenue. The analysis revealed that changing the spend mix across channels within the consumer vertical resulted in increased impact and ROI, even at a higher spend level. The analysis also highlighted the interaction among channels and the importance of considering market access in promotional strategies. Benchmarking against industry standards showed that while television and sales force promotion had the highest spend and impacted revenue, digital channels provided the highest ROI. Overall, Axtria's marketing mix analysis helped the pharmaceutical company optimize its marketing strategies and generate impactful insights aligned with its brand objectives in the highly regulated and competitive pharmaceutical market.
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