Market Mix Modeling for a global pharma company
Life sciences companies spend an average 10-12% of their total company budget on marketing1. Companies need to manage this spend intelligently to maximize ROI.
In today’s world where digital, influencer-based, and personal promotions need to work together to affect decision outcomes, brand leaders must identify channels that connect with the target audience and focus on the ones that provide maximum return on their marketing investment.
A pharma company's promotional strategies were proving to be ineffective which was impacting sales growth. The company wanted to focus on 3 key elements:
1. Existing channel spends
2. ROI on the promotional channels and channel mix
3. Guidance on future campaign execution based on insights from the analysis
Axtria’s team of data scientists built a Market Mix Model to help the client analyze the ROI on their channel and promotional spends and identify the best channel for future campaigns, resulting in the design of the optimal marketing strategy.
Read this illustration to know how Axtria quantified the contribution of various channels to sales and made a recommendation for budget allocation to achieve better ROI, efficiency and effectiveness.
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