Msc: Solutions - Seasonal Product Promotion Analysis

Solutions - Seasonal Product Promotion Analysis
In today's highly competitive pharma market, it's not only important to know whom to promote your product and how much to promote but also when to promote, especially if you are trying to manage seasonal products. Given the challenges involved, formulating a successful promotion plan for your seasonal products can be a very tricky and risky affair. Thus as a product manager, it becomes very critical for you to have a fact based decision support that will help you understand the right impact of your promotion strategy to realize full potential of your products.

marketRx, integrated promotion response analysis solution support your strategic decisions with hard facts, unlike estimate and assumption based traditional methods. The traditional approach of performing annual promotion analyses does not capture the seasonal variability, or provide insight into factors driving sales of seasonal products each month. Our monthly time series model overcomes this limitation and provides precise analyses to capture the seasonal movements and the reasons for the same. The clustering method used by our solution provides relevant physician segments for analyses and reporting.

Our solution helps you to perform accurate physician targeting and achieve higher ROI on the marketing spend for your seasonal products. It follows a rigorous approach of determining incremental revenue based on incremental sales effort. Key features that differentiate our solutions are:

Data-driven Approach: Using statistical analysis to estimate the trends instead of management estimates
Monthly Time Series Model: Leveraging the monthly variability to capture important promotion and physician prescribing insights
Granular Data: Using unique physician clustering method based on multiple criteria to achieve greater precision in understanding physician behavior

iOptima™, our integrated promotion-response based forecasting model forms an integral part of this solution and helps you arrive at the optimal targeting strategy for your seasonal products.

Seasonal Product Promotion Analysis

At marketRx, we believe that rigorous analytics and a predictive ROI should be part of every decision you make. marketRx's promotion analysis and forecasting solution for your seasonal products lets you achieve the most out of your limited resources and gives a boost to your product performance.

Case Study Example: Accurately forecast for seasonal products to realize it's full ROI potential

Objectives	To derive optimal targeting strategy for their seasonal products, the client wanted an integrated promotion-response based forecasting model. The challenge for the client was the model limitations due to their traditional physician grouping methods and annual analysis.
Key Points	marketRx experienced team defined a universe of 30,000 physicians and further grouped them into 100 small clusters Using iOptima™ promotion response modeling solution, a monthly time series model was formulated By analyzing promotion and physician dynamics at granular level a thorough segmentation and forecast for the seasons were provided The results were based on NRx quantity and different specialty groups
Key Outcomes	Monthly time series model was able to identify and optimize the PDEs for their seasonal products as well as determine the factors that drive sales each month The clustering methodology demonstrated much more accurate and consistent characterization of physician behavior