Data Driven Marketing Data-Driven Marketing: Optimize Promotion in North America
Marketing in North America adopts a data-driven model, adapts agility (quick and flexible) to ever-changing conditions, and pursues optimization of promotions. Through this, we aim to maximize product value and contribute for the betterment of healthcare and fuller lives of people worldwide.
1.Understand brand and market dynamics via exploratory and deep dive analysis
To understand brand and market dynamics, we mainly conduct analysis in the following four stages.
- Perform broad analysis of competition and market drivers
- Identify and evaluate key levers of brand performance
- Perform “deep dive” analysis of field and non-personal promotion
- Conduct “top down” and “bottoms up” ROI (Return On Investment) analysis of promotional tactics
During this process, we conducted market performance analysis, market access review, brand awareness research, sales force activity analysis, and so on, for one of our products.
As a result, we found that the promotional effectiveness of the product launch was high compared to historical industry benchmarks. Additionally, we identified opportunities to optimize our marketing efforts by evaluating the ROI of multiple promotional strategies.
2.Optimize ROMI (Return On Marketing Investment) through predictive modeling and commercial input
For ROMI optimization, we are mainly doing the following three activities.
- Develop alternative “what if” scenarios for promotional optimization over different time horizons
- Iterate with commercial leadership to evaluate financial and operational feasibility of different scenarios
- Refine and implement optimal promotional strategies and tactics
In this process, various scenarios are formulated and reviewed, taking into consideration the difference between the specialty area and the primary care area, the degree of impact by detail type, and the difference in targeting effect due to promotion timing.
Based on this, we can make a forecast when promotion expenses are increased from the baseline and when the personnel allocation in each area is changed, and a promotion plan that optimizes ROMI is designed.
3.Data-driven refinement of promotions on an ongoing basis
Even after the implementation of the promotion plan that optimizes ROMI, we continue to improve it using data.
Some of the activities that take place during this phase include:
- Measure and monitor “near-real time” performance of each promotional campaign, message, tactic and channel
- Perform A/B testing to continually refine and improve messaging and tactics by customer segment
- Enable commercial leadership to quickly understand performance and pivot to meet changing market conditions
Aiming for real-time feedback in all activities, various data sources are utilized and the digital healthcare platform is repeatedly improved.
Promotion plans established through advanced analysis continue to evolve after implementation through data-driven improvements, maximizing product value and aiming to contribute for the betterment of healthcare and fuller lives of people worldwide.
