Using existing, internal data sources to generate a better understanding of your customers
Knock, Knock Whose there?
Consider the following age old question: just how well do you know your customers? Perhaps most pharmaceutical companies would probably argue that they know their customers very well. But are there opportunities to understand them even better…?
This was the challenge put to J+D Consulting by a leading pharma company in mid-2016. Their product, a prominent oncology treatment, was being prescribed by a niche group of customers and the challenge was to understand how communications could be tailored to expand usage, whilst also identifying messages that had the potential to grow usage outside this niche.
Utilising a recently created customer segmentation, the objective was to develop a strategic planning tool that enabled accounts / customers to be mapped to the segmentation, and to create a link between marketing initiatives and account potential by each segment.
Here at J+D Consulting we thrive on the opportunity to create innovative and client friendly business solutions. And so the gauntlet was set…!
With the above in mind, an account based (bottom up) forecast model was developed. This essentially built a profile of each customer account based on characteristics and current sales value. The TMAP™ planning tool not only calculated the potential sales value for each account but also provided robust insight into both promotional activity and key messages that would most likely resonate with each target account.
The above approach addressed the following objectives:
- Develop an internal model for Product X by key account, based on: customer segment, potential patients and referral patterns.
- Map model to secondary accounts to build an understanding of overall market potential.
- To inform marketing strategy, enable a number of different scenarios to be tested.
An intuitive Excel based model developed and utilised across the organisation that:
- profiled each account
- quantified the current vs potential opportunity of each account
- modelled the likely impact of different communication channels
The profiling section provided our client with a clear visual understanding of their customer base.
The quantification section gave a clear breakdown of each account and the size of opportunity alongside each.
And finally, the planning and execution section provided the insight to understand what activity has taken place in each account and what changes are most likely to yield success.
The TMAP™ model has been successfully embedded as a standard part of the account planning process – mostly by marketing to facilitate and strengthen conversations with sales teams and to help breakdown the operational sales forecast to support understanding of how targets will be achieved.
Do you know your customers? We have no doubt that you do. Could you be making better use of internal data/ knowledge to tailor your activity within each account? We’ll leave this thought with you to ponder…
Kris Barker, Senior Consultant
0161 486 5005