RESEARCH TRIANGLE PARK, NC – Pharmaceutical business intelligence leader Cutting Edge Information announces the launch of a new report, Pharmaceutical Market Segmentation: Spending, Strategy and Implementation.

The report assesses real pharmaceutical companies’ market segmentation spending, structures, strategies, staffing and implementation practices. Compiled from interviews and surveys with marketing, market research and sales executives in the pharmaceutical and biotech industries, the report allows drug companies to compare and improve their own market segmentation methodologies.

With the industry reversing course on sales force expansion, companies are in need of finding more effective sales practices. Rather than dominating the market through sheer number of sales reps, companies are developing more targeted marketing campaigns – aimed at selling to the right candidates, in the right way.

Pharmaceutical companies use market segmentation techniques to slice their sales targets – be they physicians, consumers, or insurance payors – into groups based on factors as simple as demographics, geography or prescription volume. More sophisticated companies add measures including behaviors, attitudes, and psychographics to their segmentation plans. Compiling these factors and grouping targets based on their characteristics allows companies to develop campaigns that hit targets with the most effective messages through the most effective mediums.

“This report can help pharmaceutical and biotech companies develop stronger and more effective market segmentation strategies. Our research shows the resources companies dedicate to market segmentation, how real companies grade the various segmentation techniques in terms of their effectiveness, and how companies overcome many of the challenges associated with segmentation implementation,” says David Richardson, senior research analyst at Cutting Edge Information. “With sales force expansion slowing tremendously and even reversing course, companies are trying to find more effective ways of reaching their key targets – and influencing their actions. Market segmentation is helping them do this.”

According to Richardson, companies need to keep pace with the industry leaders in terms of effectively reaching their target markets. Otherwise, their brands could get lost in crowded markets.

To view a summary of this report, visit http://www.cuttingedgeinfo.com/pharmamarketsegmentation/.

 

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