A leading Pharmaceutical company had a wide range of product offerings covering all major sub-categories of the main therapeutic category. However, the sales of the products were heavily skewed. Despite having a plethora of product offerings, the company was stagnating. The Company wanted a way to revamp its sales.
How to balance the current topline and bottom line requirements and yet build a portfolio to drive sustainable long term growth?
How does one balance not only the financial baggage but also the emotional baggage of each product?
THE WHITESPACE DOSAGE
THE WHITESPACE PRESCRIPTION
1. The Marketing Analytics
We looked at the sub-categories and devised metrics for category health and brand health. All these metrics were then scored and a composite market standing score for each product was derived. All the products were then bucketed as per the composite score.
2. Internal Performance Analytics
For every product, critical metrics based on topline contribution, bottom line contribution, differentiation and internal performance were derived and a net score arrived at.
The Composite Market Standing score and the Internal Performance score were then matched and analytics carried out. Based on the analytics, every product was placed in 3 buckets as per the strategic intent of Build, Maintain or Divest.
The list was then run past the senior leadership of the company for approval.
33% of the products in the portfolio were pruned and 80% of the promotional thrust was given to 10% of the products under the built bucket. In the very first year, the sales rocketed by more than 20%.
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