How can companies determine where to focus as they develop their pipelines and determine new growth opportunities? Kx Advisors’ 2020 Hot Indications List can help. In our 6th annual analysis of global R&D investment, our experts identified the top indications for industry focus.
What do chemistry students and strategy consultants have in common? Those interested in either field solve problems by analyzing both the big picture and the small details. Brett Larson, Kx Advisors Principal, is a prime example of the overlap between the disciplines. After pursuing his Bachelor’s in Chemistry at Amherst College, he delved into medical research, helping establish a trauma physiology research lab at the University of Vermont and presenting his findings alongside medical doctors. He launched his career on his deep analytical skillset and interest in strategy. Like many of his Kx colleagues, Brett Larson shifted his interests from the clinical to the business side of the healthcare industry.
Delivering First-Class Strategy with Kx
As a strategy consultant and researcher in the healthcare industry, Brett was ready for a career move that would both utilize his critical-thinking approach and build upon his strong managerial skills. His work at Kx supporting pharma and medical device clients requires him to draw from his inquisitive background. Brett turns market findings into actionable recommendations for clients and drives success as a leader within the firm. Brett says, “Mentoring junior consultants is highly motivating and fulfilling. My goal is always to share my knowledge and approach to problem-solving. I want to make sure my teammates have space to work through their own unique process to solve our client’s business challenges.”
Outside of the office, Brett, an avid skier, can be found hitting the slopes. He also spends time volunteering through a local homeless services organization and serves on their Board of Directors. When he isn’t traveling, he enjoys working in our Boston office or teleworking with his two favorite officemates: his black labs!
Interested In Healthcare Strategy Consulting?
Brett encourages those looking to get into healthcare consulting to weigh as much value on the corporate culture as much as the specific role. Many healthcare consulting companies will have access to data sets and resources, but Brett believes that Kx Advisors’ people are what makes our healthcare consulting firm exceptional, saying, “Having colleagues you can count on through challenges and inspire you to push your intellect will make all the difference.” Have questions about our work? Get in touch with us at email@example.com.
How To Level Up Your Customer Segmentation Strategy: Behavioral Segmentation
Kx‘s customer segmentation delves deeper than any traditional segmentation by looking at underlying behavioral and attitudinal factors that can replace the standard identifiers. Your team can improve your process by expanding on the factors you include in your segmentation beyond demographics and traditional commercial indicators. Below are some of the behavioral segmentation variables your team can include:
Attitudes: These variables influence customers’ perception of products and their receptiveness to trying out a new product
Roles and level of influence: Customers’ roles can impact drivers of purchase or use, and prioritizations of these drivers, based on different roles/responsibilities and experiences of the user/purchasers
Experience and situational context: Analyzing these factors can showcase different unmet needs based on the type of user and provide context into what healthcare companies can do to drive increased adoption/purchase
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Developing Customer Segments With Sales Teams In Mind
While customer segments are a vital marketing tool, focusing on behavioral segmentation allows your sales team to provide a more personalized experience.Throughout this process, marketing teams must ensure that each segment is:
Specific: the segments are mutually exclusive and collectively exhaustive, and each customer can only fit in one segment
Meaningful: apparent differences exist among segments, and these differences are significant drivers of behavior and preferences
Actionable: markers for different segments support easy identification and targeting for therapy development teams
Creating digestible segments specifically for the sales funnel empowers the sales team to better secure business.
Kx‘s Four–Step Approach For Segment Profiles
Our experts uniquely leverage these variables to identify accounts that give the biggest share of wallet. Kx conductsthe segmentation through three steps:
Determine segmentation goals: Kx works with organizations on clarifying their goals and mapping their segments to match these goals, including identifying the segments that are most likely to drive profit and have the most significant lifetime value
Identify the markers for distinct segments : Defining key demographics is critical for the success of the segmentation process as it dictates the approach of anygo-to-market strategy. Our experts start with traditional indicators and slowly work through the in-depth behavioral indicators, identifying the deep and nuanced permutations within the target base
Develop and quantify segment profiles or archetypes: When Kx works with organizations on customer segmentation, our team builds out the different segment profiles, or “archetypes“ of customers. Our team performs in-depthqualitative research to understand the drivers of high product affinity within each segment, giving your sales team insights they need to message to their targets effectively.After setting the boundaries, quantifying each segment’s size allows your team to gauge which segments are the highest value for your team, and provide the most significant growth opportunities. To do so, we conduct quant research and K-clustering to identify combinations of variables that statistically show segments
Implementation: Perhaps the most challenging aspect of the implementation processis where the tie between marketing and sales matters most. The cardinal implementation rule for marketing teams is that all archetypesrolled out must be unique. With that in mind, the fewer archetypes, the better the sales team’s result as they can customize their approach and connect more effectively with their targets. Our team is skilled at designing tailored strategies for implementation and can support your team through the procedure
How Kx Can Help
Withproduct planning and launch strategyexpertise, Kx Advisors can guide your team through customer segmentation and targeting. Our team of healthcare experts will help you evaluate your base, identify your customer segments,effectively appeal to your ideal customer, and position your organization for long-term success.