Difference between revisions of "ANLY482 AY2017-18T2 Group32: Project Overview"

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Despite the influx of cash, XXX's profitability remains questionable due to the high marketing costs incurred in expanding consumer base. Hence there is a need to for XXX to strengthen its market position against many other e-commerce competitors and examine ways for the company to cut costs and maximize their resource for business longevity.
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With close to 100 brands of different medications under their belt and clients from the various medical sectors, it is an enormous challenge for anyone to monitor the performance of the sales of these products.  
  
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Our sponsor wishes to be able to view and analyze the performance of her sales teams in the form of a dashboard on Qliksense. It will be split into 2 different sections. One section of the visualisation will be for sales representatives to see their account or brands and the invoices in 2015 to 2018. The other section will be for the business units directors and the sales managers in order to provide a succinct business report to upper management.
 
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<div style="background: #f6a228; padding: 12px; font-family: Avenir Next; font-size: 18px; font-weight: bold; line-height: 1em;"><font color="#ffffff">Project Motivation</font>
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It is noted that XXX generates less than 15% of the revenue of YYY Ltd, yet takes up 78% of the company’s total marketing and sales expense. This could be attributed to price being the main determining factor when customers engage in online purchase. Thus, e-commerce companies like XXX have to resort to discounts to lure new customers and maintain current ones, further reducing the already low profit margin.
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Business question that we were working on, monthly business review of the following:
  
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In addition, an article from Harvard Business Review reported that it is 5 to 25 times more expensive to keep an existing customer than to acquire a new one. In order to become profitable in the long run, it is imperative for XXX to distinguish themselves not just through price competitiveness, but also through improving customer satisfaction to entice them to continue using the service.
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1) How does the business perform?
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* Did we meet our renewal target rate of 95%?
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* New account acquisition target rate of 5%?
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* Recover lost account target rate of 30% target?
  
 
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This project aims to provide clarity of what factors are more (or less) important in optimizing XXX's improvement efforts. Identifying these factors will play a key role in our prescriptive analytics to provide XXX with key business insights on 1) how to enhance customer satisfaction and 2) improve their ability to retain existing customers. The project deliverables include:
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Hence, this project aims to help the business better understand how the business has performed using an interactive data visualization dashboard.
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This project aims to answer the the "Who" and "What" - who shall be our main target audience for our sales efforts and what kind of drugs should we offer them?
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The 3 different scenarios, namely:
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* I. Renewal rate [% of customers who have remained from 2017]
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* II. Acquisition rate [Amount$ sales value of newly acquired customers in the year 2018 who has never bought from Pharma G, as a % to total Amount$ sales value by all customers]
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* III. Winning back lost accounts [Amount$ sales value of customers in the year 2018, who once bought in 2016 but not 2017]
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We can see a relationship between each scenario and the brands of drugs sold that helps Pharmaceutical Company G achieves their respective targets. In each scenario, the brands of drugs and target audience will be different.  
 
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i. Industry best practices for driving customer satisfaction and loyalty
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ii. Quantified key drivers of customer satisfaction (specific to XXX)
 
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iii. Recommendations on how to improve customer satisfaction
 
  
 
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We have identified the need to go beyond pricing strategies to maximize profit. There is a need for XXX to focus on ensuring consumers’ satisfaction to encourage returning patronage. It will focus on analyzing XXX's past interactions with consumers to improve overall customers’ experience. We will adopt a cradle-to-grave approach by analyzing customers’ interaction with XXX throughout their time on the site.
 
  
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We will:  
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Future Analysis:
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# identify factors that will severely influence a customer’s experience when shopping on XXX, and
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# suggest recommendations on how XXX can improve their standard operating procedures to ensure customers’ satisfaction to retain their customers.
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Before proceeding to the next KPI, it is vital that we verify with our client regarding the validity of our final dataset. Once we obtain the permission to continue, we will able to commence on the next steps of our project as depicted in the chart below.
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[[File:ScopeOfWork 1.png | 600px | center]]
  
 
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Latest revision as of 00:01, 16 April 2018

Return to ANLY482 AY2017-18 Home Page


Pharma G Logo.png

Home

About Us

Project Overview

Project Insights

Project Management

Documentation

Description Data Methodology


Project Motivation

With close to 100 brands of different medications under their belt and clients from the various medical sectors, it is an enormous challenge for anyone to monitor the performance of the sales of these products.

Our sponsor wishes to be able to view and analyze the performance of her sales teams in the form of a dashboard on Qliksense. It will be split into 2 different sections. One section of the visualisation will be for sales representatives to see their account or brands and the invoices in 2015 to 2018. The other section will be for the business units directors and the sales managers in order to provide a succinct business report to upper management.


Business Problem

Business question that we were working on, monthly business review of the following:

1) How does the business perform?

  • Did we meet our renewal target rate of 95%?
  • New account acquisition target rate of 5%?
  • Recover lost account target rate of 30% target?


Project Objective

Hence, this project aims to help the business better understand how the business has performed using an interactive data visualization dashboard.

This project aims to answer the the "Who" and "What" - who shall be our main target audience for our sales efforts and what kind of drugs should we offer them?

The 3 different scenarios, namely:

  • I. Renewal rate [% of customers who have remained from 2017]
  • II. Acquisition rate [Amount$ sales value of newly acquired customers in the year 2018 who has never bought from Pharma G, as a % to total Amount$ sales value by all customers]
  • III. Winning back lost accounts [Amount$ sales value of customers in the year 2018, who once bought in 2016 but not 2017]

We can see a relationship between each scenario and the brands of drugs sold that helps Pharmaceutical Company G achieves their respective targets. In each scenario, the brands of drugs and target audience will be different.



Scope of Work


Future Analysis:
Before proceeding to the next KPI, it is vital that we verify with our client regarding the validity of our final dataset. Once we obtain the permission to continue, we will able to commence on the next steps of our project as depicted in the chart below.

ScopeOfWork 1.png


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