Our latest inductee into the Rock ‘n’ Roll Science Hall of Fame is a Global Top 5 Pharmaceutical brand who wanted to solve a problem and then do something with the solution!
Here’s what they wanted:
A solution to a 4 year old problem worth more than a billion dollars - we need to understand what is our addressable market?
Here is what they got:
For complex problem solving we take a slightly different approach. We use The Matrix (our Cognitive Data Science software) and scour with our 300 algorithms to find relevance. We use only what we need and then we do the same with our 296 part Problem Solving Model. We then pull the most relevant components out of each. Here’s why:
We often find that with problems like ‘what is our addressable market’, our clients have been spending huge amounts of money to buy reports and insights so they can second guess their competitors sales. It's both expensive and at best, offers a partial answer, often a limited answer which creates its own kind of bias.
By harvesting from our software and model we are hunting for the variables of the decision-making that the market goes through when considering if the product range in question is relevant to them or not. This is split by:
Cultural relevance - Who would not use this product
Psychological relevance - Why would the market use this product
NeuroRewards - What are the gains & rewards of the product
Now that we have the real reasons to use, we create algorithms to go find out the global picture for demand for the product range. This demand was split by causation of injury (from surgery to car accident to cosmetic) and then the algorithms were used to grind out the real demand based on the 100’s of variables of the what and why of product usage.
We then coded the results into an interactive dashboard to give the client a clear detailed year on year view of their marketplace potential.
Over 200,000 lines of code.
Clarity of market size and their placement in it.
How to seize marketplace opportunities and change perception of them and their products,
Further iterations (due to client happiness) which brought in all market outlets (pharmacy, grocery, eCommerce).
Model for every market including global.
This turned into new product development, a new five year plan and even more importantly, a model that the CEO now uses to show investors, shareholders and each regional leadership team.
The power of Rock ‘n’ Roll Science is that it finds out the truth, in detail. Not just what you think about your competitors, but what the world is actually demanding and how to intercept it.
If you would like to learn more about the Rock ‘n’ Roll Science Hall of Fame and how you can join, then please get in touch to organise an audition.