No doubt is that pharmaceutical franchise business in profitable, stable and secured for next few years. As number of marketing professionals (who want to start own marketing) are increasing, scope of pharma franchise is also increasing. Increasing population and doctors are contributes to this. but number of pharma franchisee companies are also increasing. That makes it very competitive market. Good strategy and marketing approach can make the difference.
Once you have become successful in appointing good numbers of parties for your company, it will be easy for you to extend your business to next level. This business has slow start but steady and stable growth. Timely you will appoint new parties but few old will stop work with you with reason or without reason. So continuous appointment of new parties is must. Steady and slow policy will be beneficial. Don’t provide credit to any party till you are satisfied that party is good. Even then take a security check. Otherwise try to keep them at advance. 25% advance and remaining against bank bility or self or COD may work. Collecting Payment is headache work if you take it lightly. Try to keep your expenses in limit and spend them at marketing.
For extending your business, number of options are available. Drug today, CIMS, Pharma View etc like print media Ads are effective in building name presence and brand but inquiry response is not good as there was in past. CIMS are effective in building your companies name presence in Doctor’ mind. But online options are much more inquiry generators. Personally we use online portals for getting franchisee inquiry. Inquiry rate is average 2 to 3 inquiry per day. All inquiries are real as we make touch to all. Conversion rate is good. Google AdWord also be good option but do it yourself in beginning, not by hiring an agency. Making and promoting website build your online presence.
Business to Business portals don’t give much business as mostly inquiries are non convertable. Facebook page and twitter account create brand image if done properly. Appointing Exp.person having good territory and party knowledge can give business but Inquiries are more better than visiting to party. If party has requirement it will work at your term and conditions and if you are visiting to party, you have to work at party term and conditions.
If you are manufacturer, you will face different problems and if you are marketed by you will face different. But I will suggest Marketed by if you are new in own business. In start you will find, parties are not responding but once you will stay in game, you will find it was not difficult to appoint or make relationship with parties. One in 15 approx. I consider the converting rate but converting rate will be higher after some time. Efficacy of products should be good otherwise you can lost good parties after few dealing.
Product selection in product list is very important step. Every party is looking for new molecules. If you have latest molecules in your price list then it become somewhat easier to get the deal. Product list should be unique mixture of running/bulk selling products, new molecules and unique molecules, food supplements, syrups, herbal products etc. you can opt out injection in starting. Products like cefixime, ofloxa, cefpodoxme, PPI can give you huge sale but they will not help you in attracting new parties but higher molecule strength than available market products or unique new combinations of antibiotics can work. Like cefpodoxime 100 mg dry syrup or with clavulanic acid(dry syrup) or cefpodoxime with azithromycin in tablet combination or acelofenac with rabeprazole or aceclo or declo with thiocholchicoside are few products or combinations that are available at few companies and have good response in market.
Rate should be reasonable. Don’t compare your rates with other companies rates. Every one has its own policies. Make your own margin and reasonable, so party doesn’t feel rates at higher side and don’t talk further.
As like other fields, Service matter the most. Availability, timely dispatch, proper follow-up/response create trust in party’s mind. That is helpful in increasing business from existing parties and force them to continue their business with you. Most of companies suffer from shortage and inadequate stock problem. This directly and indirectly affect sale and further growth/business. Parties totally depend upon doctors. Doctors has huge number of availability, once your product is out from market. You loose permanently or temporary sale. For proper supply your party depend on you and for sale you depend on your party. How good you provide service to your party, will give you back in form of sale.
we suggest you should work only with advance payment but for few parties you have to flexible your term and conditions. Hope you find it valuable…..
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