The global pharma industry is a mammoth market with global revenue of over 1.27 trillion USD (Statista).
When you own and run a pharma company, it’s natural to want to increase your slice of that pie.
How do you know when your pharma business is ready to grow?
- You can’t get restocked fast enough, you are sold out all the time, and there is an unintentional waitlist.
- You can no longer clock off at a regular time; your hours are all consumed in your work
- There is a gap between the skills you have and the ones you need
- Your cashflow is comfortable, and you haven’t had business money worries in a while
So what can you do to move your business forward?
Invest in technology
Technology is your business friend. Using the right technology within your company can help you save money and speed up processes.
The right technology can help you manage your digital presence and ensure that you are increasing your visibility.
Utilizing technology for insights can give you the all-important data that highlight your areas of opportunity and weaknesses.
Here are some of the other areas technology can benefit your business:
- Time tracking software and workflow analysis can improve productivity
- Create and execute high-functioning marketing plans
- Increased social media presence and automation
- Increase the quality of your content creation
- Allow for remote working
- Streamlined sales funnels
Where better to learn from than your most successful competitors? Competitive research is one of the most important steps you can take for growing your pharm business.
There are six steps to starting your competitive research.
Look at your competitor’s online presence:
- What is their website like to use?
- Is it easy to navigate?
- Can you easily access all of the information you need?
- Is it obvious what they do?
- Do they have updated content?
- Are they on social media? What does their content look like?
- Who is your main competitor? Crunchbaseand Product Hunt can help you to crystallize this.
- Read their online reviews. Both good and bad reviews can give you valuable information about what you can do to remain competitive and offer value.
Use software to help you make the comparisons, but put time into it too. Look at all of the factors that contributed to the final figures.
Tools that can highlight how your content, traffic, and conversions are matching up to your competitors:
Improve your marketing
If you are planning to expand your pharma company, your marketing needs to be improved too. Marketing needs to meet the needs of your business.
Giving your current marketing plan a shakeup can have brilliant results. Here are six ways that you can improve your marketing.
Maximize your visibility
If you are on a single social media website or directories, you are doing yourself a disservice.
Find a balance between spreading your online platform efforts and not spreading them too thinly.
Align your business strategy and your marketing strategy.
Use everything you have learned in your competitive analysis to improve your strategies.
Take the information about your competitors, speak to your current customers, and use the feedback to improve.
Treat your current customers well, and foster a long-term relationship. Reacting to your customer’s needs will keep you turn a first-time buyer into a loyal customer.
One of the key reasons that social media works so well is because it is personal.
Even if your products are of great value, you need to go further. Your customers need to feel like you pay attention to them.
When feedback is given, positive or negative, customers want to feel the information has been acted upon.
Whether your business has grown rapidly organically, or you have had a huge cash injection to help growth takes work.
When you lay the groundwork for your business growth, it can remove many of the stumbling blocks that can slow the process.