How to proceed in business with Pharma Franchise concept
A franchise is one of the important business types in the pharmaceutical sector. The scope of the pharma franchise is increasing with the growing number of marketing professionals, moreover, healthcare professionals are also contributing to it but the numbers of PCD Companies are also increasing with the growing population and making it a highly competitive business segment. But the right market approach and good business strategy can make difference between you and others. Once you have successfully appointed good numbers of pharma franchisees for your pharma company, you can extend your business to the next level more easily. For stable growth, you have to work steadily. Just add new franchisees in a timely manner because sometimes the old one will stop work with you for any reason.
A slow and steady business policy is beneficial for any business. Until you satisfied with the performance of your franchise, don’t offer products at credit. After reviewing business and transaction performance you can offer them later against security check or work on a formula of some amount in advance and remaining at COD. Allocate separate funds for marketing and don’t spend it anywhere else. You have a number of options available for business growth. For example, you can market using print media, it is a good option for building your brand but the response and query rate is low.
For that, you can use online options. Generally, we use online marketing portals for getting queries. You will get an average of 2-3 queries/day depending on your marketing package. You should contact all queries and take follow-ups regularly. Here you will find a good converting rate. For better exposure you can use Adword or SEO services, both have high converting ratio and you will find better queries than any other marketing platform. You can handle Adword by yourself but for SEO you need to hire an agency. It is always a good option to promote your own website and build a strong online presence.
Online portals may not provide the required business as their many queries are not convertible but Google, Facebook, and Twitter accounts will help better to create a successful brand and establish a franchise business. Appointing an experienced marketing person can give a boost to your business but it is always better to handle inquiries than visiting parties because at that time you need to work as per their conditions.
Product selection is important to factor as most parties searching for companies with new molecules if you are offering products with the latest molecules then it becomes easier to get the deal. The product list should contain a unique mix of new molecules, selling products, syrups, food supplements, etc. The rate should be also reasonable. Never compare your product rates with other companies because each PCD Pharma Companies has its own policies. Party should not think that the offered rates are higher so fix your margin accordingly.
Services are one of the most important factors as a proper response, product availability, timely dispatch, promotional/marketing support create trust in the mind of the party. It is helpful for increasing business from existing franchisees and directly affects the growth and sale of the company.
