2020 was a write-off for most industries.
Actually the pandemic served as an opportunity for the Pharma sector.
When it came to therapeutics, Indian companies have risen to the occasion, they did it by re-purposing the drugs.
Currently, the Indian pharma industry is about $40 billion, with potential in the next 10 years to go to $120 billion to $130 billion. This can be done by building on the existing strengths, and by building on the newer strengths & by marketing, which can take us there. Pharma marketing refers to the marketing of drugs and medical devices by private and public organizations to doctors, clinicians and consumers, says Hirav Shah, Celebrated Business Astrologer & Strategist.
But Why Marketing Is Important for the Pharma Industry!!
Well, marketing is now the key driving force behind shareholder value. More specifically, marketing enables pharma companies to identify, anticipate and provide solutions for customer requirements.
While many people continue to view pharmaceuticals as commodities, marketers know that branding is the only way to help differentiate these companies from each other. Either way, pharma is big business and one of the most in-demand and profitable industries in the world. That being said, how does one stand out or gain traction with so much competition?
So how do you stand out of the crowd in pharma marketing?
2 The Most Productive Ways to do Pharma Marketing
Strategies are well laid out plans that help with proper product/services marketing, sales, and campaigns, whether online or offline. Here are some good strategies and methods to plan and implement a successful pharmaceutical marketing strategy:
a.Social media presence
Content and social media presence help grab attention and promote sales. There are no two ways about this. Everybody likes good content. They also like to give feedback on the products and services they use on the basis of the content they see which pushes them to make the purchase. This is a good way to build an online presence. Physician specific platforms like Doceree offer a lot of content to Physicians to go through and make sound decisions regarding sampling and whether they should prescribe it or not.
Many seem to neglect this aspect but this is what is becoming the new normal given the Covid-19 situation. If digital marketing is not a part of your pharmaceutical marketing plan today, then you will lose out on your targeted audience. Digital marketing is also very time saving and efficient. Doceree allows you to engage in programmatic ad exchange and track campaigns in real-time with proper transparency, compliance of regulations, and a global reach.
This little tweak can go a long way. Looking into queries and questions on a real-time basis is a boon for many physicians. Even though this method is still gaining much-needed attention and popularity, it will truly help pharmaceutical companies in streamlining their targets and surveys, besides also saving a lot of time.
2.Analytics based marketing
Rather than using the same “differentiators” as everyone else, savvy markets use certain drivers such as efficiency to stand out. When changing to analytics-driven methods, most marketers find the results are far more impressive than with taking a conventional approach.
In short, data is now an important element for effective marketing and measuring these results is just as important.
To this end, marketers can use analytics to measure effective marketing strategies and also to eliminate the risk of knee-jerk decision-making that might not produce a decent return on investment. In short, analytical decision-making can save both time and money for pharma companies.
Needless to say, marketers must be able to prove that these methods are working and make changes in order to improve the bottom-line. As a rule, marketing analytics metrics should include many factors including sales, costs and profits.
Branding is important but data analytics are needed to measure success. Also, marketing and revenue should be tied in order to produce the most desirable results- Asserts Hirav Shah.
In this article, Hirav Shah shared his invaluable marketing insights for the pharma sector. However, if we look at other sectors, there, innumerable organizations across the country are realigning their operations to ensure seamless business continuity in these times . Everyone is working towards ensuring an appropriate balance between the current situation and long-term ambition of their organizations.
But, not to worry at all !!
Hirav Shah is a big believer in taking massive action & has formulated strategies to help some of the world’s leading businesses make the right strategic bets based on absolute certainty of results.
Hence, Shah has an astounding global presence with clients based across various business sectors.
So, now all struggling businesses & businessmen should know where to “ask” .