Did you know that the total annual turnover of Indian pharmaceuticals was Rs. 2,89,998 crore for 2019-2020? That’s a significant figure. Also known as the pharmacy capital of the world, India enjoys an 8% share in the global API Industry. The Indian pharmaceutical industry is one of the major reasons for the country’s foreign trade, with great profits and opportunities for investors. Any budding entrepreneur looking for a lucrative business idea can consider the pharmaceutical sector to invest in.
There are myriad business opportunities available in this profitable sector. However, investing in a PCD pharma franchise can prove to be the most rewarding and the best for your business career. It is a low-investment and low-risk sector ideal for someone having great marketing or sales skills. It is a fantastic business idea that promises great returns.
However, no matter the type and size of the business, getting success is not an overnight process. You may have to walk through a lot of hurdles to boost the sales and profits of your PCD pharma franchise. No worries!
Keep reading the blog to learn the best tips to bring more sales to your PCD pharma franchise.
Also Read: Follow These Tips to Ensure Success In the Pharma Business
1. Attractive Product Line
The type and the quality of products play a vital role to attract the right audience and boost sales. To make entrepreneurial mileage in the PCD pharma franchise niche, you need to focus on the right product line. Create a list of pharma products that you want to stock.
Develop an attractive and fluff-free product line that is impressive and good for your business. Having a wide product range will help you reach more clients, eventually increasing sales. However, make sure to choose a product range as per your business model to avoid any problems down the road. Moreover, create a detailed rationale when coming up with a product list.
The choice of product range should depend on the market conditions like customer needs and location. Furthermore, make sure to choose and stock products that are within your budget and don’t affect your financial health.
Keeping products in stock that are not even in demand can result in a major financial loss.
2. Implement the right marketing strategies
Effective marketing is undoubtedly the best way to increase sales of any business, whether small or large. And PCD pharma franchise is no exception. Implementing the right marketing strategies can help you bridge the gap between prospective customers and your pharma products.
Some of the marketing strategies you can implement are
- Draft strong promotional campaigns.
- Be part of trade events.
- Distribute marketing materials like MR bags and physician samples.
- Display banners and hoardings.
- Market your products on different social media platforms.
Right marketing tactics build the brand and allow more people to talk about it. Apart from that, work with a reputable pharma company to market your products on a larger scale.
3. Identify Your Target Audience
Customers are the biggest assets of any successful business. A happy and satisfied customer is a repeat one. They are the best bet to raise the volume of sales. It is important to go the extra mile to identify your potential customers who are actually in the need of your products.
For instance, in case you are dealing with oral medicines for mental health, targeting customers who use topical medicines to treat skin issues is illogical.
Also, please note that not all PCD pharma franchise companies target the same audience. Some focus on adults while some provide products for kids. It is impossible to achieve success without knowing the market conditions and the target customers. Understanding your target audience can take your business ahead of your competitors in the shortest time possible. So, make sure to perform deep research to better understand the audience you want to reach.
The more mindful you become of your customers, the easier it is to improve sales.
4. Product Quality Matters
Making products available for your customers is not enough. Product quality and safety go hand in hand in the pharmaceutical industry. It is very important to maintain the high standards of pharma products to ensure the safety of your customers. Poor-quality products can result in a significant loss of customers, which eventually leads to a drop in sales.
That’s not all.
Pharma products not meeting the quality and safety standards can pose serious health risks to patients. This can have long-term implications on public trust in pharmaceuticals.
On the contrary, good-quality pharma products can work wonders for your PCD pharma franchise. From customer retention to brand building and improved ROI, superior product quality offers a host of benefits.
It is important to focus on product quality rather than quantity. No matter what marketing strategies you are using to build your brand, success won’t come if the products are of poor quality. Your PCD pharma franchise business can experience a huge rise in sales in case your products are superior to your competitors. So, make sure to work with a company that offers the best quality and certified range of pharma products for your business.
5. Get monopoly rights
Last but not the least, another way to enhance sales is to work with an affiliate pharma company that offers monopoly rights.
This is possible if you and the pharma company sign an agreement that allows you to enjoy the monopoly rights of the parent company without much intervention.
You can mention your business goal, objective, and mission in the contract. After acquiring the monopoly rights, the parent pharma company will offer all the necessary support to help you gain a competitive edge.
Let’s Wrap Up
Maximizing sales for your PCD pharma franchise business is not an uphill struggle. There is no need to understand the nitty-gritty of the pharma world to achieve success.
With little preparation, planning, and the right marketing tactics, you can increase the sale of your pharma products which potentially can take your business one notch higher.
The better the sales, the more successful your PCD pharma business is.
Planning to invest in the pharmaceutical business in India? Get in touch with India’s best pharma company—Vivaceutical. The team can help you excel in the pharma industry with flying colours without breaking your bank.