Be it small, medium, or large, the sole dream at the launch is to see your business grow higher in the shortest possible time. Business success is not by chance, but you need to make time-tested efforts.
3-factors are inseparable from a business success since the earliest time. These are;
Besides these three essential factors that are relevant for all businesses, the pharma industry has many more requirements. The focus and nut-shell of all these factors is on increasing sales - the ultimate result is a success.
If you are existing or looking to own a Pharma Franchise, then it will be beneficial to consider the following points.
One of the most important factors that contribute to the higher volume of sales is your monopoly rights in the areas allocated to you. This straightway cuts down the competition with the fellow wholesale distributors. In case your parent company is open to supplying its products to the other wholesale suppliers, that will automatically cut down your sales. Therefore, choose or associate with a company that is open to giving you monopoly rights in your area.
Another important factor is that the company you're associated with as a franchise must have a wide range of products. If you are failing on this point, you can't think about growing up quickly. Therefore, better you shift now before it's too late.
Do not delay adding a new product to your inventory that's in demand. This makes you stay ahead of your competitors. On the other hand, retailers who are attached to you, will stay attached and won't source any product from the other distributors.
One thing that most franchisees do not consider is the age of the parent company. The older the company, the more brand awareness among the consumers. Thus the age of the parent company also helps in an increasing volume of the sales.
In an earlier part, we have discussed adding new products to your inventory that are in demand currently? But, does your parent company also have the capacity to add them or not? Think about the Covid-19 waves and imagine the scope of medicines that have been used to treat this pandemic. Franchisees who were able to source them directly from their parent companies had the advantage of higher profit and higher sales than those who had to source from the third parties.
One thing unique that Marketing Surveys & Studies have demonstrated about the consumer behavior is:
"the consumers remember for a long time what they read than what they are told, and for a longer time what they view than what they read".
In 2020-21 marketing surveys, it was established that landing pages having product videos had an 800% better conversion rate than those that do not have.
Further, Product videos on YouTube & Facebook drive 70% more consumers than others.
In a PCD-Pharma-Franchise, the patient is an end-user, not a consumer. The real consumers are the Doctors who prescribe medicines and the chemists who source their requirements from the franchisees. Therefore, after knowing the consumer behavior, prefer to choose your parent company that provides marketing support with brochures and videos.
Based in the Tri-cities, Arlak Biotech Pvt. Ltd. enjoys a great reputation as one of the fastest-growing pharma companies. Established 2 decades ago, this company has more than 200 products in its inventory.
Their franchisees enjoy extensive growth potential and a higher rate of profits due to a wide array of products & excellent marketing support.