PCD franchise companies span the entire spectrum of the pharma industry. While there are a number of franchises associated with large corporations, smaller firms are also increasingly going the franchise way to spread their business. For small firms the franchises offer the most suitable solution – a cost effective means of spreading and strengthening their business.
However, given their small scale, PCD franchises often have their own challenges in spreading their business. They are hampered by factors that typically effect a small business growth – cut throat competition, red tape, lack of production support and an increasingly discerning market.
Yet, PCD company shave weathered many such challenges and have been an important part of the changing pharma sector in India. These success stories hold the key to finding new methods for reaching out to a larger market.
Defining the business
To target a market, we have to first define it. That means defining the PCD company and its specialisation. The phrama sector is very wide with different specialisation, such as Ayurvedic, biochemic, herbal, branded or generic. Each of these categories has its own specific target market. Defining the business helps us to target our market segment.
In fact, it decides the entire propaganda campaign. For instance, if it is an Ayurvedic and herbal franchise, our network must be targeted towards people interested in such cures. This will decide the practitioners we must approach (Ayurvedic doctors) and our entire distraction network. Hence, defining the business is the first step for any market strategy.
Looking at international businesses
The global pharma market is going through an upheaval. From markets to the pharma companies, its character is changing rapidly. Although, developed economies still form the bulk of the sales, emerging economies are also becoming a major market. Then there are the poorer economies that desperately need more affordable healthcare solutions.
The global markets are also now more open for business as economies open up with a corresponding rise in incomes. This means a greater opportunity for Indian PCD franchise company. As the markets sets to grow at a steady pace, this is perfect time to spread in the international markets.
Using social media
Social media has emerged as the favoured marketing tactic for smaller companies. There are multiple advantages in working through this system. The investments are very low and the returns can be impressive. To begin with, social media has an unparalleled approach, much larger than traditional means of TV, radio or print, which means that we have a much larger access to our market.
But social media is not just for propaganda. It is also an extremely handy tool for networking, market research and branding. With social media we have an access to an extremely focused market group. This can be used to create consumer forums and sample groups. It gives us an unparalleled opportunity to personally connect with a wide market.
Social media has been used innovative ways by pharma companies. For Ayurvedic and herbal pharma companies, it is a useful tool for increasing awareness about alternative medicines. For small companies, it has become a cost-effective means of conducting market research through focus groups. It is also, of course, a very effective means of creating brand awareness.
Creating a network
Ultimately, a new medicine will find buyers only if it prescribed by doctors. This is why a PCD franchise company needs a network of practitioners. To support this, we also need a network of suppliers, chemists and salespeople. To expand a market, it is necessary to invest in this basic network. We have to start with expanding the network for referring physicists.
Apart from traditional means of approaching them with free samples and other freebies, newer methods can be adapted, such as holding internet workshops, connecting through social media etc. Internet is also a very effective means of expanding the distribution and supply network.
Investing in IT support
This may seem like an extra expense, but the benefits of comprehensive IT support are too many to ignore. Apart from handling operational functions, IT support is now becoming increasingly necessary for sales and consumer relations. In fact, without appropriate IT infrastructure, it would be impossible to expand the market share. This is especially applicable to small businesses that do not have the extra manpower to handle the added work due to increase in sales.
PCD franchise companies are today using various means to extend their market, from using social media to creating a reliable network of referrals and suppliers.