Like other companies, pharmaceutical companies must adopt more efficient strategies for growth, such as growth hacking. This methodology, based on active experimentation, allows discovering which are the most efficient actions to achieve business growth.
To achieve this, the growth hacker will analyze the entire business, which differentiates him from a traditional marketer, focused only on sales. After this, he will detect which is the most critical part of the funnel, the one where the most customers are lost, and then optimize it.
Once the most critical part has been discovered, SMART objectives will be proposed to optimize it. These objectives will be specific, measurable, achievable, relevant and time-bound. Increasing customer recurrence by 10% within 4 months would be a SMART objective.
Once the objectives have been established, the next step is to establish growth drivers. These drivers are methods that are supposed to help us achieve the objectives in the most efficient way possible. We will check if they are really effective through experiments, economic and quick tests.
After going to the doctor and being prescribed a drug, approximately one third of patients simply do not go to the pharmacy to buy it, and of those who do buy it, half do not take it correctly. There is significant growth potential here.
- How do we reduce the percentage of people who don´t buy our medicines?
- Are people not buying them out of forgetfulness or laziness?
- How could we remind patients to buy and take our medications properly?
- Could we make an app that reminds the patient to buy and take the medication?
- Would it be effective to run an awareness campaign about the consequences of not taking medication properly?
- Is it possible to collaborate with doctors so that they warn and remind the customer to take the medication properly?
After conducting experiments capable of answering these questions, it will be essential to record the results obtained. If we are constant, we will end up with a bibliography of learnings in which we will be able to consult which strategies are effective and which lead to failure. In this way we will become more efficient and make fewer mistakes.To learn more about how to grow a pharmaceutical company, all you need to do is register at Hypertry. There, the most effective drivers and experiments in the sector are updated and personalized consulting can also be requested.