The marketing team in the pharmaceutical industry may face pressure from both external demands and other internal departments when marketing their products or building a brand. The pharmacy field has many challenges and is highly regulated, so a good plan will help pharma marketers work on a road map to success, attracting the attention of prescribing physicians as well as their patients.
There is a wide range of pharmaceutical marketing strategies that enable you to choose, however, this article will recommend the SOSTAC model as one of the most leading plans due to its simplicity and practicality. SOSTAC is a strategic marketing planning model covering the six stages: Situation analysis, objectives, strategy, tactics, action, and control.
SOSTAC model is highly potential for your marketing success and also keeps you on track during the execution of the plan. Hence, it's a good choice for your consideration whether you're embarking on a marketing campaign or creating long-term and even short-term planning. There are six vital elements in making a plan for the context of pharmaceutical marketing.
1. Situation analysis:
The first essential step of a marketing plan is to understand your firm's landscape based on the current situation in the market share that you want to jump into. Researching internal and external elements will give you the overview to draw out the strategic direction for your success. Although it may take up to 50% of the planning process time and some of the work carried out are more likely to build up the right decisions than actually make it into a physical plan, devoting efforts to this stage will help you place a solid fundamental base for your marketing plan.
There is a range of questions to discuss with your marketing team and work on your current situation (SWOT - strength, weakness, opportunity, threat).
What do your customers want and need?
What opportunities and threats exist in your targeting marketplace and pharma industry?
What are your competitors?
What are the unique strengths that can help you do better or counter your competitors?
2. Objective setting:
Moving to the second stage and seriously setting down your goal will help you avoid getting lost when working on the marketing plan. Measurable objectives give you perspective and goals to focused executive and contribute towards the overall marketing and organizational objectives. This stage will likely involve all of your marketing team, even board members and those responsible for allocating marketing budgets. You can go through the SMART model to define your achievable objectives with realistic KPIs and other metrics.
3. Determine strategy:
You need to ask yourself how to select the specific approach to the marketing problem. This stage dictates how your organization is going to shift to an advanced level. Here, trends are responded to where the significant position within the market is determined, and subsequently, what promotion and communication strategies are adopted to support customer acquisition, conversion, and retention. At least for B2B pharmaceutical marketing, when you wish to expand into new territories, your marketing strategy should demonstrate this desire, for example. It will be best to set up a meeting with all of the key stakeholders and define following these crucial elements: your specific buyer personas, value proposition, and your communication/content strategy.
4. Tactic implications:
You may still be ambiguous with a huge marketing plan, so the needed action is to set out more detail and define a road map to achieve marketing strategies. Throughout the sales funnel or customer journey, each touchpoint and implemented platform will be listed in this section. For instance, you plan to position your brand by a content marketing strategy designed to educate a small aspect of the pharmaceutical vertical about solution alternatives. Hence, The customers can consider your organization as the cheaper yet friendlier alternative to the market leader. In the end, the following will be required:
A roadmap of tactics and touchpoints
A review of your media plan and schedule
A detailed Gantt chart of all the channels you plan to use.
5. Action Planning:
Ensuring your marketing plan can be executed by cascading to the in-charge people and set the timeline, you need to feature the detailed working out of the tactics to turn your literate plan into real action. Each tactical channel or activity is an essential mini-plan that needs to be managed, with the frequency of posting and specific actions of each channel taken into consideration. Reading about this stage, you are beginning to lose enthusiasm for your marketing plan, which would suggest why this part of the planning process is more likely the weakest for organizations. It usually goes missed entirely. Allocate time and resources to your plan and conduct internal meetings with team members so both you and them are aware of the actions to bring the plan to life.
Remember that continuing development will help build your firm stronger, so you should decide on appropriate methods to evaluate your plan and process since it is a last but not least stage. A key strength of reporting is to be aware of whether you are succeeding or not before it's too late, supporting you with the knowledge and data to build a marketing plan for next year. Most of this process will look at your marketing metrics, including conversion rate, the number of traffic, and lead generations - but it will also include reviewing internal workflows and how the team is performing as a unit.
The logical and straightforward structure, which derives from the situation analysis, can inform accurate decision-making regarding internal capability and external opportunities and threats. SOSTAC model will enable you to reach a destination easier when you are informed about the road you need to take.