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What is Pharma Franchise Model? A blog about how franchising works in pharma.

In this article I will tell you about the Pharma Franchise Model and how it is different from other franchise models. Along with Pharma Franchise, I will drop you some basic knowledge about the entire franchise model. Franchise marketing meaning varies from industry to industry. A franchise is a model of distribution and represents the most common business structure that enables the franchisor to capture recurring business from their franchisees. The franchisees are then able to earn profits from the same set of rules, systems and standardized products sold by other franchises across the country. In today's world of marketing, franchising has emerged as a lucrative option for new ventures as it simplifies and streamline the process of starting a business. With so much advanced equipment, efficient manpower, trained professionals etc., many entrepreneurs find it financially rewarding to take up a franchise business. What is Franchising? Franchising is a business strategy that involv

Sales Lead follow-up in Pharma Franchise Marketing

Video Language is Hindi

Chapter 6: Sales Lead follow-up in Pharma Franchise Marketing

In previous chapter, we have discussed about different ways of generating leads and prospect’s contact details, promote and advertise pharmaceutical company for generating franchise queries.

We will discuss about follow-up here in pharma franchise marketing. You need to learn about follow-up because good follow-up may lead to convert a lead into business and spammy follow-up may damage your and your company reputation.

Follow-up is must to do for pharma franchise marketing. You need to take regular follow-up with prospect periodically but you should make sure not to spam and irritate others with your follow-up. You can send reminder mails or massages or make calls etc. 

How to follow-up?

  • First you need to make a list of all leads in excel or any other ways that you receive
  • This list should contain Firm name, contact person name, address if you have, phone number, e-mail address and follow-up dates etc.
  • At regular basis, you should add new leads and remove matured or uninterested leads form it. You may save contact details of matured or uninterested leads at some other place but this list should be updated regularly.
  • On receiving of query detail, you should immediately contact him/her. Ask about his/her purpose of sending query and send details of your company i.e. product list, packing, prices if asked for and other details asked by prospect.
  • After sending details. Confirm to prospect whether he/she receive that details or not
  • Depend at prospect response or time period given by prospect, you can make reminder call, mail or massage
  • If prospect doesn’t respond well, you can make a reminder call, mail or massage after one week
  • After that if no response from prospect then don’t waste time and move on to new queries

Types of Prospects:

For understanding follow-up time period and maturation of leads, you need to understand how many types of prospects you have to handle.

There are generally four types of prospects:
  1. Prospects having immediate requirements
  2. Required but not immediate
  3. Short term motivated
  4. Only for comparison or time pass

Prospects having immediate requirements:

Some prospects require to have a pharma franchise company distribution at immediate basis. They may have many possibilities of this emergency like dispute with previous company, new product that aren’t available at their current vendors or any other.

These queries/prospects generally finalise deal within 15 days and can place the order in short span. These queries are highest chances of finalisation as they don’t have time to compare different companies price list and products. You should make regular follow-up with them so you get immediate business from them. 

Required but not immediate:

These are generally new comers or existing franchise distributors seeking for expansion. They take some time to finalize company. Time span may be 3 months, 4 months, 6 months or more. They will not immediately finalize with you, in other words with any company. They are some what confused whether they should start their own business or not. That confusion makes them in hang for some period. From these some will finalize with any pharma company and some will leave plan to start business. 

Short term Motivated:

Very difficult to understand whether a prospect fall under first category or this category. Some persons get motivated by seeing any successful person in pharma franchise marketing and immediately want to start his own pharma franchise business.

They contact to companies. Some time they immediately place order and, in some cases, they forget it after some time and will ignore all companies to whom they sent queries. One more indication of these prospects is that they will not send you second order because they didn’t cleared previous stock they received. 

Only for comparison or time pass:

Some queries you receive, will be for comparison of prices with company rates they working with or only sent as they were visiting at your website without any purpose. 

How to differentiate?

It’s hard to differentiate between all queries we receive whether they require franchise at urgent basis or it is only for time pass. You only need to give your best at every query you receive. With time, you will understand which one is genuine or which one is fake.

Next: Chapter 7: Close a Sale

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