Digital Marketing Plan for Pharma Market Research Company
Formation of the Business: This business will be a start-up operation to offer market research and data analysis services to the pharma industry. It will be formed by the end of 2022 (before Jan 2023).
Workforce: The business will start with 5-10 highly skilled employees in the first year.
Service Productivity: We will conduct all phases of both traditional and digital marketing research based on the request of customers to help them make more informed decisions, with a customer-centric approach, and will tailor the services according to the specific needs of customers (based on their requests).
Meeting the needs of our target market: It is intended to conduct customized traditional or digital marketing research (or mix of both), according to the needs of the customers. We can run all phases of both qualitative and quantitative studies with different research approaches.
Unique Selling Proposition: We are a customer-centric marketing research company, which offers high-quality and customized marketing research services at reasonable prices, and importantly, exclusively to the pharma industry, through our highly skilled workforce.
- Specialized in a unique industry (Pharma)
- High-quality marketing research services
- Customized marketing research services
As a new company:
- It may take time to be fully equipped with the required facilities
- It may take time to penetrate the market and achieve acceptance from clients
- Big-size market (opportunity to grow through lowering the cost, and increasing the penetration rate by offering high-quality services, and value sharing with customers)
- COVID-19 causes pharma companies to work on new products, which will result in more requests for market research
- Not many competitors (now)
- Good profit margin
- Threats of new competitors (especially if they offer cheaper services and in a shorter amount of time
- Entrance of new technologies and platforms (We will need to upgrade our knowledge, skills, and services accordingly)
The main objective is to be a customer-centric marketing research business, which offers high-quality and customized marketing research services, at reasonable prices to its target market (the pharmaceutical industry).
Short Term Goals
- Attract our target market to our websites and social media platforms
- Increase our social media followers
- Start selling through our online channels (The market share is anticipated to be 3% in the first year)
Long Term Goals
Our long-term goal is to become a leading marketing research company for the pharmaceutical industry and reach a significant market share through our online channels within 3 years.
Digital Marketing Strategies for Business Development
We will create a customized plan based on our business, our competitors, our industry, and our main goals. The outline of our initial strategic plan that will be implemented over the first year is:
- We will start by creating a professional and informative website.
- Then, we will sign up for Google My Business since it is a free, easy, and effective ways to provide visibility of your service so that pharmaceutical sectors can find us online.
- In order to increase the traffic to our website, we need to focus on SEO and SEM strategies. We will create an efficient content marketing strategy, and will work on paid social media advertising. We will measure our ROI constantly.
- As the business grows, our digital marketing activities will be developed gradually by using different platforms to increase awareness and gain customers. We need to be present on the platforms where our target customers (pharmaceutical industry sectors) spend more time to increase awareness and generate revenue consequently. Accordingly, we aim to start with creating social media accounts on LinkedIn, then Facebook. We need to be active and track our performance continuously.
- We will also focus on Email Marketing, as it is one of the main marketing strategies for B2B companies.
As we are a marketing research company, and it is a B2B business, we do not need to have any intermediaries. Thus, we will utilize direct distribution with no intermediary levels, and we intend to sell directly through our sales force, e-commerce/online website, and digital platforms to customers. This will help us build and secure our customer relationships and will decrease the distribution costs. Moreover, since we aim to offer customized services to our customers, we need to communicate with our clients throughout the research and have control over all steps of the research.