Membership-Based Pharmaceutical Company Educates Prospects and Customers Increase By 25%
A pharmacy recruiting company was having a difficult time attracting qualified pharmacy owners to join their membership-based organization. Not only were these prospects balking at the steep price to join, a large majority didn’t realize the benefits that compounded medications could bring to a pharmacy’s bottom line.
Without a steady stream of new members, the networking and innovation of the organization could reach a stalemate, ultimately disrupting their entire business model.
Knowing Craft the Message has experience in the pharmaceutical industry, the recruiting company reached out to us looking for help in establishing a strong message strategy that would influence prospects to join.
Our research uncovered that in order to be convinced that this was a good business decision, pharmacy owners focused on a few key benchmarks that included:
- Profit margins
- Industry projected revenue growth
- Different specialty areas for compounded medication
After this was established and trusted, then pharmacy owners would consider joining the membership-based organization.
Step One: Market Research
We needed to clearly understand the demographic and psychographics of pharmacy owners in general. Then using quantitative research we uncovered the benchmarks and metrics that mattered to them in pursuing this niche.
Here are the statistics we found:
- Net profits for compounding pharmacies were almost three times higher than traditional pharmacies
- The industry projected revenue to grow at 3.5% for the next 3 years
- Specialty areas included, vet, pediatrics, ENT and more
Next, we polled the recruiting team on the types of questions they received from prospects and what this team’s number one frustration was.
After analyzing the answers we realized prospects were asking a lot of questions about the basics of compounding medication and recruiters were frustrated because they were spending too much time educating pharmacists about the basics of compounding.
Educating prospects as best we could was a primary goal of this campaign. Doing this would better qualify these leads.
Step Two: Message Strategy
We divided our audience into two main segments of pharmacy owners:
- Those that didn’t have an awareness about the benefits compounding would bring to their business
- Those that understood the benefits of compounding but weren’t convinced that joining the membership-based organization would be worth the hefty fee
Gathering qualitative research from industry thought leaders and supporting organizations allowed us to tailor our message and supporting statements around things that mattered to pharmacy owners in each of these segments.
Developing a message strategy this way allowed us identify the different message priorities each audience needed without giving them information they weren’t interested in.
The development of two strong message maps for each audience segment (see below) was going to be crucial. Once that was created we could then focus on tactical plans with benchmarks and metrics like reach, calls and conversions.
Step Three: Implementation
Priority number one was to gather and evaluate all current and past marketing materials to identify what content needed to be tweaked, what needed to be rewritten and what needed to be created.
There was a bunch of content that was already created, but none really spoke to the prospects at the beginning of the buyer journey.
Seeing this we were able to start creating content that spoke to these pharmacy owners.
After that we looked at the already established marketing channels like trade shows, emails, newsletters, social media etc to see how we could align what was already scheduled to our new messaging.
Here is an example of a website landing page we created that illustrates how we leveraged these existing channels.
The booklet below was the “center piece” of our marketing campaign. Taking advantage of our expertise in making complicated information easy-to-read, we were able to highlight the facts and figures that mattered in a very easy-to-understand infographic.
The booklet itself satisfied both audiences and therefore served a dual purpose. This made it easy when the recruiting team was at a tradeshow and had only three minutes to talk to a prospect. It was convenient and easy for prospects to carry around.
In addition, the creation of sales scripts was also important. The recruiting team needed to have a unifying voice that spoke to the different phases the prospects were in and it needed to align with the content we were creating.
Corporate message alignment as well as crafting a message that the prospect cared about all added up to a quality sales pipeline and a 25% increase in new memberships within six months.
How do you think market research could help your business? Contact me and let’s set up a discovery phone call to see if partnering with me would be a mutually beneficial relationship.