Implementation of Right CRM Strategy for Pharmaceutical Industry

Abstract

Research literatures have revealed that customer contact management helps in assessing relevant information about customers, and further benefits development of appropriate marketing strategy for organizations. An organisation can keep building the relationship and adding value to customer service encounters without investing as much time and energy as it used to be the practice in traditional marketing of pharmaceutical products. Indian pharmaceutical marketing remains a very dynamic & challenging game plan for all the 250 or more organized Indian & MNC players in a market size of US $ 4 billion. Every marketer would like to maximize the marketing efforts & precious inputs by finding core customers through segmenting & targeting of potential customers in order to create uncontested market space, thus making competition irrelevant. In this paper, an attempt has been made to explore how innovative customer contacts have emerged as a standalone and comprehensive area of knowledge in the pharmaceutical industry. As such, the paper seeks to understand through suitable examples and research findings: (1) the forces driving customer relationships; and (2) the issues involved in implementing customer relationship strategy, in the pharmaceutical industry. Suggestions are also made with regards to careful collection and application of personal contact information to the customers’ database, and incorporating them into the marketing strategy of Indian pharmaceutical sector. Thus, the paper seeks to explain through suitable examples, the implementation of right marketing strategy by segmenting and targeting the market through individual customer interactions.

Keywords: CRM, Pharmaceutical Marketing, Salesforce Effectiveness