The strategy aims to position the company as one of the top three pharmaceutical importers in Ethiopia within the next three years. By focusing on increasing market penetration, the plan targets underserved regions, engages in partnerships with hospitals, and leverages digital marketing. For instance, offering competitive pricing and developing a client loyalty program helps build a substantial customer base.
Expanding the product portfolio is another key element. Conducting gap analyses to introduce niche medications, establishing exclusive agreements with international manufacturers, and offering educational sessions for healthcare professionals are central actions. For example, introducing innovative drugs can attract a diverse clientele and cater to specific medical needs.
Enhancing operational efficiency involves investing in technology and streamlining supply chain processes. Using advanced inventory management systems and developing alliances with logistics companies ensure quick and reliable distribution. Training staff on operational best practices and implementing an ERP system consolidate these efforts to create a well-oiled machine that supports the company’s growth ambition.
The strategies
⛳️ Strategy 1: Increase market penetration
- Identify and target underserved regions in Ethiopia for distribution
- Form partnerships with major hospitals and clinics for consistent supply contracts
- Invest in local marketing campaigns to build brand awareness
- Develop a loyalty programme for returning clients
- Offer competitive pricing to capture a larger market share
- Utilise digital marketing to reach a broader audience
- Establish relationships with local pharmacies for mutual collaboration
- Conduct market research to identify high-demand medications
- Attend relevant industry trade shows to enhance visibility
- Implement a customer feedback system to improve service
⛳️ Strategy 2: Expand product portfolio
- Conduct a gap analysis to identify potential new products
- Negotiate exclusive agreements with international pharmaceutical manufacturers
- Expand the range of generic medications offered
- Introduce niche medications to cater to specific customer needs
- Leverage data analytics to predict future product demand trends
- Establish quality assurance standards for product selection
- Invest in warehousing facilities to support a larger inventory
- Collaborate with R&D companies to access innovative drugs
- Package and brand exclusive products for differentiation
- Offer educational sessions for healthcare professionals on new products
⛳️ Strategy 3: Enhance operational efficiency
- Invest in state-of-the-art inventory management systems
- Streamline supply chain processes for quicker turnaround times
- Develop strategic alliances with logistics companies for reliable distribution
- Implement an ERP system to integrate all business operations
- Regularly train staff on efficient operational practices
- Optimise warehouse layout to improve picking and packing processes
- Conduct regular audits to ensure compliance with industry standards
- Automate routine tasks to reduce operational costs
- Implement performance metrics to measure operational success
- Upskill employees to adapt to new technologies and systems
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
