Defining a Marketing Strategy for a Leading Player Offering Authentic Ayurvedic Medicines and Treatments to Patients from all over India and Abroad
The client, a charitable institution, manufactured authentic classical Ayurvedic medicines. The market for Ayurveda is segmented into two main categories i.e. classical and proprietary, and patented. The client was a household name in the south of India and accounted for more than 50% of the classical Ayurvedic market. However, a demand for proprietary and patented medicines was increasing due to the ease and convenience of usage. In order to protect its leadership position and increase its nationwide presence the client was planning to set up a plant for manufacturing proprietary and patented medicines. The client requested UC to assist in the following areas:
- Evaluate feasibility of the set of 85 products proposed to be manufactured in the new plant
- Evaluate the option of entering the over the counter market
- Increase sales of the existing classical products
- Identify application industries for extracts in India, and overseas.
In order to deliver the requested information, UC took the following approach:
- Conducted primary research in 18 locations, and held discussions with 498 respondents across different respondent groups i.e. doctors, channel members (distributors, CFAs, pharmacies), competitors, FMCG companies, regulators, extract manufacturers
- Defined a methodology for the selection of proprietary and patented medicines based on the following -
- Market attractiveness
- Technical analysis of proposed products
- Defined a phased strategy for the launch of proprietary and patented medicines
- Defined action points at each stage of product development
- Mapped product characteristics with existing products in the market and based on discussions with the internal team, defined the positioning strategy
- Defined a pricing strategy for proprietary and patented and classical set of products
- Analysed the existing distribution network for the proprietary and patented and the classical set of products and recommended distinct strategies for the same
- Identified issues with existing channel policies and defined initiatives in areas of margins, door delivery policies and credit policy
- Defined a marketing organisation structure
- Defined a marketing and promotions strategy (pull and push) for influencers, channel partners and customers
- Defined a roll out plan
- Prepared a detailed implementation plan to assist the top management and key personnel during the implementation phase.
The client was provided with a deliverable on the feasibility of the 85 proposed products and an evaluation of the scope of the over the counter market. A number of changes were recommended for the company in order to increase sales of existing classical products.