Strategy to Turn Around
a Failing Company
A specialist pharma company had been in the UK for 10 years, but still had only a very small market share, sales were not growing; the company was not profitable, the workforce was unstable and turnover was high.
A strategic review was carried out; customer research was instigated; there was not full regulatory compliance. Customers did not recognise the products or their benefits, staff turnover was very high and customers wanted to see some reps and have support; the company was not well know; there was no corporate knowledge; investment was insufficient and marketing non-existent.
A new team was recruited; a new strategic business and marketing plan developed; regulatory compliance was enforced; the first marketing plan was implemented to raise awareness; new sales and marketing tools were developed to sell effectively against competition; a new tendering process was implemented.
The company and product profiles were raised; sales and profitability increased; the company was turned from loss into profit.