In our previous article, we talked about how consumer health manufacturers can tap into the consumer trends and increasing demands for consumer health products. Click here to read this article. To big consumer health brands such as Johnson & Johnson, GlaxoSmithKiline, and Procter & Gamble, this is very much doable as they technically have more resources compared to SMEs or small businesses. Many SMEs and small businesses usually operate on a tight budget – with inadequate budget allocations for massive advertising, marketing, and fast product development. Fortunately, it’s not the end of the world for consumer health SMEs and small businesses as we are now entering the digital age, where many processes can be done more efficiently, with less cost and less (human) errors. Plus, consumers these days prefer more customer-focused brands. Major brands usually only cater to the demands of the mass and offer less personalised products to consumers. So, without further ado, check out these ways for consumer health SMEs to stand out and stay competitive with major industry brands.
Ways for Consumer Health SMEs to Stay Competitive with Major Industry Brands
1. Automate Processes
Processes that are time-consuming with high probability of human errors such as stock movement management, logistics, procurements, and delivery scheduling can be automated in order to increase efficiency. This way, the supply chain flow can remain smooth and ensure that product supply is well managed and consistent.
2. Ensure Reasonable Product Prices
It is important for SMEs to know what their product manufacturing costs are and how to sell them in a way that maximises margins. At the same time, consumer health manufacturers need to make sure that their products prices (especially widely used over-the-counter products like supplements and medications) remain affordable for their target consumers. By understanding cost centres, consumer health SMEs can compete with other major brands when it comes to setting product prices that will benefit both the manufacturer and the consumers.
3. Utilise a BMP System
When competing with larger consumer health brands is one of your master plans, then investing in a Business Management Platform (BMP) is a must to ensure a highly efficient operation. Many SMEs choose to put this on back burner to ‘reduce costs’, but this shouldn’t be a problem anymore as SMEs can opt for an affordable and secure BMP solution like Enterpryze. Enterpryze is a cloud BMP solution engineered to help SMEs in streamlining most processes within the supply chain while helping SMEs manage costs and maximise margins.
Here’s a Solution from Us – Enterpryze, the Perfect All-in-One Cloud BMP Tool for Consumer Health SMEs
Enterpryze offers a more integrated consumer health supply chain management and helps the consumer health SMEs in staying competitive in the industry and thrive while maximising margins.