In a previous article, we learned about the extensive marketing strategy of McKesson. In this article, we will see the marketing strategy of Laurus labs – knowledge, innovation, and excellence.
The objective of this article is to know how the marketing strategy of Laurus labs works and how the pharmaceutical labs work and to know about their marketing strategy.
We all know the entire world is going online and we are going to learn about the marketing strategy of Laurus labs by the end of this blog .before going deep into it if you are interested in digital marketing, then go and check out IIDE’s free masterclass on digital marketing 101 by founder, Karan Shah. let us begin with the company’s journey, target the audience and digital presence.
About Laurus Labs –
Source – Wikipedia
A multinational pharmaceutical and biotechnology firm based in India. India’s Hyderabad is where it is situated. The production facility is situated in Hyderabad, Visakhapatnam, and Bengaluru. The company primarily focuses on biotechnology, generic formulations, active pharmaceutical ingredients (APIs), and bespoke synthesis. Founder Dr Satyanarayana Chava established the business in 2005.
Multiple approval documents have been given to Laurus Labs by the USFDA, WHO, NIP Hungary, KFDA, MHRA, and PMDA. Bangalore, Hyderabad, and Visakhapatnam, it has eight production facilities. Hyderabad and the US both have research and development centres. Generic formulation (FDF), generic APIs, contract development and manufacturing (CDMO)-synthesis, and biotechnology make up the company’s four divisions.
According to the company’s CARE ratings, the ratings given to Laurus Labs’ bank employees are due to an improvement in overall operating income and profitability margins during FY21, which drove the sales under FDF and API cash flow.
In FY20-21, the corporation reported a 70% growth in revenue, and the shareholder fund similarly saw a 2597 increase.
Quick Stats –
|CEO||Dr . Satyanarayana Chava|
|CMO||Mr V V Ravi Kumar|
|Market Revenue||1.58TCr (Sept 2022)|
|Vision||To become a leading player in offering integrated solutions to global pharmaceutical needs in creating a healthier world.|
|Tagline||Knowledge. innovation. excellence|
Marketing Strategy of Laurus Labs –
Let’s examine the marketing strategy of Laurus Labs now that we are familiar with the company’s overview. And, for instance, how Laurus Labs executes the marketing campaign.
Segmentation, Targeting and Positioning
The main target demographic is millennials, who range in age from 45 to 60. With regard to thyroxine, PCOD, the spinal cord, and the brain, this is the age when the majority of people feel the need to seek treatment, and Laurus Labs satisfies that need. It fulfils the roles of a laboratory test and a non-refrigerated product, which makes it painless and joyful and meets the objective of medicine.
The fact that Laurus Labs is the sole pharmaceutical brand in India helped it gain a place in the industry. People from India are renowned for having a culturally savvy mentality, and Laurus labs develop numerous funding for society. It develops numerous treatments for uncommon disorders.
In a distinct segmentation, Laurus Labs is split into three categories: APIs, FDF, and synthetic. In APIs, they concentrate on chemistry because this is an area where they can differentiate themselves and grow by fusing creativity with effectiveness. In FDF development centres, formulation and analytical research are combined. From the pre-clinical stage until commercialization, they support medication development and manufacturing programmes for multinational pharmaceutical and biotech businesses.
A product that doesn’t require refrigeration and is simple to use was provided by Laurus Labs. it also shows the kind of goods they launched. What innovations do they have? The most costly medication in the above image is the trientine capsule 333mg, which has a retail price of $15,000. It is also known as Hepatolenticular degeneration, which is a rare disease, and provides faster action and more efficacy for the patient who has a problem with liver disease, central nervous system (brain and spinal cord) disorders, and mental problems. Most persons between the ages of 40 and 60 experience this.
Laurus Labs does not launch many marketing campaigns.
Social Media Marketing
Laurus Labs Ltd. is active on social media platforms such as LinkedIn, Facebook, Instagram, and Twitter. Because of COVID-19, it was very popular during 2020-21, and it gained the most followers on the LinkeFacebook handle, with a range of around 20-49 k followers. LinkedIn is more formal than Instagram and other social media platforms. The posts are mostly promotional and informative, with a few posts about their new product launch and new schemes related to the test and events held during the period.
On a different website, they are given an estimate of how many followers they have.
- Facebook – 2.7 million
- Instagram – 1,514 followers
- LinkedIn – 49286 followers
- Twitter – 7215 followers
The data presented above demonstrate Laurus Labs’ popularity on various social media platforms and in advertisements.
Source – UberSuggest
According to SEO ranking, fewer than 500 keywords are considered bad, more than 1000 are considered good, and more than 10,000 are considered fantastic. As can be seen, https://www.lauruslabs.com With over 1000 organic keywords, it is regarded as a good keyword. That means Laurus Lab’s digital marketing and social media marketing are becoming increasingly popular.
Also, the monthly traffic is around 6k+, which is considered average. As a result, Laurus Labs’ SEO strategies still need to be improved while working hard enough to keep the brand soaring in Google organic SERP results.
Laurus Labs has never worked with YouTubers, Bloggers, Food Pages, or others for marketing purposes. They have a large number of followers, with over 50K+. It is a pharmaceutical company that deals with medicine and lab tests, as we all know. Also, in the social media section, we’ve noticed that most LinkedIn accounts have more followers, which could be a student or an entrepreneur.
Let’s talk about the e-commerce strategies Laurus Labs has on its website, where they sell their products with special offers. Aside from that, it has its own app that goes along with medicine delivery and provides services such as lab tests and reports that are sent to the registered phone numbers. As we have seen over the last 19 days, it has introduced the door-to-door lab test, which has been extremely beneficial to the general public. Amazon and Apolo also deliver medications.
Yes, it has a mobile app Laurus Employee Care with daily health tips and information to help people stay healthy during the pandemic. It assists in tracking the status of employees in order to provide useful support, even for lab tests. This app has 4.6 ratings and 1T+ downloads on the google play store.
Content Marketing Strategies
As we all know, during COVID-19, the lab’s websites drew a lot of attention on social media. As it is a medical-related website and firm, the post content is related to its product and what they are doing for society. The posting content is about medicine, testing, and facts. They also distribute press releases about their financial situation and prospects through various channels, including Facebook, LinkedIn, Telegram via SMS, The New Indian Express, and others.
Finally, our detailed marketing strategy for Laurus Labs Let us now wrap up our study below.
What’s Unique in the Marketing Strategy of Laurus Lab?
As we learned from the overview and about the company, it is a pharmaceutical company that conducts experiments, R&D, manufacturing, and provides public lab tests. It offers over 1000k job opportunities to the general public. Every year, they release the financial statement to the general public so that they can determine whether or not their money is being saved. Its company does not use digital marketing. They participate in a variety of activities related to education for children, such as science fairs.
It has advantages such as partnerships with multilateral agencies, access to major tenders, and actively participating in national tenders. In the coming quarters, the company will focus on executing large-scale tender opportunities. The audit report is made available to the general public. The company’s investment in R&D and manufacturing facilities enables it to broaden its product portfolio, technical capabilities, geographic reach, and manufacturing capacity.
Companies are seeing a significant COVID-19 impact, as well as a negative breakdown of first support. Its financials are poor because it cannot generate net cash.
Everyone is going online, which increases the importance of digital marketing and is another changing factor. if you are interested in digital marketing and want to upskill you can go to IIDE’s 4-month Digital Marketing Course or 11-month digital marketing courses to learn.
We hope you enjoyed the article, If you want to read more such articles like the marketing strategy of Laurus Lab then check out the IIDE Knowledge Portal.
Thank you for taking the time to read this, and please share your thoughts on this case study of the marketing strategy of Laurus Labs in the comments section below.