Simone Sloan, RPh, MBA
Simone Sloan, RPh, MBA, Business Strategist & Executive Coach. She has spent her career in the pharmaceutical industry and has leveraged her pharmacy experience in long-term care, retail, and managed care pharmacies in business. She has honed her business skills as a Marketer, in Business and Medical Communication, Global Business Strategy, and Business Cross-functional Team Managements. Simone brings insights to create actions that deliver real business results. More information about Simone can be found at www.YourChoiceCoach.com
Assess your market and look for trends.
Know the market in which you compete, live, and breathe. Do the extra work to learn and understand your market drivers. Demographic shifts, technology and innovation, or consumer preference changes are examples of things that can have a major impact on your company’s performance and your career. If you are not sure what drives your company’s growth, ask someone to sit down with you to explain it.
Externally monitoring your industry is essential because things change within a blink of an eye. Questions to ask yourself: Does your company ignore trends? Are they slow to change? Are they constantly playing catch up? Are they leading the pack? Your company’s culture will answer those questions and also determine their ability to be flexible and adaptable given market shifts.
Monitoring your competitors and their new initiatives is another way to identify potential industry growth areas. When competitors have the first mover advantage, they are willing to share publicly.
Revisit your company’s value proposition.
Staying relevant in the marketplace is key. When was the last time you reviewed your company’s value proposition? Do you even understand it and does it even make sense? Chances are that if you do not understand it, your customers may not either.
Customer tastes and preferences are constantly changing. Customers may choose an alternative communication method over others, responding to information that resonates with them, or just making purchases that were constant in the past. Have you noticed any increases or declines in numbers of customers in certain areas, do certain tools introduced to patients drive better medication adherence or more on-time refills? These changes are clues for you to evaluate how your company competes, handles external forces that may impact the business, and provide customer value.
Stay connected to your network.
Working 40 hours a week is no excuse to start burying your head deep in work and neglecting your network. Your network is valuable and should not be left to collect dust. Build and grow your circle and start connecting to your peers. It is a great way to get the latest “scoop” on your business and industry. Attending association meetings and networking events are great ways to stay connected. The more knowledge you have, the more empowered you will be professionally.
Tapping into the growth areas of your company and industry while monitoring your company trends should become a regular habit. You want to position yourself in areas of the business that is growing and where resources are plentiful.
Your professional viability and professional growth are important. Be proactive and prepared. Learn how to assess your company’s current state and identify the gaps so that you can prepare your plan to handle unexpected changes, and remain ahead of the curve.