Maximizing the Potential of Multi-Drug Portfolios Without Cannibalizing from a Legacy Brand
CHAPEL HILL, N.C., Dec. 10, 2010 /PRNewswire/ -- Managing multiple brands for the same indication is a complex balancing act for bio-pharmaceutical companies. While a new product can translate into expanded market share and improved reputation with physicians, it can also result in a new product gaining market share at the expense of the organization's legacy product.
With the objective of identifying successful strategies and tactics for marketing multiple brands for the same indication or area of use, Best Practices, LLC has published a new study, "Expanding a Product Portfolio without Cannibalizing an Established Brand." This 61-page report presents the strategies for creating well-crafted marketing strategies and smart resource allocation plans that will deliver multiple high-performing brands.
The research project clearly illustrated that after a new product is launched, spending priorities for the legacy product must shift. On average, sampling, coupon-discount programs and direct mail become more important, while ad boards, class-building activities and speaker training become less important for the legacy brand's continued success.
Key topics addressed in this report include:
- Effective methods of differentiating multiple brands
- Positioning strategies that minimize product cannibalization
- Operational changes that drive success when introducing a new brand into a product family
- Positive & negative impacts of introducing a new brand
- New product's share of the combined marketing spend during first three years both are marketed
- Marketing mix for new & legacy products
- Marketing activities that drive continuing success for legacy brand
- Best indicators of marketing effectiveness
- Pitfalls, failure points and best practices
Participants in this benchmarking research included 28 respondents at 22 leading pharmaceutical, biotech and medical device companies. Research analysts also conducted in-depth interviews to collect executive insights and harvest best practices and lessons learned.
To learn more about this report, download a complimentary report excerpt at http://www3.best-in-class.com/rr1035.htm. For related research, visit our Best Practices, LLC Web site at www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC serves 48 of the world's 50 top pharmaceutical companies. For 17 years, we have conducted work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.
SOURCE Best Practices, LLC