Using Effective Brand Management Strategies to Maximize the Potential of Multi-Drug Portfolios
CHAPEL HILL, N.C., Oct. 25, 2013 /PRNewswire/ -- One of the complex dilemmas facing the pharmaceutical industry today is the management of multiple products for the same indication. Marketers must effectively launch and market a new product or brand in a way that challenges external competition yet sustains the sales and value of a legacy brand that the company controls. The most common brand management problem associated with marketing multiple brands for the same indication is creating product confusion among internal and external stakeholders, according to new research from Best Practices, LLC.
The research project - which is a 2013 update of an older study on the same issue - found that leading organizations successfully use more than a dozen different positioning strategies to control or minimize product cannibalization. Targeting different patient subtypes and using different delivery methods are among those rated most effective. In the 2010 version of the study, 85 percent had rated aligning with thought leaders as at least somewhat effective. This tactic's effectiveness fell by nearly a quarter in three years.
The new research also found that more than three-fourths of the benchmark participants successfully promoted their products as independent brands rather than as together as a franchise.
"Best Practices in Expanding a Product Portfolio without Cannibalizing an Established Pharmaceutical Brand" delivers successful strategies and tactics for managing resources and avoiding or controlling product cannibalization when marketing multiple brands for the same area of use. The 67-page report illustrates how to create well-crafted marketing strategies and smart resource allocation plans that will deliver multiple high-performing brands.
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
This study engaged 37 brand leaders from 30 leading pharmaceutical, biotechnology, and medical device companies. Product and brand leaders can use this study to review successful strategies and tactics for managing resources and avoiding - or controlling - product cannibalization when marketing multiple brands for the same area of use.
To learn more about this report, download a complimentary report excerpt at http://www3.best-in-class.com/rr1240.htm. For related research, visit our Best Practices, LLC Web site at www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis.
SOURCE Best Practices, LLC