CHAPEL HILL, N.C., Oct. 14 /PRNewswire/ -- Most bio-pharmaceutical organizations eventually have to face the challenge of managing multiple brands for the same indication. While a new product opens the door to more patients, it also can erode the market share of an organization's legacy product. The most common 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 found that leading organizations successfully use more than a dozen different strategies to control or minimize product cannibalization. Targeting different patient subtypes and aligning with thought leaders are viewed as the most effective strategies from this list. Further, more research participants - 73 percent - have successfully promoted their products together as a franchise than independently as separate brands. Products that have complementary treatments lend themselves to franchise marketing, while those treating clearly different patient types are suited to marketing as independent brands.
"Expanding a Product Portfolio without Cannibalizing an Established 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 61-page report presents the strategies for creating 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
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. Participating organizations included Abbott, Alcon, Amgen, Baxter, Boehringer Ingelheim, Teva, Merck, Novo Nordisk, Pfizer, Shire and Wyeth.
To learn more about this report, download a complimentary report excerpt at http://www3.best-in-class.com/rr1026.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