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October 12, 2006
Enhancing Brand Performance: Research Shows Best Sales & Marketing Strategies
A company must execute integrated sales, marketing and clinical strategies to successfully differentiate its brand
CHAPEL HILL, N.C., October 12, 2006 – After a decade of pooling resources into R&D, pharmaceutical companies are ready to see their drug on the shelves of pharmacies, physician clinics and patients’ homes.
To get to that stage, companies must hire the appropriate number of sales representatives to research which specific segments of the pharmaceutical market should be targeted, and should emphasize clinical and scientific excellence.
Best Practices, LLC conducted the study, “Enhancing Brand Performance through Sales & Marketing Excellence,” (complimentary study findings available at http://www.best-in-class.com/br92.htm) to help companies better understand the specifics on optimizing the efficiency of each of these categories.
Brand executives from 12 pharmaceutical companies including Eli Lilly, Pfizer and Merck, were interviewed regarding the winning strategies of leading brands in highly competitive markets. The key topic areas included: efficient field force promotion, marketing strategies, promotional resource allocation and critical success factors.
Critical success factors included:
· Maintaining high quality and high share of voice through effective targeting, frequency and coordination in field force promotion.
· Deploying many educational meetings and programs to maximize customer access and impact.
Interviewed executives crystallized one common insight on what it takes to win in the competitive marketplace: A company must execute integrated sales, marketing and clinical strategies to successfully differentiate its brand. This has two implications: the company must commit sufficient resources to support the strategies and execution in branding a product, and the company must believe resources committed to the brand are a good investment given the product potential, portfolio opportunities and corporate growth objectives.
“Enhancing Brand Performance through Sales & Marketing Excellence” reflects the type of research Best Practices, LLC conducts for members of its Business Excellence Board (http://www.best-in-class.com/beb), a research and advisory service for health care and pharmaceutical executives.
For information on other services by Best Practices, LLC and its Business Excellence Board, contact Cameron Tew at ctew@best-in-class.com or (919) 767-9246.
BEST PRACTICES, LLC is a research and advisory services firm that conducts work based on the 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. For more information, call (919) 403-0251 or visit www.best-in-class.com.
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