Pharmaceutical Marketing Strategy Balances Support between New & Established Products in the Same Indication
CHAPEL HILL, N.C. – September 23, 2011 – A pharmaceutical company’s marketing strategy must undergo many critical changes to avoid cannibalization when introducing a new brand in a space where the company already has an established brand. For more than two-thirds of companies, the most frequent changes require shifting resources and funds to support the new product through activities, such as professional relations, promotional literature, sampling, and advisory boards/thought leader development.
However, spending priorities for the legacy product must shift as well. 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, according to “Expanding a Product Portfolio without Cannibalizing an Established Brand,” primary research conducted by Best Practices, LLC.
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“Expanding a Product Portfolio without Cannibalizing an Established Brand” is a 61-page report with more than 130 benchmark metrics and 37 executive narratives, providing marketing and brand executives with valuable insights and exhaustive data to plan and implement marketing strategies for multiple, high-performing brands in the same indication.
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BEST PRACTICES, LLC, conducts 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. Best Practices, LLC has been a leader in pharmaceutical research and consulting for more than 17 years; our clients include 48 out of the top 50 pharmaceutical companies.