Best Practices in Marketing Multiple Medical Device Brands within the Same Indication
CHAPEL HILL, N.C., Sept. 26, 2014 /PRNewswire/ -- As medical device companies grow and add products to their portfolios, they must carefully manage their marketing and spend and activities for new and legacy products. Leaders understand that they must launch and market a new product that challenges external competition yet sustains the sales and value of a legacy brand that the company controls.
According to recent research by benchmarking firm Best Practices, LLC, twenty-two percent of medical device participants indicated there can be negative impacts when introducing a new brand for the same indication or area of use as a legacy brand. Cannibalization, confusion in channel and sales priorities were some of the common concerns. To overcome these challenges, leaders must fully understand successful strategies and tactics for marketing multiple device products for the same indication without cannibalizing an existing portfolio.
The related report, "Best Practices in Expanding a Medical Device Product Without Cannibalizing an Established Brand," provides marketing, new product development and other commercial leaders with critical insights and exhaustive data to carefully plan and implement their strategies to create multiple, high-performing brands.
Key topics covered in the 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
The research project engaged 37 brand leaders from 30 leading pharmaceutical, biotechnology, and medical device companies. Data in the report is presented separately for companies in the pharmaceutical/biotech and medical device/diagnostic industry segments when appropriate.
To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www.best-in-class.com/re2216.htm
For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC website at http://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. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the 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.