Best Practices in Marketing Multiple Medical Device Products in the Same Therapeutic Area: Marketing Spend and Activities

STUDY OVERVIEW

Medical device companies managing multiple products for the same indication face a complex balancing act — they have to prevent one of their brands from gaining market share at the expense of another. Maximizing the potential of each device product requires well-crafted marketing strategies that focus on providing each product with the appropriate marketing spending and activities.

Best Practices, LLC conducted this study to identify successful strategies and tactics for marketing multiple medical device brands for the same indication or area of use without cannibalizing an existing portfolio. Special attention was given to exploring current approaches to balancing the marketing spending and activities for new and legacy products in the same therapeutic area. Marketing leaders can use the insights and data in this research study to plan and implement their marketing strategies to create multiple, high-performing brands.

KEY TOPICS

• Marketing Spend & Budget Allocation
• Marketing Activities & Product Goals
• Pitfalls to Avoid

• New product's share of the combined marketing spend during the first three years.
• Percentage of marketing spend for specific marketing activities for newer product in first two years on market
• Percentage of marketing spend for specific marketing activities for older/legacy product in first two years new product is on market
• What kind of Marketing activities are jointly funded by both the new and legacy products budget
• What are the goals when introducing a new product for the same indication or area of use as a legacy product and the importance level (primary goal, secondary goal, not a goal)
• Success level in achieving goals, forecasts objectives for the older and newer brands
• Rate the activities for continued success of older legacy brand - more, less, same
• Measurement of indicators effectiveness to evaluate marketing success

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