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Products & Services Brand Management and Product Leadership Product Marketing and Innovation

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

ID: 5272


Features:

6 Info Graphics

11 Data Graphics

100+ Metrics


Pages/Slides: 24


Published: Pre-2014


Delivery Format: Online PDF Document


 

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  • STUDY OVERVIEW
  • BENCHMARK CLASS
  • SPECIAL OFFER
Non-members: Click here to review a complimentary excerpt from "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

SAMPLE KEY METRICS
  • 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

SAMPLE KEY FINDINGS

Benefits of new brand
Most benchmark participants realized benefits from introducing a new brand where they already had a legacy product. Top among those benefits were market leadership, expanded market share and improved reputation with physicians and specialists

Negative impacts
There can be negative impacts in introducing a new product for the same indication or area of use as a legacy product. The most common of those include creating product confusion among internal and external stakeholders.

STUDY METHODOLOGY

The study engaged 9 leaders from 8 leading medical device companies.

Industries Profiled:
Medical Device; Health Care; Utilities; Biotech


Companies Profiled:
Medtronic; Becton Dickinson; CareFusion; Aerocrine; Nico ; HLL Lifecare; Ltd.; Stryker; Baxter Healthcare

If you purchase Best Practice Database document(s), you will have 30 days from the date of purchase to apply some or all of the cost of the document(s) toward the cost of a Full Access Individual, Pharma, Group or University Membership. Write us at DatabaseTeam@bestpracticesllc.com or call David Guinn at 919-767-9179 if you have any questions.