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Best Practices in Expanding a Medical Device Product Portfolio Without Cannibalizing an Established Brand

ID: PSM-301


Features:

3 Info Graphics

25 Data Graphics

350+ Metrics

12 Narratives

5 Best Practices


Pages: 57


Published: 2013


Delivery Format: Shipped


 

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919-403-0251

  • STUDY OVERVIEW
  • BENCHMARK CLASS
  • STUDY SNAPSHOT
  • KEY FINDINGS
  • VIEW TOC AND LIST OF EXHIBITS
Medical Device companies must regularly find ways to manage similar products within the same business units. It is a complex balancing act that requires companies' marketing functions and product teams to grow new brands, while trying to extract market share from competitors without depleting the market for their own current products.


Maximizing the potential of each product (new and legacy) requires well-crafted marketing strategies and smart resource allocation plans. Marketers need to make sure of launching and marketing a new product or brand in a way that challenges external competition while sustaining the sales and value of the internal legacy brand.

Best Practices, LLC conducted extensive research to identify successful strategies and tactics for marketing multiple brands for the same indication or area of use without cannibalizing an existing portfolio. Special attention was given to strategies for managing resources and for avoiding or controlling product cannibalization. Marketers can use the valuable insights and exhaustive data in this research study to carefully plan and implement their marketing strategies to create multiple, high-performing brands.


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


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


Study Snapshot

Best Practices, LLC conducted this research to identify successful strategies and practices that can be used by medical device executives and business unit heads to maximize the potential of multi-product portfolios.

Key topic areas covered in the medical device segment:
  • 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

Sample Key Findings

1. Benefits of New Brand: Nearly 80 percent of medical device companies said they were viewed as thought leaders after introducing a new brand where they already had a legacy product. Top benefits identified were expanded market share, market leadership, and improved reputation with physicians and specialists.
    2. Negative Impacts: Twenty-two percent medical device participants indicated there can be negative impacts in 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.
    3. Minimizing Cannibalization: Medical device benchmark partners successfully use more than a dozen different strategies to control or minimize product cannibalization. Targeting different patient subtypes and delivery method /device are viewed as the most effective of these.
Table of Contents

Executive Summary                                                              pp. 3-9
Research Overview: Objective & Key Topic Areas                pp. 4
Participating Companies                                                      pp. 5-6
Critical Success Factors in Marketing Multiple Brands         pp. 7
Key Findings & Observations                                               pp. 8
New Product Differentiators, Strategies & Impacts            pp. 10-17
Marketing Spend & Budget Allocation                                 pp. 18-22
Marketing Activities & Product Goals                                  pp. 23-27
Qualitative Analysis                                                             pp. 28-48
Pitfalls to Avoid                                                                    pp. 49-51
Best Practices                                                                      pp. 52-54
Appendix                                                                              pp. 55-57

List of Charts & Exhibits

Most effective differentiators for two or more brands within one company for the same indication or area of use
  • Successful use of brand promotion strategies
  • Positioning strategies for minimizing cannibalization
  • Positioning strategies for minimizing cannibalization
  • Operational changes resulting new product introduction
  • Positive impacts of marketing multiple products
  • Average percentage of combined marketing spend allocated to newer product
  • Marketing mix for newer product
  • Marketing mix for legacy product
  • Percentage of total marketing spend per activity
  • Jointly-funded marketing activities
  • Goals for introducing new product for same indication
  • Marketing strategy success ratings
  • Steps to excellence in multiple-brand marketing
  • Key pitfalls identified by the benchmark class
  • Key best practices identified by the benchmark class