Brand Launching in The Perfect Storm - Pharmaceutical Executive

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Brand Launching in The Perfect Storm
In bad weather, the intuitive response is to batten down the hatches, tighten up, and keep your head down. But it might be the worst approach when trying to float something new

Successful Product Manager's Handbook


Preventive Medicine

It's not only the best policy, but it also saves large amounts of money. Medical costs due to serious illness is the leading reason for bankruptcy. Economically challenged patient populations may respond well to reminder programs or educational resource systems or materials. Research shows that reminder programs work best when they are customized for the physician's practice (e.g., offer space for the practice name and address). But the most successful programs are unbranded, simple, and uncluttered.

Diversify

Financial analysts say diversifying mitigates the impact of a tough economy. The same holds true with a brand plan. If the launch strategy is to maximize brand impact with limited dollars, a tactical plan can include an array of alternative media vehicles. Eighty percent of consumers are connected to the Internet. It's where they access medical information. Effective electronic channels (beyond branded Web sites) are available to marketers. Consider online banner ads, social media communities, microsites, and blogs that are fresh, economical, and diverse in their reach. Be sure to maintain consistency in brand identity and messaging with each tactic.

Alternative Vechicles

Every visit and click-through by target audiences can be tracked by back-end databases. Use this feedback to know if key messages are getting through or if they need adjustment. Leverage this information to get a bigger and better return on every media dollar spent.

Minimize

In today's cost-cutting mode, it may literally pay to talk to marketing companies that offer integrated services. Services from strategic development to interactive are available without the need for turf wars, which can erode time and resources. There is also the advantage of selecting services you need based upon objectives and your budget. If several agencies are used in a launch, analyze each agency's contribution and prune for unnecessary or duplicated costs. Use metrics to quantify results from tactics, and tweak messages or vehicles as needed to maximize their impact and return on investment.

Anshal Purohit is Vice President of Strategy and New Business for Purohit Navigation. She can be reached at


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Source: Successful Product Manager's Handbook,
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