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A checklist of best practices for mid-life products a few years after launch to help companies with growing oncology portfolios determine not only to see if there’s hidden vitality still left in their aging brands.
As any parent of adolescents will tell you, the middle years are often the toughest ones. That seems to be true for oncology brands, too. Once their growth curves plateau, older products typically struggle to get attention-from management as well as their market-while all eyes gaze adoringly on launches of the company’s “babies.” Building an efficient and effective marketing and sales model that supports a rapidly expanding family of both legacy and novel oncology products can be challenging. As with teenagers, however, sometimes the right encouragement at the right time can yield unexpectedly positive outcomes.
Here is a ten-item checklist of cost-effective best practices for the often-overlooked mid-life products, five or so years after launch. Companies with growing oncology portfolios can use this list to determine not only to see if there’s hidden vitality still left in their aging brands, but also to inspire outside-of-the-box, often low-investment solutions to grow their bottom line.
Before you stop promoting (or sell off) a maturing oncology brand, ask yourself these ten questions.
Bottom line: as you continue to innovate with new launches, recognize that there’s often substantial growth potential in your maturing oncology assets. If after asking these ten questions you find there’s truly no up-side to further investment in the brand, it makes perfect sense to pull back from promotion. Even if only one of these opportunities applies, however, it may be premature to pull the plug. Pay the right attention to your maturing “children,” give them the right kind of investment, and they just might grow into productive “adults.”
Wendy Balter, President, Cadent Medical Communications, a Syneos Health company
John Gilbert, National Business Director, Commercial Solutions, Syneos Health
Bob Josefsberg, Executive Vice President, Chamberlain Healthcare Public Relations, a Syneos Health company
Dave Querry, President, Navicor, a Syneos Health company
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