Branding in PharmaceuticalsPresentation Transcript
Branding and its Potentialwithin the Pharmaceutical industry By:- Sheraz Pervaiz
What is a Brand Theword Brand is derived from Norse word “ brandr” which means “to burn.”
Definition of a Brand “Name,term, sign, symbol,or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition”
D e f in it io n o f a B r a n dIn es s ence, the key to creating a brand according to this definition: Choose a name Logo, Symbol Package design Other differential attributes* these components are called brand elements
Brand Vs ProductAccording to Philip Kotler “ a product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or a want.”
Eement ofabr nd l s a “A brand is a prod uct,then, but one that ad d s other d im ensions to d ifferentiate it in som e way from other prod ucts d esigned to satisfy the sam e need ”
Roles that Brands play? Consumers•Identification of source of product•Assignment of responsibility to product maker•Risk reducer•Search cost reducer•Promise , bond, pact with maker of product•Symbolic device•Signal of quality
The Key to Branding For branding strategies to be successful, consumers must be convinced that there are meaningful differences among brands in the product or service category. Consumer must not think that all brands in the category are the same. PERCEPTION = VALUE
Pharmaceutical Industry Characteristics Highly Competitive but Fragmented industry Complicated business model with numerous stakeholders Very Technical/Scientific products Major R&D expenditures and High Risk product development environment Long Product-Development Timelines
Pharmaceutical Industry Characteristics Long Marketing-Planning horizons Highly regulated industry and highly regulated marketing communications by FDA Primary targets: Healthcare Professionals and Consumers Numerous “customers” with variety of information needs requires multiple approaches to creating marketing campaigns and communications Evolving selling environment Use of e-channel still in its infancy in our industry
STAGES OF PRODUCT DEVELOPMENT Basic Clinical Regulatory Product Postlaunch Research Studies Approval Launch MarketingRole of Marketing• Provide • Recommend • Input on • Finalize • Monitor background development product strategy performance on market labeling • Define product • Finalize pricing • Adjust strategy and product profile needs • Recommend and tactics potential • Finalize filing strategy • Define promotion • Sequence comparators • Define and branding promotion launch plan • Define Outcomes • Implement • Manage Research needs • Develop launch product positioning campaign life cycle • Develop market and branding • Finalize field • Develop strategy sales plans
Where industry is moving in the future? Towards more integrated offerings RelationshipFully High Trust Personalization High ValueIntegratedInformation Customization& Services Limited Interactivity Product Enriched Product and Medical Info Education sites Corporate InfoDiscrete Brochure wareSets ofInformation PUSH PULL Corporate, Customer Product Focus Focus
Branding in thePharmaceutical Industry
Brand Management is the HUB of Pharmaceutical marketing Market Professional Research Sales Business Marketing Brand DevelopmentCommunications Management Pricing Analysis Customer Marketing Medical Services
Branding in Pharmaceutical industry: Pharmaceutical industry takes long-term brand building very seriously. This is because of the characteristic of the industry. Prescription only medicine sector is contributing around 90% of global pharmaceutical revenue.
History of Branding in Pharmaceuticals
History: Over 100 years ago, Thomas Beecham recognized the importance of Branding his safe and effective laxatives “Beecham pills” This started a new trend in the marketing of medicine attaching a personal guarantee of the product’s effectiveness. As knowledge grew and medicine began to become effective for a whole range of previously untreatable symptoms and conditions. So the Pharma Industry prospered.
Why Branding is Important…? A powerful brand provides a plate form to build a relationship with customers on an individual basis. A powerful brand provides significant competitive differentiation. It can cross the boarders of countries and markets. It can influence behavior and attitudes. A powerful brand that which attracts customer loyalty can provide on of the greatest source of wealth for a business.
Building Brand values: Heart of all brands lies a set of values. Values quite simply are beliefs that customers have about a brand that they find attractive and which are likely to influence their purchase decision. Values can be characterize as Functional value (what the brand dose for me...? Effective no side effect etc) Expressive value (what the brand says about me? Patient caring etc) Central value. (what the brand and I share at the functional level? Low risk in prescribing)
Brand Building strategies
Brand Building Strategies: The classic approach to develop a brand strategies involve a series of strategies in which the following are defined. Brand positioning Brand personality Brand Values Unique values of the brand that support the values How the brand appears to its audience?
Brand Positioning Basics“A positioning must be…One, two or three words, phrases or sentences about your brand that you want to imprint in the heads of key stakeholders…. Kevin Clancy, Copernicus
Brand Positioning Basics“So clear, so succinct, and so powerful that once launched, it begins to move people toward your new evolving brand” Kevin Clancy, Copernicus
Brand Positioning Basics All about identifying the optimal place of a brand and its competitors in the consumer’s mind Maximizing company Positioning = potential benefit The Heart Of Marketing The compass that guides Strategy marketing strategy
Brand Positioning Basics THE POSITIONING STATEMENT DRAWS ON THE STRONGEST ASSETS OF THE BRAND’S EQUITY Clarifies what brand is all about Positioning = Uniqueness/Point of Difference The Heart Of Why consumers should BUY & Marketing USE (Addresses their needs better Strategy than competition)
Powerful Positionings Lead to Powerful BrandsThe Worlds 10 Most Valuable Brands - 2002 VALUE ($billions) Interbrand’s Assessment1 COCA-COLA 69.62 MICROSOFT 64.1 is of Brand Power – the3 IBM 51.2 fullest possible view of4 GE 41.3 each brand’s strengths5 INTEL 30.9 and potential as a6 NOKIA 30.07 DISNEY 29.3 marketing and financial8 McDONALDS 26.4 asset.9 MARLBORO 24.210 MERCEDES 21.0 Data: Interbrand Corp., J.P. Morgan Chase & Co / Business Week AUGUST 5, 2002
Brand Personality: Brand personality build on the emotional appeal of brand and is the medium through which these, in advertising or through visual identity are expressed. Therefore it is an important differentiating factor in positioning brands. Brands can be positioned as masculine feminine, young or old according to how advertising or visual identity are used.
Brand Value“There is no value in making things any more. The value is added by careful research, by innovation, and by marketing.” Phil Knight, founder of Nike
Your brand is what you stand for, what you are known for. The qualities and attributes that people think of when they hear the name of the brand, or see the visual marks of the brand. It is these attributes that people speak of when they talk about "brand personality". While a brand may have a position in the market positioning relates more to the individual products and services.
Unique attributes of the brand that support the values: What are the functional and emotional elements of the brands that can support the brand’s core values. Where is the proof? With prescription products their should be abundant scientific evidence that the claim made for the product are true.
How the brand appears to its audience? This is the visual manifestation of the brand’s role and purpose. It compromises brands name, packaging design and advertising.