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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.