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Published by: Datamonitor
Published: May. 20, 2003 - 57 Pages
Table of Contents
ACTION POINTS
Outline of the brief
Three key things you need to know about optimizing the impact of online branding strategies to drive product uptake
Companies need to increase an audience’s interest in their pharmaceutical brands through PR efforts
Greater promotional returns are obtained from retaining a drug’s current patient base than aquiring new consumers. Addressing patient compliance has to become a key industry focus
Investment in online promotion is expected to increase substantially over the next five years. Companies need to determine which product lifecycle stages will benefit most
MAXIMIZING THE IMPACT OF ONLINE BRANDING
Online versus offline sales and marketing: the key differences
Precise customer targeting
Direct-to-consumer marketing and building brands online
Case study: Novartis and Lamisil
Building brand relationships
Web style branding
Case study: Abbott and Synthroid
The metrics used to evaluate ROI
Online branding and a product’s lifecycle
Case study: Bristol-Myers Squibb and Vaniqa
Brand management: optimizing the on- and offline mix
Brand equity and CRM initiatives
The interdependency of brand equity and CRM technologies
Global branding or ‘glocalization’
Global branding is popular because it appeases the investor community
The need to tailor promotional campaigns
Gilead Science’s Viread: when global branding actually works
Franchise branding: expanding or diluting brand value?
Schering-Plough: the effect of OTC Claritin on Clarinex’s brand equity
AstraZeneca: extending Prilosec’s brand value to Nexium
Conclusion
Targeting physicians: increasing buy-in by addressing patient relationships
The changing patient-physician relationship
The pharmaceutical marketer’s role
Case study: Merck and Propecia
Conclusion
Targeting patients: maintaining the engagement, conversion and retention continuum
The relationship between a product’s brand equity and retention of loyal customers
The value of online promotion
Case study: Teva and Copaxone
Conclusion
Datamonitor’s recommendations for successfully developing and sustaining a product’s brand equity throughout its lifecycle
Crowded disease markets
Less crowded disease markets
Niche disease markets
THE FUTURE DECODED
Building stronger brand relationships: focusing on patients
Change sales and marketing operations
Improving marketing expertise
Building brand strategies around consumer needs
Learning from the FMCG industry
Rise of online communities: the importance of viral marketing
Reduce spiraling promotional costs
Creating new branding models
Applicability of online branding to therapy areas: tackling the type of disease market
Addressing the entire product lifecycle
Tailoring the promotional message
APPENDIX
Tables of figures
List of Tables
Table 1: Global sales of the Claritin brand, 2001-02
Table 2: Global sales of Prilosec and Nexium, 2000-02
Table 3: US physicians’ perspective on the impact of patient Internet usage on the patient-doctor relationship, 2002
Table 4: French and German physicians’ perspective on patient Internet usage, 2002
List of Figures
Figure 1: A non-branded DTC advertisement used to stimulate consumer interest in Novartis’s Lamisil
Figure 2: DTC advertisement for Abbott’s Synthroid
Figure 3: The evolving role of branding across a product’s lifecycle
Figure 4: Bristol-Myers Squibb’s website to raise brand awareness of Vaniqa
Figure 5: The relationship between brand equity and analytical CRM initiatives
Figure 6: US physicians’ perspective on the impact of patient Internet usage on the patient-doctor relationship, 2002
Figure 7: French and German physicians’ perspective on patient Internet usage, 2002
Figure 8: The relationship between a product’s brand equity and its customer base
Figure 9: Decision matrix to build and leverage a product’s brand equity successfully throughout its marketed lifecycle when targeted at different disease markets
AbstractIntroduction:
Pharmaceutical companies are under increasing pressure to rethink current sales and marketing initiatives due to spiraling promotional costs and falling ROI from physician detailing. Consequently, product branding strategies need to gain maximum exposure by using marketing campaigns that utilize the Internet as a key promotional tool to develop long-term relationships with a product’s audience.
Scope:
* Analysis of key product branding strategies used by product and brand managers interviewed in Europe and the US
* Case studies are used to illustrate the strategic use of online branding by pharmaceutical companies
Report Highlights:
Pharmaceutical companies are under increasing pressure to accelerate both physicians’ and patients’ interest in their pharmaceutical product brands. Public relations (PR) exercises are a useful strategy for initiating interest and should be used as part of a highly targeted on- and offline marketing campaign.
Addressing patient compliance must become an industry focus and can be achieved through an optimally integrated on- and offline marketing mix, creating the favorable patient experience required to build brand loyalty.
Investment in online promotion is expected to increase substantially over the next five years. Companies can maximize their online promotional ROI from identifying the product lifecycle stages that benefit most from increased marketing efforts.
Reasons to Purchase:
* Understand which strategies successfully build brand awareness among patients and physicians for a marketed product.
* Identify which branding initiatives can be used to increase promotional ROI throughout a product’s lifecycle.
* Understand how franchise branding enables a marketer to fully capitalize on a portfolio’s brand equity.
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