Resuscitating A Failed Brand!

0 %
100 %
Information about Resuscitating A Failed Brand!
Business & Mgmt

Published on March 11, 2014

Author: aharrell2000



This slide presentation is for illustration purposes only and to show how AH2 & Beyond can help you resuscitate your “Failed Brand” and retain the prominence it deserves!


This slide presentation is for illustration purposes only and to show how AH2 & Beyond can help you resuscitate your “Failed Brand” and retain the prominence it deserves!

Introduction The saying is somewhat valid that you only have “1 shot” at launching a new product but that would stand the reasoning that 100% of product launches are successful…and we all know that’s NOT accurate. In this presentation I will attempt to provide ways you can rejuvenate your brand if indeed….your launch wasn’t stellar.

The #1 Question Why even bother resuscitating a failed product?

▪ The investment in the product at the beginning of it’s lifecycle was too great, in other words walking away from it could significantly impact a company financially. ▪ A company inherits/obtains a product without thorough knowledge of the product’s history and is saddled with a mature wore torn product (this happens often). ▪ The product has a long lifecycle before it goes off patent, like the first bullet point the investment is too great to walk away from. ▪ A company prematurely invests heavily in “Marketing” and builds a sales force dedicated to the failed brand…with the thinking if we throw resources at the brand that’ll bring it back to life (ridiculous thinking) Business Reasoning

▪ Some mature brands have great standing, and might still be enjoyed by customers who have had positive, longstanding results with them…habits are a hard thing to break. ▪ Companies fear losing loyal customers who like the failed product and removing it could cause harm to the company’s other portfolio of products. ▪ There’s sometimes an “emotional attachment” to a brand because it helped launch the company (the “Flag Ship” brand), and there’s a sense of loyalty to the brand. “Emotional” Reasoning

The #2 Question Is re-investing in a failed product an intelligent strategic decision?

▪ Are there points of uniqueness/differentiation, or value proposition of the brand versus the competition? The perceived value? ▪ Is the perceived value of the brand still relevant, or is it indifferent? How does it stack up against the brands in those same categories? ▪ Are the brand’s features & benefits valuable to the customer…do they create “Customer Value”? What are the customers perception of the brand? ▪ How much loyalty is there to the brand? ▪ What are the negatives of the brand? Market Research I personally have a STRONG bias for “Market Research”, in my humble opinion Market Research is either under utilized or just ignored totally in corporate America. Market Research is probably the best avenue to take in determining the potential success of re-investing in a failed brand. Below are great questions to ask prior to conducting research:

If there’s an affirmative to questions 1 & 2 and you agree it’s worth the re- investment…then keep perusing this presentation as I provide ways you can re-vitalize your mature brand!

“Bringing your failed product back to life” “Marketing Excellence Plan”

Business Need There are potential areas of focus one can take to help re-invent a failed product below is the illustration: POTENTIAL KEYS Commercial Strategy Scientific Positioning Manufacturing Packaging Channel Logistics Product Pricing Possible Tactics KOL Identification/Development Refinement of product’s “Value Proposition” through “Customer VOC” & Market Research Refined Pricing Strategy Refined Scientific Positioning/Identification of Clinical Proof Sources Change in “OPERATIONAL” Spend Mix

4 Key Inferences 4 Key “Inferences” to approach when devising a plan to re-invent a failed product: Customer Segmentation Expanding Market Identifying “Product Champions” Commercial Strategy Core: Customer Segment  What is the opportunity to further understand customer perceptions/feedback of our product? “VOC” research”? 1 Core: Expand Market  What is the potential to edit “Market Definition”/”Expand Customer Reach”? Change targeting? 2 Core: Product Champions  Who are our “Product Champions” and will they aid in the "Grassroots” rehabilitation process? 3 Core: Commercial Strategy  What additional marketing activities (e.g., medical marketing, KOL outreach), positioning, or pricing could potentially revitalize mature product? 4

Customer Segmentation Looking at the possible findings when doing “Customer Segmentation (EXAMPLE): Key Finding Recommendation  Mature product is perceived to be a strong product but is poorly differentiated.  Mature product is niched and the niched area is obsolete and not a focal point from an HCP point of view.  Previous attributes of product no longer “hit spots” for customer.  A refinement of the mature product’s message to translate those attributes that are differentiating factors. Develop “Focus Groups” that will help identify either past feature/benefits or latent benefits that have been poorly marketed/never tapped into.  Current utilization of failed product likely to be very influenced by very mature HCP’s.  Extremely low use in the hospital and very few hospital formulary wins.  Peers are a major influence on trying the failed product in additional therapeutic areas that are approved.  Perhaps additional targeting of younger HCP’s who are the future of the market and have had limited experience with mature product.  Develop our internal Medical Affairs strategy (in addition to traditional marketing) to drive HCP education (“where to use”) for these younger HCP’s. Education on additional areas to use mature product.  More competition in market has pushed the failed product to last option, not considered an advanced option….  HCP’s are unaware of additional uses of failed product because of poor product positioning.  Mature product is considered top option for niched use.  Re-vamping messaging and implementing an awareness/educational campaign program to help provide awareness on the additional options for of the mature brand.  Have to identify “Product Champions” who are respected among peers that will help promote benefits of product and obtain positive initial experiences from younger/newer customers.  Perhaps increase sales force to gather more SOV. Evaluate this however prior. 1 2 3 1

Expanding Market Opportunities to “Expand Market” for additional use (EXAMPLE): Key Finding Recommendation  Mature product has 3 indications for use, however is primarily used in only one area.  Currently most of the mature product’s use is in long term care, it is rarely used in the hospital setting and has utility there.  There are dedicated users of the brand however most have left their practice or retired.  There hasn’t been “Patient Segmentation” research to specify specific patient type.  Aggressive “EDUCATION” to the market on the additional areas of use is highly recommended. If there is no clinical support of these additional uses, DEVELOP THEM.  Develop market analysis to determine opportunities in hospital setting/category, and create campaigns that address access challenges in the hospital setting.  Develop research that identifies HCP/Patient characteristics/habits which uncover likely hood to reconsider using mature product.  Target markets have run drive, very little opportunity to grow new business in current markets.  Several markets have been avoided because of access issues…..  HCP’s surveyed in past market research claimed to not having seen a sales rep consistently.  Proper research on untapped markets should be examined for profitability, access, and competitive strength. Where the competitors are is where the business lies.  Access is an area of concerned, however as stated in the above bullet point it should be thoroughly researched. Poor access could be a perception rather than reality.  Increase rep call plan or shorten territories etc so as to increase interactions between rep & HCP. Re-evaluate hiring additional sales reps to cover HCP’s. 1 2 Developing a consistent clear message that ties the mature product’s current benefits to the additional areas of use may help drive wider adoption and utilization (especially among “Naïve HCP’s). 2

Product Champions Identify/Developing “Product Champions” to help revitalize failed product(EXAMPLE): 3 Key Finding Recommendation  Currently there doesn’t exist programs that help identify customers who have allegiance to failed brand.  Learning that there are HCP’s who have received experience using the product earlier on in their residency.  Previous market research has uncovered that some physicians would be open to utilize failed brand in other areas, however, there was no follow up after receiving this information.  Special account management can be implemented to identify key targets that have favorable opinions of mature product.  Focus groups that just targeted key users of brand, this will help us identify advantages/disadvantages of failed brand and allow group to help with the formulation of the new messaging.  “Educational Programs”, “Clinical Resource Partnership”, “Advisory Boards” are groups that will help solidify allegiance and help to build “Product Champions”.  Long time users have been for the most part indifferent to their use of the mature brand, and there has been limited follow up with them on their reasons for use.  Our current call plan hasn’t highlighted frequency on these customers, so we haven’t capitalized on this low lying fruit.  Develop a “Routing Plan” that targets customer visits, resource allocation, and educational programs that target potential “Product Champions.”  The #1 tactic is “ATTENTION”. Evaluate financially/R.O.I. How much time should be spent developing relationships with potential “Product Champions”, and once that’s develop devise a call plan with objectives of what should be accomplished on each visit. The goal is to build “Customer Advocates” for the mature brand. 1 2 Note: Be cognizant of the “Politics” that may come into play when identifying/developing “Product Champions”. If you’re working with potential “Product Champions” in an account or hospital….understanding the politics in that environment is critical.

Product Champions con’t How do identify a potential “Product Champion” (EXAMPLE): 3 An Effective “Product Champion” is: ▪ Very active in treatment or management of the therapeutic class your failed product competes in ▪ Influential ▪ Respected By Peers ▪ ‘Trailblazer” vs. “Traditionalist” ▪ Well educated and versed with your mature product ▪ Willing to share their positive opinions of your failed product with peers ▪ Willing to present, and defend if necessary, their position to peers if need be

Commercial Strategy Revitalizing a mature brand…means Revitalizing your “Commercial Strategy” (EXAMPLE): 4 Key Finding Recommendation  The original product launch/strategy plan hasn’t changed, maybe some tweaks here and there  There hasn’t been a thorough recent market research update on the product since launch  The failed product has lost SOV because of concurrent corporate priorities  Market Research “Overhaul” is critically recommended in order to gather complete intelligence on where the opportunities exist with the mature brand  Evaluate commercial spend (e.g. marketing, sales force, and market research) prior to starting the revitalization of a “Commercial Strategy”.  The investment should dictate the prioritization of the mature product.  There hasn’t been a strong presence with top users of the failed brand because the current call plan hasn’t adjusted since the launch of the mature product.  The “Marketing Mix” hasn’t changed in terms of time, resources, and messaging to rejuvenate mature product.  Currently calling on the same customers and trying to extend their use, however, there’s little reason why they should since the product has been niched  Prioritize resources (e.g. marketing spend, call planning, sales force realignment, customer/patient segmentation) that develops an improved presence with our loyal customers  Work with Medical Affairs to develop additional clinical study support that address new areas of use…this will also aid in developing new product messaging.  Since the launch of the failed brand there hasn’t been much “Buy-In” on revitalizing the product…until now.  Currently, the “Tactical Direction” of the failed brand hasn’t been solidified  There hasn’t been a decision on whether they’ll be an attempt to increase the patent life or revisit the lifecycle management of the mature brand.  Build a “Cross Functional” team that have a stake in the success of the mature brand. Roles and “Accountability” have to be built.  Once the “Strategy” is built and agreed upon then there should be a process of determining which tactics funnel into the strategy.  The “Cross Functional Team” should make a decision on the short and long term planning of the mature brand…this will determine the product’s potential lifecycle management. 1 2 3

“Setting up your strategy from the “4 Key Inferences” “Customer Segmentation”, “Expanding Market”, “Product Champions” and “Commercial Strategy”

Revitalization Outline ▪ Market Analysis ▪ Competitive Analysis ▪ Customer Analysis ▪ Segmentation ▪ Value Proposition ▪ Positioning ▪ SWOT ▪ Critical Success Factors ▪ Strategic Priorities This outline is probably the best approach in developing a strategy to revitalize your mature brand

Market Analysis Content Market Overview Market News (e.g. “Shifting Perspectives on Pain Mgmt”) Market Landscape (e.g. Dollar Volume Trends) Market Primary Stakeholders (e.g. anesthesiologists, surgeons etc) Market Insights Market Trends (e.g. Surgical Trends, Diabetes Mgmt) Patient Flow & Product Usage Stages

Competitive Analysis Competitive Landscape (Detailed Summary) Mode Of Pain Mgmt Acute Pain Market Conclusions Product A Sales Product A Product Overview IV PCA Trends IV PCA Overview EXAMPLE

Segmentation Analysis Revisiting the customer segmentation process will help establish targeting and business focus ▪ Revisit and identify appropriate surgical types ▪ Patient type segmentation ▪ Institutional segmentation based on IV opioid use ▪ Re-evaluate product positioning ▪ Sales Force Deployment ▪ Target Audience Identification ▪ Re-forecasting Development Initial Segmentation EXAMPLE: Note: May need further segmentation to allow maximization of sales force direction and marketing spends.

Possible Segmentation Deliverables Possible results of doing a “Segmentation Study” on your mature brand ▪ Will quantify growth opportunities and leverage points ▪ Identify Richest Targets ▪ Revisit physician characteristics that may explain likelihood to identify need and advocate for failed product ▪ Identify physician characteristics that may explain the use of failed product in additional approved therapeutic spaces ▪ Identify hospital characteristics that may explain likelihood of failed product access and usage ▪ Ability to maximize marketing investment by segment ▪ Invest in “richest targets” ▪ Allocations based on ongoing market research ▪ Institutional targeting plan at a hospital & physician level

Questions Explored l What makes physicians more likely to become product advocates for Mature Product? – Specifically, what are the drivers for Segment I and III? l What makes physicians likely to become new users of failed product? – Specifically, what are the drivers for Segments IV, V and VI? l What accounts for the differences in product advocacy / usage between older and younger surgeons in Segments IV, V, and VI? l What other hospital attributes help explain why population density is a meaningful cut of Segment IV? Understanding the “Why” Behind Mature Product Segmentation (EXAMPLE) Physician Hospital Higher Procedure Volume Surgeons (incl. Gen Surg, Ortho, OB/GYN) Anesthesiologists Not Pain Mgmt Team, Committee, P&T or Chief of Service Pain Mgmt Team, Committee, P&T or Chief of Service Not Pain Mgmt Team, Committee, or P&T Member Pain Mgmt Team, Committee, or P&T Member Age <50 Age 50 and over HSA Population Less than 100,000 HSA Population 100,000 or more Not- for- profit Pop Dens <1500 ppl/mi2 Pop Dens 1500+ ppl/mi2 Other (for profit and govt.) III III IVa V VI IVb Primary targets for product advocacy Potential surgeon targets for product usage (IVA + IVB) IV

Value Proposition Development Building a winning “VP”….in 7 Steps! 1. Start with mature product’s core competencies 2. Know your customers 3. Competencies = Character 4. Research the competition 5. Look at trends in the industry 6. Articulate Effectively Product Vision 7. Validate the “VALUE”

Start with Core Competencies1  What are you really good at?  A value proposition has to be what you do and who you are. It can’t just be what you want to be and what you say you are. Make a list of the following: what you brought to market first, what you offer as the only provider to the market, and what makes your offering clearly superior to any alternative. You are looking for what makes your product unique. These are good differentiators and will help the process. To Do

Know Your Customers2  Who are your top customers?  What problems do you solve for them?  What problems do they want solved? (That no one else can fix)  Is there a new trend in any of your key customer segments?

Competencies = Character3  Ask yourself why someone should buy from you instead of a competitor.  Using the language of your customers, refine your core competencies as values.  If your answer is “it works”, “it’s new” or “it’s less expensive” your potential success may be limited. These qualities do not make a product unique.

Research The Competition4  Choose 3 or 4 competitors and study how they market their company and products  What is their value proposition?  Can they defend it?  Map their core competencies versus yours

Market Trends5  Are things changing?  Can you take advantage of a trend and grab an exciting position in the market?  “Quality of Life”  “Cognitive Mobility”  “Excellent Safety Profile”  “Cost Benefit”

Articulate Effectively Product Vision6  Product Leadership  Unique pharmacokinetic profile  State-of-the-art features/benefits  Innovative solutions  Customer Relationship  Quality relationships with customers  Offer “complete” solutions  Refine your value proposition until you can articulate it in one sentence.

Validate “The Value7  Test the final value proposition with customers to see whether it resonates.  Key Opinion Focus Groups  Hospital Customer Interviews  Mock P&T Meetings (KOL Driven)  Specialty Advisory Boards  Hospital In-service programs  Conventions-White Paper Discussion  Regulatory/Legal

Value Proposition “Finished Product) EXAMPLE Rapid-Onset Effective Precision Control •Great for renal impaired patients • Getting back to quality of life •Safe for a wide range of patients •Quicker Pain Relief • HCP Confidence •Superior To Fentanyl • HCP/Patient acceptance •Widely accepted as 1st choice • Easy dosing schedule •Lack of medication errors • Improves patient mobility (mature product) innovative pharmacokinetic profile addresses the unmet need of acute surgical pain by providing, rapid pain relief, exceptional recovery time, and safety that is supported by the Pain Management community. Short Half-Life Tangible Benefits

Positioning Diagramming the positioning of the failed brand based on market research and “VP” •Who: (target audience) •For Anesthesiologists, Pain Management HCP’s •For: (patient types) •…..whose patients require rapid pain control/relief and quick recovery time •(competitive framework) • Mature product’s innovative pharmacokinetic profile produces rapid and precision controlled pain relief and is suitable for both inpatient & outpatient surgeries which (customer benefit – emotional/end use/functional benefits) •because of it’s unique clearance failed product is, safe and easy to use, providing optimal pain relief (reasons to believe –product attributes) EXAMPLE

. (Example) 2014 Brand Strategy Framework BRAND POSITIONING STATEMENT 1. Disrupt the Perceived Market Satisfaction 4. Gain rapid availability and generate positive initial product experience 3. Exploit uniqueness of the product2. Establish leadership presence with target audience 3.1 Differentiate versus current therapies 3.2 Capitalize on Brand “WOW” factor (Brand as Hero) 3.3 Develop KOL advocacy 1.1 Exploit latent unmet needs 1.2 Drive awareness of safety concerns with current modalities 1.3 Highlight economic impact of acute surgical pain management 2.1 Establish stronger company presence with key stakeholders 2.2 Exploit competitor’s low share of mind 4.1 Insure HCP understanding of Mature Product utilization 4.2 Insure field preparedness 4.3 Generate appropriate use 4.4 Insure efficient distribution channel 4.5 Generate Mature Product formulary availability and trial 4.6 Differentiate Mature Product f rom current treatment options 5.1 Convey current treatment gaps to formulary decision makers 5.2 Broaden the discussion beyond economics to include safety, satisfaction, quality of care 5.3 Highlight the drivers of patient and healthcare provider satisfaction 3.1 Patient & Nurse Education Kits 3.1 Mature Product Web Initiative 3.1 Nursing Certification 3.2 Advertorials 3.2 Sales Materials 3.3 Journal Advertising 3.4 Speaker Development 3.4 Convention Roundtables All-3rd Party Alliance 1.1 Advertorials 1.1 Direct Mail 1.2 Sales Materials 1.2 Journal Advertising 1.2 Demo Systems 1.3 Formulary Kit All-Publications All-COMPASS Initiative All-3rd Party Alliance All-AdAPT Program 2.1 Convention Activity 2.1 Anesthesiology Library 2.1 Nursing Direct Mail 2.1 Hope DVD series 2.1 Textbook Library 2.1 AdAPT Program 2.2 Publications 2.2 Speaker Programs 2.2 COMPASS Initiative 2.3 Virtu-Cast Preceptorship 2.3 OR protocol training 4.1, 4.3 Patient & Nurse Education Kits 4.1, 4.3 Mature Product Web Initiative 4.1, 4.3 Speaker Programs 4.2 Fast Start Contest 4.3 Mature Product Case Studies 4.3 Publications 4.4 Pharmacy Education 4.4 Specialty Wholesaler agreement 4.5 PDR Blast 4.5 Formulary Kit 4.5 P.E..P. Program All Sales Training Materials All-COMPASS initiative All-Formulary Kit All-Publication Plan All-3rd Party Alliance All-AdAPT Program Mature Product BRAND STRATEGIC OBJECTIVES BRAND TACTICS TOP PRIORITIES 5. Optimize communication of Mature Product value proposition Mature Product is VERSATILE so it makes my life easier because it provides optimal pain relief, is anesthesia/patient friendly, safe and easy to use.

Strengths ▪ Pre-programmed ▪ Minimizes risk of medication errors ▪ Extensive Health Outcomes platform ▪ Easy to administer ▪ Enhances mobility ▪ Non-invasive technology ▪ Efficacy equivalent to IV PCA morphine SWOT ANALYSIS EXAMPLE

Weaknesses ▪ Perception that one size does not fit all ▪ Inability to precisely query the system ▪ Inability to titrate or adjust dosing ▪ Lack of supplemental dosing recommendations ▪ No onset of action data ▪ Short product expiry dating ▪ Lack of a bolus dosing feature SWOT ANALYSIS EXAMPLE

Opportunities ▪ Exploit heightened focus on patient safety ▪ Raise noise level on the limitations of current modalities (IV PCA & IM) ▪ Exploit the growing awareness of safety concerns with IV PCA ▪ Minimize analgesic gaps through greater continuity of care ▪ Capitalize on the current nursing shortage ▪ Exploit the fact that our competitors have a low share of mind among our target audience ▪ Fully prepare the marketplace of additional indications SWOT ANALYSIS EXAMPLE

Threats ▪ Cost perception of failed product may be difficult to overcome ▪ High degree of satisfaction with IV PCA ▪ Potential for an aggressive competitive response ▪ Price may provoke a inpatient pharmacy response ▪ Use in inappropriate patients leading to inferior results ▪ Difficulty in accessing customer due to OR setting ▪ Acceptance of SMART pump and safety innovation with IV PCA EXAMPLE SWOT ANALYSIS

Critical Success Factors ▪ Establish stronger company presence with key stakeholders through “Education” of the mature product’s additional utility use ▪ Develop and implement Marketing Mix to strategically target key HCPs ▪ Gain awareness and acceptance of mature product’s new value proposition ▪ Increase call plan frequency on top failed product users, and identify/develop “Product Champions” EXAMPLE

Strategic Priorities ▪ Disrupt perceived market satisfaction ▪ Establish leadership presence with target audience ▪ Exploit uniqueness of the product ▪ Gain rapid availability and generate positive initial product experience with “Naïve Customers” ▪ Optimize communication of failed product value proposition

4 Key Inferences (Summary) 4 Key “Inferences” to approach when devising a plan to re-invent a mature product: Customer Segmentation Expanding Market Identifying “Product Champions” Commercial Strategy Core: Customer Segment  What is the opportunity to further understand customer perceptions/feedback of our product? “VOC” research”? 1 Core: Expand Market  What is the potential to edit “Market Definition”/”Expand Customer Reach”? Change targeting? 2 Core: Product Champions  Who are our “Product Champions” and will they aid in the "Grassroots” rehabilitation process? 3 Core: Commercial Strategy  What additional marketing activities (e.g., medical marketing, KOL outreach), positioning, or pricing could potentially revitalize mature product? 4

Checkout my presentation on “Global Sales & Marketing Excellence Plan- Example”! You can also checkout my background/work by clicking on the following links: Consulting/267898536570725 Thank You!

Andre’ Harrell AH2 & Beyond Consulting 267-221-8529

Add a comment

Related presentations

Canvas Prints at Affordable Prices make you smile.Visit http://www.shopcanvasprint...

30 Días en Bici en Gijón organiza un recorrido por los comercios históricos de la ...

Con el fin de conocer mejor el rol que juega internet en el proceso de compra en E...

With three established projects across the country and seven more in the pipeline,...

Retailing is not a rocket science, neither it's walk-in-the-park. In this presenta...

What is research??

What is research??

April 2, 2014

Explanatory definitions of research in depth...

Related pages

Vision - AH2 & Beyond Consulting

AH2 & Beyond Consulting "Beyond The Bounds Of Consulting" Vision. ... Resuscitating a "FAILED BRAND" Over 100,000 VIEWS! (MARKETING CENTERS OF EXCELLENCE!)
Read more

Inspiring a Sales Team…..after failure! - Vision

Read more

Zombie Marketing: Why dead brands are being brought back ...

They are working on resuscitating a number of brands that you may ... No longer the brand of failed presidencies. ... Duffy Agency is a value-based, ...
Read more

What should next CEO do to turn around Microsoft? - Quora

What should next CEO do to turn around Microsoft? ... Resuscitating A Failed Brand Resuscitating A Failed Brand! Written Feb 26. Related Questions.
Read more

Zirtual parent resuscitating brand - Columbus ...

Within seven days, Wil Schroter went from new customer of an online business service to its owner, stepping in to rebuild a severely damaged ...
Read more

Marketing: How to Resuscitate Growth for CPG Companies ...

A Prescription for Resuscitating Growth for CPG Companies Advances in Data, Insights, Analytics and Technology Enable a Personalized Shopper-Marketing ...
Read more

Brands of defunct retailers making a comeback - Apr. 26, 2009

Sharper Image returns, sort of ... Linens 'N Things and Circuit City all failed as ... "All it takes is one brand to take off again and you ...
Read more