In a crowded market place with fierce competition, you’re counting on your launch teams ability to cut through the clutter, convey your value proposition and ensure that you gain a unique position from day one. However, the cold hard truth is that few pharmaceutical launch products succeed in doing so, jeopardizing future successes because they fail to realize that “first impressions last” (also read: New products get one shot with the physician - reason and solution).
Failure to listen carefully and understand expectations, and failure to stay informed of how perceptions of your pre-launch are developing across digital media channels means that you might be in for a big surprise.
Today, it’s increasingly difficult to control perception amongst customers, digital channels and social media have given every individual a voice with global reach. Customers and competitors can say what they want, as often and as loudly as they feel like and sadly there’s little we can do about it. The problem is, that when the message is either repeated enough, goes viral or gets picked up by news media channels, then the message becomes the “uncontested truth” and we lose control. We have seen countless examples of companies at the mercy of such digital blizzards (see the Kryptonite case).
In the pharmaceutical industry we have seen similar examples, and a recent article in Pharmaceutical Executive examined how Effient (a new blood thinner by Eli Lilly) was allegedly doomed for failure before the product even launched. The reason being, an effective counter launch campaign by competitor BMS (Plavix), where BMS effectively managed to position Effient as a niche product that increased bleeding risks, and by repeating this message through various channels and towards various stakeholders it effectively became “The truth”.
Whether your pre-launch product is facing a direct competitor, brand advocates or detractors, or is faced with multiple uncoordinated voices in the digital ether, you need to know what they are saying and take the possible impact (spread & influence) seriously. Some of the steps I suggest launch brands take in-order gain a better understanding:
While many launch brands have realized the power, value and opportunities to be gained by leveraging such digital insights within launch preparations, the majority of launch brands that we see have struggled with the transition, and still rely on decade old market research and go-to-market strategies.
I truly suggest embracing and acknowledging the value of digital customer insight in complementing classic research, as it provides a far more nuanced and complete picture of key stakeholder groups and the channels they´re using today. Today, modern technology and tools allow you to analyze and understand the online behavior and voice of the customers in far more detail.
At Vertic, we probably have the most experienced and advanced setup for Digital Pre-Launch & Launch Landscaping, and have assisted some of the largest brands in gaining a far more nuanced understanding of both customers and competitors, and use these insights to develop their Digital Strategy and based on a Share of Life™ mindset.
Smart marketers recognize that there will be a distinct “before” and “after” in consumer behavior as a result of the pandemic. You must start now to create the digital tools needed to embed your brand in the customer’s post-COVID life.
Take the time now to identify and understand the new expectations of your customers, and how have their habits and priorities shifted during this time