Integrated Solutions

The way a life science product is launched determines its success or failure. In fast changing market conditions and unpredictable health politics, smart strategic foundation, careful planning and flawless execution are prerequisites. With high rates of product failures, is it risky to spend money on high-profile product launches? Yes and no. It all depends on how it’s done.

Brand refresh offers the benefit of speed and economics. It improves brand equity by realigning brand communication with a company’s reality, in a cost effective and optimized process.

Brand revitalization can dramatically change the future of a life science brand. It improves brand equity by either recapturing lost sources of brand equity or by establishing new ones. It helps differentiate, block or outmaneuver competitors, justify higher prices, counter declining revenues or profitability, modernize image, signal a new corporate era, enable new market expansion and shorten sales cycle.

Brand extensions offer both potential benefits and risks, but overall, the allure of line extensions for life science companies remains strong, primarily due to the cost and risk of launching an entirely new brand. One report showed that line extensions take half as long to develop, cost far less to market, and enjoy twice the success rate of new brand launches. For these reasons, it comes as no surprise that over 90% of new product introductions are line extensions.

Brand names can dramatically change the future of a life science brand. They can improve brand awareness by being simple, easy to pronounce and spell, familiar and meaningful, unique, unusual and distinctive. They can also create or reinforce brand associations by having a meaning in sync with attribute and benefit associations. To sum it up, brand names can help make or break the future success of a product or company.

When completed successfully, life science product or corporate name changes can create tremendous opportunities for success and growth. They can dramatically change the future of a brand after a merger or a significant corporate change. They can leverage and re-enforce points of difference and points of parity, strengthen positive associations, weaken negative associations as well as improve overall brand awareness.

Reinforcing brand equity requires consistency in the amount and nature of the supporting marketing program for life science brands. Although tactics may change, brand owners should preserve and amplify the key sources of equity for the brand where appropriate.

Brand portfolio management can generate significant revenue and bottom line results for life science brands. One of the most valuable aspects of the process is the time investment of top management, which requires them to think strategically about, and engage in, the future of the brand portfolio.