Success in today’s global market depends on versatility and consumer-oriented services. If the consumer interest is not present, market failure will ensure, the impression of quality of one’s product or service. This is the issue facing today’s pharmaceuticals industry, where it is becoming more difficult for brands to survive financially. Many organizations within the sector are failing to conduct effective marketing campaigns to meet changing habits seen within target audiences. Further, these companies have not demonstrated the adaptability to function adequately in varying local markets.
In marketing positioning, pharmaceutical firms must have targeted, clearly defined campaigns that support the value proposition. It is not enough for positioning to simply relate on a scientific or attribute level; the quality of a product will not equate to fiscal success. Rather, new drug products must resonate emotionally with the consumers. In order to develop brand loyalty an emotional connection is vital. Firms can strengthen this connection through the support of brand ambassadors. It is these individuals who embody the corporate identity; this is done through their appearance, demeanor, values and morality.
Social media must become a more prominent component of the industry’s marketing strategies. Through the careful analysis of comments and views on digital resources, firms can better connect with their target audiences and possible clientele. By engaging with these individuals, rather than merely talking to them via advertisements, drug companies can better grasp what is popular with audiences, and how they can adapt their policies to suit these changing habits and needs.
An understanding of customs and expectations across varying global markets must be an imperative for increased brand success. Different strategies and marketing tools must be utilized in different regions, particularly based on industrial status of the market in question. For instance, the rationale of luxury in emerging markets is distinctive from those in developed markets. Generalized marketing campaigns will not succeed across the board. It is more effective to design more ethnically or nationally structured marketing campaigns conducted on a slightly lesser- i.e. regional-scale.
Cultural considerations are also imperative for the pharmaceutical industry. Each market requires a distinctive and carefully cultivated approach. This is exemplified in the views on dosing habits. In Japan, for example, it is a point of emphasis to design ophthalmic products where more frequent dosing is utilized. This is in contrast to western countries such as the United Kingdom or the Netherlands; in these markets less frequent dosing is preferred. These cultural variations must be taken into consideration when communicating with and educating customers. The brand value must be conveyed in a way that resonates with each target market’s understanding the range of aspects at play, in relation to the buying process in each market, is also crucial to building brand proposition knowledge in the minds of patrons.
Pharmaceutical corporations must adapt or crumble. The business world is rife with examples of businesses that failed to adapt to changing habits and are no longer in existence. Consider Western Union telegrams, Blockbuster Video stores, Sharper Image stores or Commodore computers. These were once some of the most dominant brands in the world. However, these businesses fell apart because they became stagnant and were overtaken by dynamic business competitors. Companies using innovative technology and evolving marketing approaches have been able to conquer markets and displace their predecessors. Consider the likes of Wal-Mart, Apple, and Nike. These corporations were late entrants into existing markets; however, they eventually surpassed their business rivals and have become the pinnacle firms within their individual industries. Pharmaceutical companies must learn from these successes and failures, so to shape a brighter future for themselves.
