Brand Revitalization Strategies: Getting in Front of the Competition
Our global pharmaceutical client’s drug had one of the most successful launches in its category and monopolized the market for years. Another company, however, launched a product that was in direct competition, resulting in decreasing sales driven by losses in new prescriptions and aggressive commercialization of the new drug. Our client had recently launched certain initiatives to respond to the loss in revenues. The client engaged Prescient to anticipate and counter the competitor’s response to its initiatives and determine which strategies and tactics it should implement over the following 12-18 months to mitigate the impact of the new competitor and maintain or recapture its targeted market share. The scope of the engagement included developing a realistic, cost-effective and differentiated messaging and positioning strategy.
Shaping Decisions | Driving Value
Prescient conducted a two-day workshop that enabled the client to identify and maximize opportunities at this critical stage of its product life cycle through dynamic, cross-functional exercises. The workshop design ensured customized analysis and output for different archetype markets, based on variances driven by 1), two different physician specialties, and 2), the timing of the competitor achieving reimbursement (early versus late markets).
The workshop consisted of alternating sessions that allowed the individual teams to be fully immersed in the competitor persona and focused on the individual team objectives (during “breakout” sessions), but also provided an opportunity for the communication of insights and alignment across all participants (in “plenary” sessions). The teams adopted the competitor’s identity on the first day, analyzing its strategies and tactics, and reverted to their own corporate identity on the second day, identifying the key issues and developing strategies to address them. Energizers such as team competitions were used during the workshop to enhance participants’ competitive spirit and add an element of fun.
The Prescient Advantage
The workshop allowed our client to assess and anticipate its competitor’s reaction to its brand revitalization strategy and develop refined tactics to recapture or maintain share in archetype countries. The teams identified the most relevant differentiators of its drug versus the competition and developed a clear and refined value proposition and associated messages. The workshop also resulted in an increase in confidence and competitive mindset among the client team. Our client managed to recapture much of its lost market share in the early markets and prevent a significant loss of market share in the late markets.