The pharmaceutical industry is constantly evolving, and pharmaceutical companies must stay competitive to succeed in this dynamic market. One way to maintain a competitive edge is through brand transformation. Brand transformation involves redefining the brand’s strategic direction, updating the brand’s visual identity, and changing the brand’s messaging to better meet the evolving needs of its target market.
In this article, we’ll explore how marketing managers in the pharmaceutical industry can recognize the need for brand transformation and the recommended stages for undertaking a successful brand transformation.
What is Brand Transformation
Brand transformation refers to the process of redefining, repositioning, and revitalizing a brand to better meet the evolving needs of its target market. It involves changing the perception of a brand in the minds of consumers, often through changes to the brand’s visual identity, messaging, product or service offerings, and overall customer experience.
Brand transformation is often undertaken in response to changes in the marketplace, such as shifting consumer preferences, emerging technologies, or new competitors. It may also be necessary if a brand’s reputation has been damaged or has become associated with outdated or negative characteristics.
Successful brand transformation requires a strategic approach that is grounded in a deep understanding of the brand’s existing strengths, weaknesses, and opportunities. It also requires careful planning and execution, as well as ongoing monitoring and refinement to ensure that the brand continues to resonate with its target audience over time.
Recognizing the Need for Brand Transformation
There are several signs that a pharmaceutical brand may need transformation. The most common indicators include declining sales, changes in the competitive landscape, changes in consumer preferences or behaviour, changes in regulatory requirements, and negative reputation or image.
One of the most obvious signs that a brand needs transformation is declining sales. If sales are stagnant or declining over an extended period, it may be time to reevaluate the brand’s positioning, messaging or product offerings.
Changes in the competitive landscape
If new competitors are entering the market, or existing competitors are making significant changes to their products or marketing strategies, it may be time to reassess the brand’s positioning and messaging to stay competitive.
Changes in consumer preferences or behaviour
As consumer preferences and behaviour change over time, it’s essential to ensure that the brand is still resonating with its target audience. If consumer preferences or behaviour are shifting, the brand may need to be repositioned or updated better to meet the evolving needs of its target market.
Changes in regulatory requirements
Regulatory requirements in the pharmaceutical industry are continually evolving, and brands must stay up-to-date with these changes to remain compliant. If there are significant changes in regulations or guidelines that affect the brand, it may be necessary to undertake brand transformation to ensure compliance.
Negative reputation or image
If the brand has been associated with negative perceptions or a damaged reputation, it may be time to undertake brand transformation to restore trust and rebuild the brand’s image.
If a marketing manager in the pharmaceutical industry notices any of these signs, it may be time to consider brand transformation as a way to stay competitive and meet the evolving needs of the target audience.
Recommended Stages In Brand Transformation
Brand transformation is a complex process that requires careful planning and execution. Here are some recommended stages for a marketing manager in the pharmaceutical industry to go about with brand transformation:
Research and analysis
The first step in any brand transformation process is to conduct a thorough analysis of the current brand and market environment. This should include an assessment of the brand’s strengths, weaknesses, opportunities, and threats (SWOT analysis), as well as research on customer needs, competitor strategies, and market trends.
Define brand strategy
Based on the research and analysis, the marketing manager should define the brand’s new strategic direction. This should include the brand’s new positioning, target audience, messaging, and value proposition. The brand strategy should align with the company’s overall business objectives.
Develop the brand identity
The next stage is to develop the brand identity, including visual elements such as the brand name, logo, colour scheme, typography, and packaging design. The brand identity should reflect the brand’s new strategic direction and messaging.
Develop the marketing plan
Once the brand identity is in place, the marketing manager should develop a comprehensive marketing plan that outlines how the brand will be promoted to its target audience. This should include the specific tactics that will be used, such as advertising, social media, public relations, and event marketing.
Implement and monitor
The final stage is to implement the brand transformation plan and monitor the results. The marketing manager should ensure that all marketing materials are consistent with the new brand identity and messaging. They should also track key performance indicators (KPIs) such as sales, brand awareness, and customer satisfaction to measure the success of the brand transformation and make any necessary adjustments.
It’s important to note that brand transformation is an ongoing process, and the marketing manager should be prepared to make adjustments as needed based on changes in the market environment or customer feedback.
Popular Pharmaceutical Brands That Have Undergone Transformation
Advil is a brand of pain relievers that contains ibuprofen as its active ingredient. It is marketed by Pfizer Consumer Healthcare and is used to treat a variety of conditions, including headaches, toothaches, menstrual cramps, and muscle aches.
Over the years, the Advil brand has undergone several changes to its visual identity and packaging design. In 2015, for example, the brand launched a new look that features a brighter, more modern colour scheme and a simplified logo. The brand has also evolved its messaging over time to focus on the benefits of fast, effective pain relief.
Lipitor is a brand of cholesterol-lowering medication that contains atorvastatin as its active ingredient. It is marketed by Pfizer Inc. and is used to reduce the risk of heart attack, stroke, and other cardiovascular diseases.
When Lipitor was first launched in the late 1990s, it was marketed as a breakthrough treatment for high cholesterol. In recent years, however, the brand has undergone a significant transformation in response to changing market conditions. In 2011, for example, Pfizer lost the patent for atorvastatin, the active ingredient in Lipitor, which opened the door for generic competition. To respond to this challenge, the brand has shifted its focus from being a product to being a provider of solutions that can help patients manage their cholesterol levels and reduce their risk of heart disease.
Humira is a brand of biologic medication that contains adalimumab as its active ingredient. It is marketed by AbbVie Inc. and is used to treat a range of autoimmune diseases, including rheumatoid arthritis, psoriasis, and Crohn’s disease.
Since its launch in 2002, Humira has become one of the best-selling drugs in the world, with sales of more than $20 billion per year. To maintain its market leadership position, the brand has undergone a series of brand transformations over the years. This has included updates to the brand’s visual identity and packaging design, as well as the development of new messaging and marketing campaigns that highlight the drug’s effectiveness and safety. The brand has also expanded its range of indications to include new autoimmune diseases and has invested in research and development to develop new formulations of the drug.
Should Your Brand Undergo Transformation?
Brand transformation is a critical component of staying competitive in the pharmaceutical industry. By recognizing the signs that a brand needs transformation and following the recommended stages for undertaking a successful brand transformation, marketing managers in the pharmaceutical industry can ensure that their brands remain relevant and resonate with their target audiences.
It’s essential to conduct research and analysis to inform the brand transformation process and define a clear brand strategy that aligns with the company’s overall business objectives. Developing a new brand identity, developing a comprehensive marketing plan, and implementing and communicating the new brand are all critical stages in the brand transformation process.
By following these stages, marketing managers in the pharmaceutical industry can ensure that their brands stay competitive, relevant, and resonate with their target audiences in a changing market.