On Raising Brands
November 19, 2018
PM360
November 19, 2018
By Brenda Snow
https://www.pm360online.com/on-raising-brands/
Summary
Brand managers and directors have to reconcile demands that—at least on the surface—seem to compete with one another. They need to nurture the brand for it to thrive and grow into a product that succeeds in the marketplace. And that means being pulled in many different directions: Shareholders demand one thing, regulators another, patients yet another, and then there’s still HCPs and payers to take into account. In that situation, what does success look like? To prioritize one stakeholder over all others? Far from it. The “baby” thrives the most when all of the responsibilities are met, which will also end up benefitting all of the stakeholders.
When parents face seemingly competing priorities, they tend to rely on a network of support, most often family. Similarly, patients and caregivers nowadays seek out others like them. And when I look at the brand teams I know, I see a preference for agencies that are at least partly made up of former “brand parents.” It’s just so much more comforting to know that your partner knows where you’re coming from and understands the exact needs at any given point in the product lifecycle.
The biggest challenge I see for “brand parents” is getting the multidisciplinary support their brand needs. The agency world is a mix-and-match of specialties, and it’s understandable that there’s a reluctance to deal with several vendors. However, that’s like saying your child doesn’t need a pediatrician if you already have an allergy specialist. Just because the fields have areas of overlap doesn’t mean you can ignore your child’s need for, say, vaccines. Ideally, agency partners seamlessly work together, which is why it’s often a good idea to look at agency networks that unite all the specialties biopharma brands need to grow tall and strong. [read more…]
