Too many pharmaceutical marketers have allowed the commoditization of their brands. In other words, the brand is too similar to its competitors; indeed, it is interchangeable (as we see in the formulary model). A study found that numerous brands, including Cialis/Viagra, Allegra/Claritin, Nexium/Prevacid, and Vytorin/Crestor, were perceived as highly commoditized, meaning they were purchased based on price alone. The study found that such brands were even more commoditized than Dunkin’ Donuts vs Starbucks.
The message here is that marketers are doing worse than coffee shops in differentiating their brands. This is particularly troubling in a world in which generics are the norm and biosimilars are poised to enter the highly lucrative specialty pharmaceutical market (indeed, they already have when you consider the first biosimilar approved in the US, Zarxio (Neupogen).
The use of next generation AI analytics can help you identify those things that set your brand apart – and keep you from being more than just another cup of coffee.
We are obliterating differentiation. If we all use the same data to make the same decisions about the same products, we lose the differentiation that allows brands to hold special places in the hearts and minds of consumers. If we all rely on the same marketing-automation tools, we relegate ourselves to average returns. If we all sacrifice possibility for certainty, we give up the opportunity to be awesome.