Creating a Global Marketing Strategy: Where Companies Go Wrong
Pharmaceutical companies have long relied on successfully launching new drugs to drive growth. Recent studies show that about two-thirds of the new product launches don’t meet sales expectations. And at the same time, product launches are becoming extremely competitive. Given this changing landscape, pharmaceutical companies have been struggling to make the most of new product launches. Hence, the companies are looking to leverage new product launch strategy.
A multinational pharmaceutical company was about to launch two new high-profile oncology drugs. The client’s previous product launch failed since they were targeting the wrong market, chose the wrong timeframe, and incorrect pricing. This failure proved to be costly for the company. To overcome the odds, the client approached Infiniti Research to help launch their new drugs in the market. With Infiniti’s new product launch strategy, the client wanted to prevent catastrophes and plot a clear path for profits.
Solutions Offered and Value Delivered
Our experts adopted a comprehensive four-phase approach to help the client tackle various industry challenges. The phases involved determining market potential, securing approvals, developing product lifecycle stages, and product tracking.
The new product launch strategy helped the client understand the current competition in the market and anticipate future competitors. The new product launch strategy further helped the client to understand how well their new oncology drug will stack up against other players in the market. Also, with the aid of Infiniti’s new product launch strategy, the client was able to draw the best sales returns. Additionally, by examining the reasons behind the failure of their previous drug launch, the experts at Infiniti Research helped the client take advantage of credible metrics for product success.
Infiniti’s new product launch strategy helped the client launch their new oncology drugs successfully, ensuring its commercial success. The newly launched drugs significantly exceeded their revenue expectations. Also, with the aid of Infiniti’s new product launch strategy, the client was able to achieve a 20% increase in sales volume.
How to Launch a New Product?
Launching a new product or service isn’t as easy as it used to be. The market is oversaturated with products, promises, and innovations. Hence, having a creative approach to creating attention around product launches is, therefore, a key component of successful marketing campaigns. With such a slim chance of success, a well-organized new product launch strategy could make the difference between success and failure in the market.
Businesses often make the mistake of presenting new products to consumers without adequate research or strategic planning. Today’s savvy consumers demand products that satisfy them on many levels including quality, price, status, and function. Hence, with a new product launch strategy, businesses can better make business decisions and market their products.
Since 2014, there has been a tremendous marketing transformation in Europe. Amidst this, marketers are having a tough time perfecting their content marketing strategies to engage European customers. Successful market strategies are those that are highly responsive to different environments. There might be substantial variations in the focus, aims, and techniques of marketing over time, making it imperative for companies entering the region to understand the existing disparities and to respond to them with effective marketing strategies.
What is a marketing strategy?
Marketing strategies combine a company’s marketing goals into a comprehensive plan to achieve them. Effective marketing strategies should include market research and focus on the right product mix in order to maximize profit potential. Top companies around the globe have realized the importance of marketing strategies in identifying the best customers and understanding their needs. Moreover, it also helps businesses gain a competitive advantage over their rivals in the industry.
Creating a marketing strategies for the European market
Understand the customers
It is often observed that B2C companies are ahead of the curve when compared to B2B companies in exercising effective marketing strategies, especially on social platforms. However, considering the fact that today both customers and businesses have an active presence on online channels, B2B companies must also lay more emphasis on enhancing their marketing strategies. Furthermore, European customers are known to be highly dependent on digital devices either to make a purchase or research about a product/service that they are interested in. So, companies must begin by creating content that their target audience is searching for. This can be done by gaining insights from the sales and customer service teams about what makes customers dissatisfied. Companies can also set up a social media monitoring dashboard to better monitor keywords, interests, and brand mentions.
Create a targeted approach
Modern companies must not overlook the fragmented distribution ecosystem, rather they must create a highly targeted and specific approach for each channel. In the US, for instance, companies have already understood the importance of this and are implementing more targeted marketing strategies when compared to their European counterparts. In this era of immersive content, companies in Europe must look at ways that they can enhance their marketing efforts by enhancing user experience through the use of advanced technology.
Understand the nature of market
Certain marketing strategies often do not work as well in Europe as it does in countries like the U.S. Furthermore, one marketing strategy may not be effective across different countries in Europe. Marketers need to understand Europe is not a homogenous market. One of the key challenges here for companies is to understand the local language, the market maturity and the buyer behavior of Europeans. In most cases, highly localized content and marketing strategies that are suited to specific regions in Europe prove to more effective. European marketers sometimes make the mistake of creating and rolling out the same content across Europe without adapting their content to the specific target market and buyers in the specific countries. The best marketing strategies are those that adapt to the changing needs of customers. For instance, a buyer of office furniture looks at office furniture differently when compared to a customer for the same product in the Netherlands or the UK.
One of the biggest differences between the marketing strategies used in the US and Europe is that in the US, companies are looking at how marketing automation rapidly steps up to the next level such as machine learning and AI. The EU market, on the other hand, is playing catch-up on this front, and the gap between adoption and the technical offering is getting larger.