Can David Beat Goliath in Pharma Marketing?
In the pharmaceutical marketing arena, smaller brands often find themselves pitted against larger, resourced competitors. However, being a David in a field of Goliaths can come with its own set of advantages. Here’s how smaller pharma brands can leverage their unique traits to effectively compete:
1. Own Something Your Competitor Can’t
Don’t worry about niching your brand; just own one thing that is of value to your customers that your competitor can’t. Identify a specific value or benefit that your brand uniquely offers, and that larger competitors can’t match. This focus can foster deeper customer connections and redefine value expectations.
2. Excel in Customer Experience
Bigger doesn’t always mean better when it comes to customer experience. We’ve consistently seen smaller, more innovative companies outside the healthcare space put older, bigger companies out of business. The same principles hold true for healthcare marketing; understand the pain points in your customers’ journey better than your competitor, and use that knowledge to deliver solutions that truly make an impact on their lives.
3. Utilize Your Size
Position your brand’s smaller size as a strength, not a weakness. Organizational flexibility will enable you to seize opportunities and generate greater impact from the resources you have. Don’t fall into the trap of trying to emulate the way big companies promote their brands, and you’ll be able to outmaneuver them with a more agile commercialization approach.
4. Harness Digital Channels
The digital arena helps level the playing field. Smaller firms can often excel in building digital expertise, enabling smart use of search, social, and media channels to engage customers in ways larger competitors might not.
5. Adopt a Bold Approach
Without the cushion of abundant resources, smaller companies are pushed to be more innovative. Embrace a fearless marketing approach, grounded in solid research, to identify and seize opportunities that may be a bit outside the box.
5 Key Action Steps:
- Define your unique offering clearly.
- Know your customers’ needs and pain points better than your competitors.
- Build an agile commercialization approach.
- Optimize digital engagement.
- Be bold in actions to best serve your customers.