The process of giving a pharmaceutical product a unique identity on the market is called pharmaceutical product positioning. It entails recognising the special qualities and advantages of your product and conveying them to the intended market in a way that sets it apart from rival goods. Your pharmaceutical firm can gain a competitive edge, boost sales, and develop brand loyalty by using effective product positioning.
Consider the following SIX actions when positioning your pharmaceutical product:
- Decide who the product is designed for: Selecting your target group such as patients, healthcare providers, or payers, is the first step in identifying the target market. To develop a positioning strategy that appeals to the target audience, it is essential to comprehend their wants and preferences.
- Conduct market research: Market research can be used to determine the client wants that the product can satisfy as well as the competitive environment. Surveys, focus groups, and other kinds of market research can fall under this category.
- Give an explanation of the USP: The main feature that distinguishes the product from rival offerings is known as the unique selling proposition (USP). This can have to do with the product’s effectiveness, safety record, usability, or other aspects that are significant to the target market.
- Construct crucial messages: Create key messages that convey the value of the product to the target market based on the USP. These communications ought to be understandable, succinct, and pertinent to the needs of the intended audience.
- Choose effective marketing channels: Choose the best marketing methods to connect with your target market. This can involve attending medical conferences, reading trade journals, using social media, or using other platforms that the target audience might find relevant.
- Observe and correct: Keep an eye on the effectiveness of the product positioning strategy and make necessary adjustments in response to market input, shifts in the competitive environment, or other elements that might have an effect on the product’s success.
A thorough awareness of the target market and the competitive environment is necessary for effective pharmaceutical product positioning. Pharmaceutical firms can distinguish their goods and increase market potential by creating a clear and attractive positioning plan.
