From Concept to Icon: Successful Pharma Brand Management (Part 5) – Differentiate or Disappear: Craft Your Brand and Value Propositions
The Story Behind This Blog
Ah, Mumbai in April, the heat surely hadn’t changed a bit, I thought, wiping sweat from my brow. It was 2024, and after nearly five decades, I found myself back at my alma mater, Bhavan’s College in Andheri. My steps felt heavier, each one a thud against the unfamiliar ground. Where were the charming bungalows that once lined the streets? Gone, replaced by towering buildings boasting the names of builders I didn’t recognize. Even my very close friend, Fredoon’s cozy house, where we’d spent countless hours in carefree youth, was no more. A pang of sadness shot through me. The old Navrang Cinema, a silent witness to our youthful escapades, had succumbed to the march of progress. It was just a memory now. Andheri had transformed into a concrete jungle, a stark contrast to the vibrant suburb I remembered.
The sameness the monotony and the similitude of the towering structures in this concrete jungle, called Andheri reminded me of the similarity of all the strategies, tactics, and the promotional material churned out by many companies in the Indian pharma industry.
In today’s crowded marketplace, building a successful brand is like constructing a house that stands out in in this concrete jungle. But standing out doesn’t mean standing out like Antilia in Malabar Hill. This monstrosity just screams bad taste.
Building a Pharma Brand that Stands out
In today’s crowded marketplace, having a strong brand is more important than ever. But what makes a brand truly stand out? The answer lies in two key concepts. Two essential blueprints for your brand to stand out are:
- The brand proposition and
- The value proposition
These concepts may sound complex, but they’re actually straightforward ideas that helps your brand to connect with doctors and patients.
Think of a brand proposition as your brand’s promise to the world. It’s what makes your brand unique and tells doctors and patients why they should choose your brand over others.
The value proposition, on the other hand, is like a list of benefits your brand offers to customers. It answers the question, “What’s in it for me?”
Together, these two propositions form the foundation of your brand. They guide everything from how you design your products to how you talk to your doctors and patients.
Without these two propositions, your brand might merge into the background, just another towering building in Andheri.
But with strong propositions, your brand can become a landmark that doctors and patients remember. Doctors would love to prescribe your brand again and again. KOLs may even recommend it to peers and juniors.
In this article, we’ll explore why these concepts are so crucial in building a brand that not only catches eyes but also wins hearts and minds.
Definitions
Brand Proposition:
A brand proposition is the overall promise your brand makes to doctors and patients. It’s the main reason why your brand exists and what makes it different from others. It answers the question, “Why should doctors choose me?” This proposition is also about your brand’s purpose, its why and what it stands for in the market. It’s your brands identity and personality.
It also demonstrates your brand’s commitment to fostering an emotional bond with both doctors and patients.
Example: Novo Nordisk’s Brand Proposition revolves around being a global healthcare company with a strong focus on diabetes care, as well as other serious chronic diseases such as obesity.
Value Proposition:
A value proposition is more specific. It’s a clear statement of the tangible benefits doctors and patients get from prescribing or using your brand. It answers the question, “What’s in it for the customer?” This proposition focuses on the unique value and advantages your brand offers to solve customer problems or improve their lives.
It highlights how your brand solves a problem or improves a situation, making it clear why a doctor should choose it over competitors.
Example: Novo Nordisk’s Value Proposition centers on offering innovative and effective solutions for chronic diseases, particularly diabetes, obesity. Their value proposition also includes scientific innovation and patient centric approach.
Brand Proposition Examples:
1. Cipla:
Brand Proposition: “Caring for Life”
This proposition positions Cipla as a company focused on improving people’s health and well-being.
2. Dr. Reddy’s Laboratories:
Brand Proposition: “Good Health Can’t Wait”
This emphasizes the company’s commitment to providing quick and accessible healthcare solutions.
3. Sun Pharma:
Brand Proposition: “Reaching People, Touching Lives”
This proposition highlights Sun Pharma’s aim to make a positive impact on people’s lives through their products.
1. Mankind:
Value Proposition Examples:
Value Proposition: “High-quality medicines at affordable prices”
This directly communicates the benefit of cost savings without compromising on quality.
2. Dabur:
Value Proposition: “Experience the power of nature’s wisdom with our time-tested medicines for modern health issues”
This highlights the unique benefit of traditional, natural solutions for contemporary health problems.
3. Biocon:
Value Proposition: “Imagine a future free from the burden of chronic illness. Innovative biologics are revolutionizing treatment, offering hope and a chance to reclaim your life. “
This emphasizes the advanced nature of their products and the specific benefit of better treatment results.
In these examples, you can see that the brand propositions are broader statements about the company’s overall mission or approach, while the value propositions are more specific about what customers gain from using their products. The brand propositions aim to create an emotional connection or overall image, while the value propositions focus on concrete benefits to the customer.
In conclusion, a brand without a clear brand proposition and value proposition risks blending into the vast sea of competitors. These propositions are vital in defining your brand’s unique identity and the specific value it offers to customers. They not only differentiate your brand but also create an emotional connection and trust with your target audience. Without them, your brand lacks direction and purpose, making it challenging to attract and retain loyal customers. To stand out in today’s competitive market, establishing and communicating your brand and value propositions is essential.