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High-Performance Pharma Brand Plans - The 5 Pitfalls to avoid PowerPoint Presentation

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Description : Pharma Brand Plans are often inefficient due to insufficient brand teams involvement in crafting a brand plan and lack of market insights and of coordination across pharma companies departments. Smart Pharma Consultants have identified several common pitfalls that pharma companies should be avoid to craft pharma brand plans likely to optimize brand performance.

Tags : pharma companies, Pharma, pharmaceutical, Pharmaceutical Industry, Pharma Brand Plans

Published on : Jun 29, 2020 | Views : 2677 | Downloads : 2

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1, rue Houdart de Lamotte – 75015 Paris – France Tel. +33 6 11 96 33 78 Email : jmpeny@smart-pharma.com – Website : www.smart-pharma.com February 2020 High-Performance Pharma Brand Plans – The 5 pitfalls to avoid High-Performance Pharma Brand Plans Position Paper FEBRUARY 2020 The 5 Pitfalls to avoid SMART TOOL SERIES (#1)
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High-Performance Pharma Brand Plans 1. Introduction Brand Plans are often inefficient and of little use due to insufficient brand teams involvement, lack of market insights and of coordination across pharma companies departments Smart Pharma consultants have helped 35 pharma companies develop brand plans on more than 80 products belonging to 18 different therapeutic areas: Sources: Smart Pharma Consulting High-Performance Pharma Brand Plans – The 5 pitfalls to avoid February 2020 2 From this experience, we have identified several common pitfalls that should be avoided to craft brand plans likely to optimize brand performance “At affiliate level, the Brand Planning process is often viewed as a window-dressing exercise”
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High-Performance Pharma Brand Plans 1. Introduction For each of these five pitfalls, we propose practical and easy-to-implement solutions so that pharma companies can transform useless brand plans into high-performance ones Sources: Smart Pharma Consulting High-Performance Pharma Brand Plans – The 5 pitfalls to avoid February 2020 3 Pitfall #1 Pitfall #2 Describing and not analyzing the market situation Carrying out a sub-optimal SWOT analysis Crafting an inconsistent strategy Pitfall #3 Pitfall #4 Pitfall #5 Selecting tactics which do not support the strategy Not integrating monitoring indicators “The purpose of Brand Plans is to allocate the right resources to reach the performance objective set, in an effective and efficient way”
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High-Performance Pharma Brand Plans 2. Pitfalls to avoid Market situation is too often superficially analyzed and therefore poorly understood, preventing a proper identification of market opportunities and threats Describing and not analyzing the market situation What do we observe? Pitfall #1 The situation analysis section is most often just a description of the market facts with no or poor analyses Despite a large quantity of available data, the knowledge and the understanding of key market stakeholders are too often partial and not accurate The main reasons for these weaknesses in the brand planning process come from: ̶ Affiliate brand teams considering it is just a constraint, imposed by the regional or global teams, having little, if any, value for them ̶ Insufficient time spent to carry out in-depth analyses to enhance market insights (knowledge and understanding) 76 138 198 67 67 81 39 47 61 23 25 25 205 277 365 0 50 100 150 200 250 300 350 2017 2018 2019 € M 400 Competitor A Own brand Competitor B Competitor C Market Market Definition / Structure / Dynamics Sources: Smart Pharma Consulting High-Performance Pharma Brand Plans – The 5 pitfalls to avoid February 2020 4
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High-Performance Pharma Brand Plans 2. Pitfalls to avoid The situation analysis should focus on identifying and analyzing current and future key market events from which implications for the brand will be deducted Describing and not analyzing the market situation What do we recommend? Pitfall #1 A robust analysis of the market situation requires to identify key market features, by gathering precise and reliable information regarding: Sales data trends (historical and forecasted data) Opinion and behavioral trends of key stakeholders (policy makers, payers, physicians, pharmacists1, patients, patient advocacy groups (PAGs), pharma competitors)2 who are likely to impact the market attractiveness and the competitive position Then, it is essential to understand the factors that drive stakeholders opinion and behavior, and market attractiveness An in-depth market knowledge and understanding will enable to identify the major market opportunities and threats and to assess the brand strengths and weaknesses    Stakeholders behavioural trends    Driving factors    Implications Patients & PAGs Physicians Pharmacists Payers Pharma competitors Pharma company Sources: Smart Pharma Consulting 1 Retail and hospital pharmacists – 2 In certain therapeutic areas, other stakeholders such as nurses may be considered High-Performance Pharma Brand Plans – The 5 pitfalls to avoid February 2020 5 The 7 Ps – Market stakeholders analysis Policy makers
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1 For instance, the fact that a brand has a leading position on a therapeutic area is not necessarily a strength per se. High-Performance Pharma Brand Plans 2. Pitfalls to avoid The SWOT analysis is rarely properly structured, preventing from deducting the most relevant key strategic drivers to optimize the brand performance Sources: Smart Pharma Consulting Carrying out a sub-optimal SWOT analysis What do we observe? Pitfall #2 The SWOT analysis constitutes a structured summary of the situation analysis from which the key strategic drivers (also called: key business drivers, key strategic imperatives, strategic priorities, etc.) should be drawn However, the conventional SWOT framework is not well conceived, leading to misuses: It is frequent to see a long list of items, not always relevant, and considered to be of equal importance Opportunities are often confused with strengths, and threats with weaknesses It is not rare for an item to be mixed-up with its cause, leading to wrong strategic decisions1 The frequent inappropriate use of the SWOT framework has led detractors to rename it “Silly Way Of Thinking”    Market Opportunities    Market Threats    Brand Strengths    Brand Weaknesses It may just be the result of a factor which is the strength, such as its superior efficacy, acceptability or convenience High-Performance Pharma Brand Plans – The 5 pitfalls to avoid February 2020 6 Conventional SWOT analytical tool
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1 Relative Importance of each item, rated from 5, high importance to 1, low importance – 2 Policy makers – High-Performance Pharma Brand Plans 2. Pitfalls to avoid The “Advanced SWOT” helps brand teams carry out a more specific and relevant assessment of the market situation and of the brand competitive position Sources: Smart Pharma Consulting Carrying out a sub-optimal SWOT analysis What do we recommend? Pitfall #2 To facilitate the definition of the brand strategic drivers, it is recommended to use the “Advanced SWOT framework” which structures: Market opportunities and threats into stakeholders opinions and behaviors Brand strengths and weaknesses into the product, the associated services and the reputation of the marketing company It is also essential to prioritize the items listed in each of the four components of the SWOT framework by evaluating their RI (relative importance) by using, for instance, a five-point scale These proposed adjustments of the SWOT framework have shown to be very helpful to transform it into a practical tool 3 Payers, physicians, pharmacists, patients, patient advocacy groups – 4 Product features, price, distribution, promotion High-Performance Pharma Brand Plans – The 5 pitfalls to avoid February 2020 7 Advanced SWOT analytical tool
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High-Performance Pharma Brand Plans 2. Pitfalls to avoid The brand strategy is too often crafted irrespective of the market reality and is not structured so that to foster the synergy of the supporting activities across departments Crafting an inconsistent strategy What do we observe? Pitfall #3 The strategic drivers, which are the priorities on which the company concentrates its resources and capabilities to achieve the performance objective set for its brand, should derive from the SWOT analysis The links between the situation analysis, summarized in a SWOT, and the selected strategic drivers, are not always clearly established and sometimes may even not exist In addition, if not properly put into perspective with the set objective, the selected strategic drivers may not be the most relevant ones and lead to a suboptimal brand performance When the activities corresponding to each strategic driver are not well-defined, across key different operational functions (i.e. market access, medical, marketing, sales), the quality of execution is in general poor Strategic drivers Strategic driver #1 Strategic driver #2 Strategic driver #3 Sources: Smart Pharma Consulting High-Performance Pharma Brand Plans – The 5 pitfalls to avoid February 2020 8
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High-Performance Pharma Brand Plans 2. Pitfalls to avoid The Brand Strategy Card has shown to be a useful tool to align the brand ambition, the strategic drivers and the corresponding tactics Crafting an inconsistent strategy What do we recommend? Pitfall #3 The Brand Strategy Card shows the brand ambition, the strategic drivers selected to achieve that ambition and the key tactics to support the strategic drivers Thus, this one-page Brand Strategy Card helps to ensure the consistency between the three building blocks of the brand strategy: the ambition – the strategic drivers – the key tactics The trickiest part is to select the most relevant strategic drivers, as derived from the Advanced SWOT, which are… … opportunities to seize, threats to fight again, strengths to capitalize on, and/or weaknesses to address The preferred strategic drivers are those which are the most likely to have an impact on the brand performance so that to achieve the set ambition for the brand The Brand Strategy Card Brand ambition Quantitative & Qualitative objectives Sources: Smart Pharma Consulting High-Performance Pharma Brand Plans – The 5 pitfalls to avoid February 2020 9
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2. Pitfalls to avoid The tactics do not always support the strategic drivers and are too often limited to marketing and sales activities Selecting tactics which do not support the strategy What do we observe? High-Performance Pharma Brand Plans Pitfall #4 It is not rare to see, in brand plans, key tactics which do not formerly support the strategic drivers However, key tactics are the actions which are selected to support the strategy In other words, these actions are the operational expression of the strategic drivers Key tactics are too often described as a series of activities carried out by the marketing and sales departments… … which are a renewal of past activities and for which objectives have not been clearly set and the impact formerly measured Being rarely based on the assessment of past experience, the process to prioritize these tactics is in general weak Sources: Smart Pharma Consulting High-Performance Pharma Brand Plans – The 5 pitfalls to avoid February 2020 10 Table of key tactics
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1 Market access, medical, marketing, sales, etc. – 2 By using a specific assessment tool as the one shown in our position paper High-Performance Pharma Brand Plans 2. Pitfalls to avoid Each tactic should be carefully selected to best support the strategic drivers to enhance the probability to achieve the brand ambition Sources: Smart Pharma Consulting Selecting tactics which do not support the strategy What do we recommend? Pitfall #4 Tactics should be carefully selected to best support each strategic driver These tactics may concern not only marketing and sales departments, but also market access and medical affairs departments If the medical affairs department is not supposed to promote brands, it can/should however contribute to optimize the use of the brands in the best interest of the patients, by generating and disseminating to healthcare professional relevant medical data It is important, for each tactic, to precise the target concerned, to set a precise objective, to plan it, to name a responsible and estimate a budget Before selecting a tactic, it may be needed to test the idea2 “ Excellence in Execution” p. 31 – https://smart-pharma.com/wp-content/uploads/2019/07/Smart-Management-Series-Excellence-in-Execution-VWF.pdf High-Performance Pharma Brand Plans – The 5 pitfalls to avoid February 2020 11 Table of key tactics related to the strategic drivers Strategic Driver Department1
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High-Performance Pharma Brand Plans 2. Pitfalls to avoid It is rare to see brand plans with integrated monitoring tools and associated monitoring process, which therefore prevents from measuring the efficacy and efficiency of the selected tactics Not integrating monitoring indicators What do we observe? Pitfall #5 A brand plan without indicators to measure the quality of execution and the – direct or indirect – impact of the selected tactics on the business is of little use Rare are the companies which integrate, in their brand plan, indicators to measure the quality of execution (Key Execution Indicators) and/or the impact (Key Performance Indicators) of tactics Without these indicators and the implementation of a monitoring process, it is impossible to evaluate the efficacy and efficiency of the tactics planned in the brand plan Thus, a brand plan with no systematic monitoring can be viewed as a window-dressing exercise Monitoring indicators “If you can’t measure it, you can’t manage it!” – Peter Drucker Sources: Smart Pharma Consulting 1 Key Execution Indicators – 2 Key Performance Indicators High-Performance Pharma Brand Plans – The 5 pitfalls to avoid February 2020 12
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High-Performance Pharma Brand Plans 2. Pitfalls to avoid KEIs1 and KPIs2 are both essential, the first type of indicators measuring the quality of execution and the second one the degree of objective achievement Not integrating monitoring indicators What do we recommend? Pitfall #5 All brand plans should include monitoring tools and a monitoring process related to each selected tactic We recommend to use: Key Execution Indicators (KEIs) which measure the quality of execution of tactics Key Performance Indicators (KPIs) which measure the business outcome of tactics By measuring carefully the quality of execution and the impact of tactics, it is possible to adjust the brand plans (during the year or from the previous year) to make them more efficient and effective Monitoring indicators KPIs KEIs Sources: Smart Pharma Consulting 1 Key Execution Indicators – 2 Key Performance Indicators High-Performance Pharma Brand Plans – The 5 pitfalls to avoid February 2020 13 “KEIs check that you are on the right track and KPIs check that you arrive at destination”
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1 What: gathering of data regarding market sales and stakeholders opinion and behavior. Why: understanding of the factors triggering market and stakeholders data. So What: implications for the brand. What to do: strategic and tactical decisions to be made to achieve the brand ambition, based on the situation analysis High-Performance Pharma Brand Plans – The 5 pitfalls to avoid February 2020 14 High-Performance Pharma Brand Plans 3. Key takeaways “High-Performance Pharma Brand Plans require method, rigor and pragmatism” Recommendations Sources: Smart Pharma Consulting Design brand plans with the intent of helping allocating the right resources to achieve brand performance ambition, and not just as a formality to be reported at corporate level Adopt the 4Ws1 (What? – Why? – so What? – What to do?) approach to improve the relevance, the consistency and the robustness of the brand plans Use the “Advanced SWOT” to facilitate the analysis of the market situation and of the brand competitive position, identifying market opportunities and threats and prioritizing brand strengths and weaknesses Seek customer preference rather than customer satisfaction by improving customers perception of the brand attributes, the quality of the proposed services and the corporate reputation Make the best use of the “Brand Strategy Card” to formalize clearly and precisely the brand ambition, the strategic drivers and the corresponding key tactics Define Key Execution Indicators and Key Performance Indicators to monitor respectively the quality of execution and the impact of tactics
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1 The program content can be customized High-Performance Pharma Brand Plans – The 5 pitfalls to avoid February 2020 15 4. Smart Pharma Service Offering High-Performance Pharma Brand Plans Sources: Smart Pharma Consulting Example of a One-Day Program1 8:30 Introduction to the program 8:40 Definitions, concepts, methods, tools related to Brand Plans 9:00 Module 1: Situation analysis Market definition and dynamics Stakeholders opinion and behavioral analysis 10:30 Break 10:50 Advanced SWOT analysis 12:00 Module 2: Sales forecasting & ambition setting 13:00 Lunch 14:00 Module 3: Strategy crafting 15:00 Module 4: Tactics selection 16:00 Break 16:20 Module 4: Tactics monitoring 17:30 Conclusion and key takeaways 18:00 End of the program Target Audience Collaborators involved in supporting the brands (e.g. from the medical, marketing, commercial, market research, strategic,… departments), whatever their level of responsibility and seniority Consulting Services Training Program Smart Pharma Consulting is well-known for its ability to help brand teams build robust brand plans To date, Smart Pharma consultants have helped 35 pharma companies develop strategic and tactical plans on more than 80 brands belonging to 18 different therapeutic areas Thus, we can bring our support to address the following issues: Which market analyses should be carried out? How to define market key success factors and the corresponding brand challenges with the help of the “Advanced SWOT”? How to develop market and brand scenarios? How to define the brand performance ambition? How to craft a specific strategy to achieve the brand ambition? How to support the strategy by tactical initiatives likely to reinforce the preference of stakeholders for the brand? How to anticipate the impact of future investment options on the brand performance? How to monitor the quality of execution and the impact of investment decisions?
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Consulting firm dedicated to the pharmaceutical sector operating in the complementary domains of strategy, management and organization Smart Pharma Consulting Editions Besides our consulting activities which take 85% of our time, we are strongly engaged in sharing our knowledge and thoughts through: Our teaching and training activities The publication of articles, booklets, books and expert reports As of today, more than 80 publications in free access can be downloaded from our website Since the beginning of 2012, we have published: 18 business reports (e.g. The French Pharma Market – The French Generics Market, incl. Biosimilars) 6 position papers in the “Smart Manager Series” 9 position papers in the “Best-in-Class Series” Our research activities in pharma business management and our consulting activities have shown to be highly synergistic We hope that this new publication will be useful for you We remain at your disposal to carry out consulting projects or training seminars to help you improve your operations Best regards Jean-Michel Peny The Smart Tool Series This new series intends to provide practical tools and recommendations to enhance the efficacy and efficiency of the most important activities or processes in place within pharma companies Our tools and recommendations are based on both: Our consulting experience in the pharma sector Our research for innovative, pragmatic and useful solutions Each issue of this new series has been designed to be read in 15 to 20 minutes and not to exceed 20 pages Issue #1: High-Performance Pharma Brand Plans The 5 Pitfalls to avoid Brand Plans are often inefficient and of little use due to a weak building process, a lack of market insight and an insufficient involvement of brand teams We have identified 5 pitfalls and recommended solutions to address them to create High-Performance Pharma Brand Plans, enabling to boost effectively and efficiently brand performance High-Performance Pharma Brand Plans – The 5 pitfalls to avoid February 2020

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MattB

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