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From Fanfare to Flop can be a very short time in Brand and
Product launches. History shows that as many as 9 out of
every 10 product launches end up as financial failures.
Major corporations such as Proctor & Gamble had 12 of its' 250+
products on the market in 2002 generating more than half their
revenue and a greater share of profits.
Big pharmaceutical companies live or die on a single blockbuster
drugs that contribute disproportionate amounts of revenue and
profits.
With an average of 700 brands being launched every year into more
than 2.3 million existing brands around the world currently being
tracked, the chances of creating an international impact with a
single brand are exceptional.
To have all three brands from one small company achieve that goal
within three years, not limited by the amount of financial and
personnel resources available, when the estimated cost of
creating a global brand is over $500 million, Alltracel
Pharmaceuticals PLC has used less than $10 million inclusive to
build all three with a marketing team of four.
Getting your brand or message across in an ever increasing media
buzz even in your local vicinity can be expensive, so how much do
you need to put your stamp on the world?
Gazillions!!!!!!! Right? Wrong
It is possible to engage psychological tactics to get access to
the expensive real estate of your customers' brain. The easiest
way to explain this is through an example and one where I played
a significant role. Although the technology describes the
benefits in wound care, the process represents a breakthrough in
areas like cardiovascular health and Cosmeceuticals.
Alltracel has a patented platform technology called
PolyAnhydroGlucuronicAcid or "PAGA". The benefit in wound care is
that it stops bleeding.
Creation of the Brand
The first part of the exercise involved the creation of a Brand
that would name and describe what it actually is. Micron sized
Dispersed Oxidized Cellulose. By use of the acronym MDOC it was
possible to achieve the first brand and clever association with
health. To further this process it was a logical step to break
it up to achieve M-DOC!
Add in the "Stops Bleeding" benefit and you have a
problem/solution and target audience. Introduce innovative
delivery mechanisms such as Spray on Bandages - with M-DOC,
Blotting technology - with M-DOC which is similar thin film
technology like Pfizers' PocketPaks breath and another brand
"Blotter" and you now have a reason why retailers got excited and
took the product. Next throw in an impregnated "Band-Aid" like
adhesive dressing with M-DOC inside and you have a 5 SKU range of
products and a completely new "Stops Bleeding Category". This not
only enhanced the range of products available in the First Aid
section of retail and drug-stores, but also increased revenues
with new value added products in what was for many years a
dormant category.
Faced with competition that could wipe the floor with the
Alltracel products, the way forward was to work within the
industry rather than against each company. This was done by
co-branding with existing brands and retailer brands. Alltracel
licensed the technology on a non-exclusive basis and delivered
added value to all new users of the M-DOC technology.
This can be seen by walking into any Boots Plc retail outlet in
the UK and in the First Aid section there are Boots own Brand
"Stops Bleeding range with MDOC technology being promoted along
side. This spread to the US where CVS, Rite-Aid, Walgreens and a
multitude of other drug-stores in 2005 had products with M-DOC.
This spread to have products in more than 300,000 outlets around
the world in Europe, Asia and the US markets.
Now having said this, building a brand is still a long term
exercise and wound care is a big market with small margins.
Creating a Brand requires the ability to deliver a promise.
M-DOC delivers the benefit of the science and not just the
science.
People buy benefits. They want value and need to see results.
Retailers need increased revenue from existing dormant product
ranges. M-DOC delivers all of the above. Alltracel staked its'
claim on a very intensive, highly competitive and potentially
dangerous product launch platform and delivered on its' promise
to deliver.
The future will tell the true worth of the brand value in
Alltracel, but ultimately innovation is not just about product
development, it requires creative marketing and not as much money
as you think!
PocketPaks is a registered trademark of Pfizer Inc. Band-Aid is a
registered trademark of Johnson & Johnson. M-DOC and Blotter are
registered trademarks of Alltracel Pharmaceuticals PLC.
Writer's Resource Box:
Gerard Brandon is editor of Guru Manager Entrepreneurs'
Toolkit Founder and former CEO of Alltracel Pharmaceuticals
Plc, with multiple partners and suppliers in China. Guru Manager
provides Entrepreneurs interactive tools for building their
global business. http://www.gurumanager.com/
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