4 tips on how to navigate ‘global versus local’ challenges in pharma marketing
Williams Lea Tag
One of the most difficult challenges for pharmaceutical marketers is understanding how to communicate a brand identity and new product successfully both globally and locally.
For this industry, this challenge is even more complex. A highly regulated environment combined with a diverse set of customers means that delivering real brand engagement across geographical regions is a tough nut to crack.
There is no question that the pharmaceutical industry must broaden its understanding of emerging markets, such as Brazil, India, and of course China, as these are very different to the established major markets of the US, Europe’s top 5 (Germany, France, Italy, Spain, UK) and Japan.
Meanwhile, some of the fastest pharma market growth over the next few years will come from central and eastern Europe (CEE).
BMI Research estimates that over a five-year period (2017-2021), the region will post an 8.7% compound annual growth rate (CAGR) growing to a value of $102.92 billion, and outperforming all other regions worldwide.
Companies can only maximise growth in emerging markets if they have an in-depth understanding of the local dynamics driving behaviour in the region and in each country.
Here are some top tips which, when fully considered, will enable global campaigns to be used most effectively at a local level.
There is no question that customers must ‘think global but act local’ – but how do you do this?
Most companies can’t justify the time and resources needed to conduct grass-roots level research every time a brand wants to launch a product in a new country. As a result, defining a global strategy and refining it to local audiences is vital to success – not only for the customers it is targeting but also for the supply chain that will support it.
Read the 4 top tips from Williams Lea Tag on how to enable global campaigns to be used most effectively at a local level: