Stagnant Brand To A Vibrant Brand
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+Many pharma brands in India become stagnant. can they be brought back to life? can they become vibrant? Learn how Vivek Hattangadi www.theenablers.org
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Stagnant Brand To A Vibrant Brand
- 1. Stagnant to Vibrant Can a brand come back to life? Vivek Hattangadi1 Stagnant to Vibrant
- 2. Stagnant Brand - I Stagnation is a prolonged period of little or no growth over an extended period of time - after a vibrant growth phase Growth is less than 50% of the segment growth The brand is also losing market share Vivek Hattangadi2 Stagnant to Vibrant
- 3. Stagnant brand – II Stagnation of a brand can sometimes occur naturally, when the segment itself is showing growth of < 5% The rate of decline for that brand is rapid and the continues to decline and the demand is decreasing Vivek Hattangadi3 Stagnant to Vibrant
- 4. Pay Attention to Warning Signs Be vigilant Acknowledge and discuss any problems encountered You can have a chance to avert disaster before it’s too late Vivek Hattangadi4 Stagnant to Vibrant
- 5. If you want to prevent your brand from dying, pay close attention to shrinking Rxer base Do a Brand Audit Vivek Hattangadi5 Stagnant to Vibrant
- 6. What is brand audit - I A brand audit is a thorough examination of a brand's current position in the market compared to its competitors It is a review of its effectiveness You determine the strength of your brand - with its weaknesses or inconsistencies Vivek Hattangadi6 Stagnant to Vibrant
- 7. What is brand audit - II Brand audit is to the Brand Manager is what a financial audit is to the accounting department An organized review of the health of your brand It is an examining your brand activities Brand audit can be external as well as internal Vivek Hattangadi7 Stagnant to Vibrant
- 8. Purpose of a brand audit The purpose behind a brand audit is plain and simple ~ to gain a fundamental understanding of where your brand stands in its current state Vivek Hattangadi8 Stagnant to Vibrant
- 9. What can you audit? Internal External Positioning Corporate identity Brand values Logos, other brand elements Unique selling proposition Collateral - brochures, print materials, tradeshow displays Brand promise Website Brand essence Social media Vivek Hattangadi9 Stagnant to Vibrant
- 10. Tools for brand audit Perception study Johari Window SWOT Analysis Vivek Hattangadi10 Stagnant to Vibrant
- 11. Perceptual mapping The perceptual map visualizes competitive landscape Shows how your brand stacks up in the mind of your customers Identify two dimensions, such as two important customer needs (say Price & Quality or Cost & Performance or Amateur & Professional) and plot competitors on these two dimensions The resulting graph allows comparison of your brand to competitors Vivek HattangadiStagnant to Vibrant11
- 12. My Perceptual Map Cars in India (My Personal Perception) Vivek HattangadiStagnant to Vibrant12 QUALITY P R I C E Mercedes º Audi º BMW º Nano º Skoda º Beat º Swift º Alto 800 º Alto K10 º Nissan Micra º This my perception and could be right or wrong. THIS IS ONLY FOR ACADEMIC PURPOSES. Vivek Hattangadi www.theenablers.org Volkswagen º
- 13. My Perceptual Map of Pharma India (My Personal Perception) Vivek HattangadiStagnant to Vibrant13 EFFECTIVENESS P R I C E S TROIKAA º AVENTIS º GSK º GENERICº ERICA º FDCº INTASº MACRON-Kº BADDIº SUN PHARMA º PS: This is my personal perception. I could be right or wrong. THIS IS ONLY FOR ACADEMIC PURPOSES. Vivek Hattangadi www.theenablers.org HUMANKINDND º
- 14. Johari Window Vivek HattangadiStagnant to Vibrant14 Open self - Known to Self Information about me that I know and others also know Blind self - Unknown to Self Information about me which others know but I don’t know Hidden self – Unknown to others Information about me which I know that others do not know Unknown self – Unknown to all Information about me which I don’t know and others also do not know
- 15. Ultimate aim… Vivek HattangadiStagnant to Vibrant15 Open self Blind self Hidden self Unknown self
- 16. JoHari Window for a Brand Audit - 1 Vivek HattangadiStagnant to Vibrant16 ‘B’ – Knows but does not use your brand ‘D’ – Knows and uses your brand regularly ‘A’ – Does know nor uses your brand ‘C’ – Does not know - infrequently uses your brand Knows Uses
- 17. JoHari Window for a Brand Audit - 2 Vivek HattangadiStagnant to Vibrant17 ‘B’ – Knows but does not use your brand ‘D’ – Knows and uses your brand regularly ‘A’ – Does know nor uses your brand ‘C’ – Does not know - infrequently uses your brand Knows Uses
- 18. JoHari Window for a Brand Audit - 3 Vivek HattangadiStagnant to Vibrant18 ‘B’ – Knows but does not use your brand ‘D’ – Knows and uses your brand regularly ‘A’ – Does know nor uses your brand ‘C’ – Does not know but infrequently uses your brand Knows Rxs
- 19. SWOT Analysis Vivek HattangadiStagnant to Vibrant19 Strengths Weaknesses Opportunities Threats
- 20. Revitalizing a Stagnant Brand Vivek Hattangadi20 Stagnant to Vibrant
- 21. Vivek Hattangadi21 Stagnant to Vibrant
- 22. Where are you? ‡? ‡? Vivek Hattangadi22 Stagnant to Vibrant
- 23. You can adopt two strategies 1. Rebranding – Which can revitalize a stagnant brand 2. Relaunching – Treat it like a new product Vivek Hattangadi23 Stagnant to Vibrant
- 24. Rebranding Vivek Hattangadi24 Stagnant to Vibrant
- 25. 5 strategies can be thought of Through brand audit, dig beneath the surface to find the root problem Create a solution Intelligent and thoroughly examine the existing problems Vivek Hattangadi25 Stagnant to Vibrant
- 26. Strategy 1 – Change Direction Maintaining status quo is not a viable solution Blow the dust off your brand – Reinvent Ask: Are doing the same things as others? Vivek Hattangadi26 Stagnant to Vibrant
- 27. Strategy 2 - Broaden visibility Change and enhance the perception of your brand – example size, low price Discover what can set you apart from your competitors Vivek Hattangadi27 Stagnant to Vibrant
- 28. Strategy 3 - Narrow the scope Narrowing scope is not a negative – play on strengths - firmly establish your brand as the only source of specific benefits It can actually be hugely positive, as if you have taken your target audience and aimed for the bull’s eye Vivek Hattangadi28 Stagnant to Vibrant
- 29. Strategy 4 – Change the internal culture Changing the internal culture has an impact upon every stakeholder from employees to Rxers This can rejuvenate the internal morale that has gone stale It can enliven pride, restore confidence It can renew competitive spirit and create an army of advocates Vivek Hattangadi29 Stagnant to Vibrant
- 30. Strategy 5 – Change brand personality Personality puts the “person” in your brand and gives it life Rebranding can refresh public image by enhancing brand’s personality Garnering new Rxers - thanks to an updated brand personality helps in building your brand Vivek Hattangadi30 Stagnant to Vibrant
- 31. Rebranding of Coke Zero Vivek Hattangadi31 Stagnant to Vibrant
- 32. Relaunching a brand Vivek Hattangadi32 Stagnant to Vibrant
- 33. What is relaunching A brand relaunch reintroduces a previously marketed brand to improve its sales, market share and profits Re-launching a brand means thinking beyond a new design or a new name. It means, “going deeper” This happens not only for brands which not doing well but also for brands doing well but would like to do better Vivek Hattangadi33 Stagnant to Vibrant
- 34. Strategy1 Keep all elements of the mix the same but reposition the brand in the minds and hearts of Rxers The entire repositioning exercise can change the perceived value of the brand The elements used would be in the area of the communication mix including the packaging Vivek Hattangadi34 Stagnant to Vibrant
- 35. Strategy 2 – Revamp Revamp every element of the marketing mix including the brand logo, the product ingredients and pricing, Bring it out with a new price Bring it out as a new avatar Vivek Hattangadi35 Stagnant to Vibrant
- 36. Strategy 3 - Communicate Communication is key in any relaunching effort very clearly Communicate internally Communicate keeping external customers abreast of the coming changes Vivek Hattangadi36 Stagnant to Vibrant
- 37. Strategy 4 Do not abandon current strengths However, do adapt to changing environment Effectively balance present and the new Vivek Hattangadi37 Stagnant to Vibrant
- 38. What relaunching can do? Rebranding can revitalize a stagnant brand Can increase brand awareness Create new Rxers Vivek Hattangadi38 Stagnant to Vibrant
- 39. Relaunch – via Nexus Vivek Hattangadi39 Stagnant to Vibrant
- 40. Thank you Vivek Hattangadi www.theenablers.org Vivek Hattangadi40 Stagnant to Vibrant