Truth 10: Stretch brand novelty through line extensions
Given the cost and challenge to create new brands entirely from scratch, and the fact that 40-50% of all new products fail, it’s hardly surprising that brand extensions now make up the majority of ‘new’ product launches every year, according to Nielsen. But even brand extensions aren’t always easy: failures like Cheetos Lip Balm litter the discount shelves.
Truth 9: Behavior matters – be human, be 360°
Healthcare is an emotional business, not cold hard science. It’s about connecting emotionally to people who want to get well and feel better. Health is deeply personal. It often deals with body parts and symptoms that aren’t frequently talked about, that embarrass or upset people.
Truth 7: Regulations no excuse for poor branding
Regulation, varying from country to country, affects many substantive aspects of what constitutes OTC branding and what is allowed in packaging design, claims, evidencing, marketing communications and sampling.
Truth 6: Consumers must be at the heart of OTC
Our first five articles talked about understanding big systemic truths – market, economic, technological – as good starting points to create a compelling OTC product journey.
Truth 4: Everyone cares about prevention and wellness, not category and cure
Several hard realities have resulted in a mindset shift away from perceptions of medicine as a reactive cure doled out by healthcare practitioners, and towards people taking an active role in preventing illness via changed behaviors and products.
Which area of the industry do you think Amazon’s entry would shake up the most?