Closing out ePharma Summit 2015 this afternoon in New York City, Bill Drummy, CEO of Heartbeat Ideas, talked to us about turning underdog brands into overachievers.
If you are an underdog, you have to overcome a lot of skepticism and obstacles. Many of us see ourselves as “the underdog.” On the other hand, there’s very little resonance with “the top dog.”
The underdog effect impacts the pharma industry in many ways. The underdog brand struggle includes less money, fewer resources, but must quickly prove success.
What is the behavior of an underdog that causes overachieving? You have to think different, be bold and stand out, you have to move really quickly, and you have to use tools in an innovative way.
Some examples of underdog marketing campaigns outside the pharma industry include K-Mart’s “Ship Your Pants” campaign and Dos Equis “Most Interesting Man in the World” campaign, which were both highly successful almost immediately.
In the pharma industry, a brand called Sientra has been a successful underdog because it thinks with absolutely clarity. It created new marketing campaigns targeting plastic surgeons and consumers. In turn, these successful brand marketing campaigns caused Sientra to go from nothing to an IPO in just over two years.
In addition, a brand called Testin created another successful campaign that launched it into success after speaking directly to the male consumer about low testosterone through TV and web by using humor and unique creative.
Overall, underdog brands in the pharma industry today can become market leaders by adding creativity and innovation into their marketing and advertising campaigns.
About the Author: Amanda Ciccatelli, Social Media Strategist of the Marketing Division at IIR USA, has a background in digital and print journalism, covering a variety of topics in business strategy, marketing, and technology. Amanda is the Editor at Large for several of IIR’s blogs including Next Big Design, Customers 1st, Digital Impact, STEAM Accelerator and ProjectWorld and World Congress for Business Analysts, and a regular contributor to Front End of Innovation and The Market Research Event,. She previously worked at Technology Marketing Corporation as a Web Editor where she covered breaking news and feature stories in the technology industry. She can be reached at email@example.com. Follow her at @AmandaCicc.