Protecting your healthcare brand’s position in the face of commoditization
What do you do when your healthcare brands are leaders in their respective categories, yet their lead is constantly threatened by lower-priced competitors and lack of perceived differentiation in the market? We helped Bracco Diagnostics, Inc. successfully defend its brands and industry relationships under these challenging conditions.
Bracco Diagnostics, Inc. is a global developer of diagnostic imaging solutions. It produces and markets various contrast agents designed to be introduced into a patient’s body to help radiologists capture accurate medical images from scans by X-ray/Computed Tomography (CT), Nuclear Medicine, Magnetic Resonance Imaging (MRI) and Interventional/Diagnostic Radiology.
Studies show Bracco’s imaging agents offer better image quality and flexibility than competing products. While many of their products lead the market and represent a significant share of the U.S. diagnostic contrast media market, the company constantly faces challenges to their market position, including intense competition, perceived commoditization (some hospitals and radiologists perceive Bracco’s imaging agents as interchangeable with competitors) and intensely cost-conscious health providers (as hospital executives and radiologists seek lower-priced imaging agents to bring down healthcare costs, Bracco’s premium imaging agents and sales to providers are often targeted).
These conditions of intense competition and price pressure created serious challenges for Bracco management to maintain the position and value of key brands.
HOW WE PARTNERED TOGETHER
Bracco looked to Bailey Brand Consulting to help it navigate these challenges for various brands including MultiHance®, ProHance®, Cardiogen-82®, ISOVUE® and Varibar®. After an in-depth review of the company’s competitors, market conditions and perception across its internal and external audiences, we built a brand strategy to defend Bracco’s products and value in the marketplace made up of two key components:
Create clear product and value differentiation. Bailey developed positioning and messaging that stressed the competitive advantages of Bracco’s products. We created print and online materials that communicated the ability of Bracco products, like MultiHance, to deliver improved visualization or how products like ISOVUE can be used for different modalities. Not only did these communications allow Bracco to keep its imaging agents top of mind among radiologists and hospital executives, it built a stronger value firewall to discourage radiologists and hospitals from switching to a competitor’s product in response to cost pressures.
Strengthen industry bonds. Though Bracco had invested in valuable industry relationships over the course of many years, customers across those categories had little knowledge of such efforts from existing brand communications. Bailey created print and web materials to reinforce the relationships Bracco forged through its continual investment in and dedication to improving the industries it serves. Through these efforts, Bracco was able to demonstrate both the company’s expertise and experience as pioneers in the imaging space as well as its educational programs and other efforts to improve patient care for the businesses it works with.
This investment in brand communication created trust and confidence in Bracco’s brand that proved valuable in maintaining business relationships during moments of industry challenge. For example, a temporary supply chain backlog led to product delays. Though a frustrating moment for providers, Bailey’s messaging outreach efforts, in coordination with Bracco, helped providers maintain trust in the brand until isotope shipments resumed at full capacity.
WHAT HAPPENED NEXT
Through its collaboration with Bailey, Bracco was able to reinforce and project a level of value, trust and confidence in the brand. This enabled Bracco to defend its leadership in the industry, maintaining sales and market share.
Products referenced: MultiHance® (gadobenate dimeglumine) injection, 529 mg/mL), ProHance® (gadoteridol) injection, 279.3 mg/mL, CardioGen-82® (Rubidium Rb 82 Generator), ISOVUE®(iopamidol injection), Varibar® (40% w/v Barium Sulfate Contrast Agents)