But what is the value? The definition in the Oxford dictionary is “the importance, value, or usefulness of something.” This speaks to gains, benefits, merits, and help.
The configuration of the market revolves the traditionally sustained vision
Markets evolve for many reasons, but also through deliberate design or remodeling. Others (e.g., patients, key opinion leaders, competitors, customers, policy makers, budgeters, the media) will design your market if you don’t. Therefore, if we accept that markets are socially constructed, we must accept that they can be configured.
Often, with health and pharmaceuticals, we find that the attributes and profile of the product are pre-established and justified; the health economy is balanced in favor.
As competitive professionals in healthcare companies, there is limited latitude as to what we can do with the product or price, especially with a consolidated cohort of clinical clients.
Differentiating brand proposition (i.e., features versus benefits and benefits) is one way to address value gaps, but most of this has been predefined, often by the clinical trial program, the economic modeling of health and a global price structure.
To maximize value recognition, our greatest marketing opportunity is to shape the market we sell to. This could be through changing guidelines, changing the opinion of experts or even adapting the activities of the health system, all challenging but infinitely possible.
An example of this was to help a European client establish the definition of a clinical condition that clinicians recognized anecdotally but which is not cited in the evidence base and the role of a particular more appropriate treatment regimen.
As a result of an effective market configuration, European guidelines now endorse the use of treatment for a defined and accepted clinical condition. Therefore, by setting the market, adapt the market to the brand instead of the brand to the market. If we cannot change the product ourselves, we must change the opinions of our potential customers within this market.
If you’re not setting up your market, who is?
Trying to define value based only on product attributes only goes so far and requires time and effort: those organizations that set up the market for their product attributes to be “relevant” are the ones that seem to earn the most, as their relevant value it is more likely to be embraced and less dependent on the old promotion.
A survey conducted by Triducive in late 2020 among health professionals showed that 82% agreed or strongly agreed with the importance of achieving the correct configuration of the market to achieve the future success of the Mark.
As value becomes more subjective, multifaceted, and personal, market configuration offers winners a chance: they become relevant. What is exciting and motivating is the large number of opportunities (to become relevant) that exist through effective market configuration.
Create a drive to implement the change
With the recognition that markets are socially constructed (whose form is determined by the motivations, behaviors, and actions of stakeholders), this requires healthcare companies to:
- Make sure the specific needs the brand addresses are more important to stakeholders
- It turns expert opinion and real-world experience into credible evidence
- Equip and mobilize an active defense that focuses on behaviors that need to change.
Future winners will shape tomorrow’s market today. Who shapes yours?
Tim Warren is CEO of Triducive