When you’re thinking about the competitive set for your brand, you should ask yourself two very important questions:
- What are the products that your brand directly and indirectly competes with for market- and mindshare?
- What other factors influence physician decision making as it directly relates to your brand?
Let me tell you a little bit more about this second one. A key pattern that we are seeing here at ROF over the last 12 months across a number of our clients is that the major competitive threat in their category is NOT another drug, procedure, or device. It’s inertia.
Whether it’s physicians, patients, or managed care, the power of ingrained thinking is a significant challenge to most brand teams. It can be seen across a range of categories such as RA where anti-TNF cycling predominates and asthma where step therapy is dictated by the guidelines.
It is critical that you consider these alternative external influences when thinking about the competition for your brand. They can have a significant impact on your strategy, objectives, and even messaging.
Who is your brand really competing against?