Five deadly marketing traps lurk on the road to international success.
Many healthcare companies are eager to go global, especially with brands that have a proven domestic track record. We understand why you want to get there fast, and you can — if you do it wisely.
After nearly a quarter century of helping healthcare brands break into international markets, we’ve identified 5 Global Branding Traps that routinely separate those who succeed from those who miss big profit opportunities. I’ll cover all five in the next few weeks (but if you can’t wait to learn them all, check out the free offer at the end of this message).
Here’s the first one:
Global Branding Trap #1: “We need to get in as fast as possible to meet our goals and beat the competition.”
Pressure to perform is the number one reason why healthcare companies buy into the false economy of a “ready, fire, aim” approach to new markets. Nobody wants to miss out on profits by coming late to a region that’s ripe with opportunity.
Yet we regularly see healthcare companies scrambling to get in on the ground floor without laying a solid foundation. The argument we hear time and again is that speed equals efficiency, and that any miscalculations can be fixed later.
The result is disappointingly predictable: those who rush in without a road-map find themselves paying the price in costly “do-overs” very quickly.
Our experience suggests that even a small amount of customer-focused research can help you to understand where you’re going and prevent you from encountering pitfalls when you get there. Ignore this reality, and you’ll find yourself getting out of new markets well ahead of the competition. How efficient will that be?
You’ll find a complete list of all 5 Global Branding Traps—plus many other proven insights that can help you ensure the success of a global product launch — in our first parathink briefing: Meeting 21st Century Challenges to Global Healthcare Brands. Click here to get your free copy.
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