This is a blog by Mark Verzijl, Consultant at Sciential.
Not all brand strategies are created equal. Brand positioning should be aligned with your company’s growth strategy. Most life science executives and marketers probably know the so-called Ansoff matrix, a well-known grid that discusses product/market strategy. Below, I will give some examples of how life science marketers should structure their brand positioning around this matrix.
𝐌𝐚𝐫𝐤𝐞𝐭 𝐩𝐞𝐧𝐞𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐲
When entering an existing market with an existing service or product, it makes sense to highlight points of parity. The audience needs to be convinced that your company is worth considering because it checks all important boxes and at the same time holds serious benefits over the existing options. Often, companies compete on price, service level or a specific product feature. Analyse the consideration points of the audience, try to excel in one of those points (or multiple) and build your brand around this.
𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐲
This growth strategy revolves around bringing new services or products to an existing market. Here, I think companies should focus on problem-solving. What solution does your product or service specifically provide? And why is this solution better than the current offering in the market? This should be a more product-led positioning than anything else.
𝐌𝐚𝐫𝐤𝐞𝐭 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐲
Market development basically means that you bring an existing service or product to a new market. This could be a region or a totally different application area. The focus in your positioning should lay on the track record of your product/service in other markets. Claim authority and craftmanship and explain how this will be of benefit to this new audience.
Lastly, diversification basically stands for complete disruption. It comes with a high risk since you will be launching a novel product in a new market. In your positioning, I think you should be focusing on your freshness and the innovative nature of your company. Convince early adopters by highlighting technical product features and the problem that you solve.