How to do brand positioning for laboratory reagents and kits?
Hi, I am working on forming strategies for our new molecular biology products, reagents and kits. We are introducing a new brand in a new region. We have a slightly higher price than the market price and we are less likely to come down on it. Kindly suggest ideas on how should I position my products so that the prices donot hamper the sales.
Stress on Innovation, expertise, formulas, compare products,
Having spent 28 years marketing and selling products into the life sciences market, I understand the challenges in branding and market penetration for new products into this market.
Your company seems to be focussed on CRO services, and the product portfolio is a departure from your core strengths, although for the same customer base. So in starting with the branding question I'd first ask: " how do the reagents/kits fit into overall market strategy?".
Then I'd ask the more important question "Why buy from you?" If you can answer this question honestly, it will give you a clear path to how you want to develop your approach to the market and associated branding. There are a lot of big players with established channels to the market, and so you need to find an approach that will allow you to justify the premium price. Very hard to do unless you have a breakthrough technology.
Hi Sir, I think the better way is to develop a strong branding. In my opinion, you shall show to your client that you're a more "noble" company than your competitors, of course through your brand. You have to advertise on your products as a big company, and not a new company. The idea is to hide your "new arrival on the market" and appear as an established company, talking about what you already do somewhere else. Then, you say your product is new, it's an asset for you, it will be the tree hiding the forest, because you can say : we are a strong company launching a new product. The ways to reach your objectives are first the visual of your brand matching with this requirements, then targeted advertising, and probably but depending of your targets, some direct marketing.
Ms. Mercier-Turcotte, I believe in the golden circle from Mr. Simon Sinek as well. Great advice.
The USP, like Mr. Gayter mentioned, or focusing on what value you bring to your client because your product/service solves a painful problem is also great advice.
People will pay more for something that solves their problem in a way that other company's don't. If you're new product promises a better experience or result than your competitors, and delivers on that promise, your brand can charge more.
For example, Volvo and Mercedes both make luxury cars. Volvo's brand chose to focus on safety as their brand essence. Mercedes focuses on luxury and status. Rolls Royce focuses on luxury, discreet elegance and extraordinary quality above and beyond the other luxury cars.
There's no magic formula for branding though there are exercises you can go through to find your company's brand essence.
The steps are well documented in many places. Google "brand identity process" or search for books if you want a DIY solution. There are many firms that specialize in branding strategy if you have the budget.
First I would recommend positioning your products competitive advantages,value adds, quality etc and how they all equate to a higher ROI. If you are promoting your product at Tradeshows flash drives preloaded with sticky tech power points, catalog, testimonies etc that can relay data back to you with regards to amount of time spent viewing each slide of power point/page of a catalog/how many x testimonies were viewed, demographics etc... Followup with a multi level seeding campaign consisting of additional well thought out promotional products with either a call to action, follow up call/appointment. QR CODES printed on promo pieces are very effective especially if it takes the receiver to a video testimony or professional video of the product, service, " how it's made" etc...
If the product has a USP (unique selling proposition) that could give you a reason to charge a premium. If it is generic or identical/similar to other products you have to create a brand identity or position that leads people to prefer your product.
And of course i can help you create the meaningful brand direction!
Not. the Prize is important but whether you could creatie a convincing brandstory and visual quality That fits to your product quality is More important then Prize if the clients experience That.
You have to be unequivocal about about the integrity of your new reagents and kits. No false positives or negatives. The product you are selling precludes that your market consists of trained and intelligent people. Drive home the point that the benefits of your products far outweigh their cost. Demonstrate the reliability and accuracy of the results obtained by using your products instead of cheaper ones. Your product may cost more but more than compensate for this by the results it produces. I don't know the applications where your products are used but, perhaps, they help to diagnose an illness and suggest a line of treatment for a sick patient. That is a huge plus.
Pratik, I've specialized in branding/positioning for technology products for over 25 years, and I can tell you there is no quick and simple solution for the scenario you describe. However the heart and soul of branding/positioning is clear DIFFERENTIATION, which means you need to know your competition very well and also know how your target audience views your specific competitors. In addition, it always helps for your website to represent you as a cut above and to simplify and clarify exactly what you provide and exactly what makes you special -- and your website could use help in all of those areas.
Incidentally, on a forum like this you're going to get lots of soup-to-nuts kibitzing. If you would like some professional help, contact me: alshultz.com We work for clients all over the world as well as across the country.
If the Quality and packaging is good, price is not an issue.