Challenging Goliath – How Underdogs Stand A Fighting Chance

We all love an underdog story. Who isn ’t moved by the passion, grit, and determination that drives an outsider to overcome near-impossible odds? Rudy, Rocky, Million Dollar Baby, Miracle – Hollywood has captured our hearts while cashing in on this timeless trope. When it comes to the biopharmaceutical arena, however, we sometimes lo ok down upon the upstart rather than embrace its potential.Smaller companies and products often face the Herculean challenge of going up against the super-power, mega-sized pharma companies. Smaller budgets, operational teams, and fewer sales reps are viewed as insurmountable odds. Some of us over the years have been programmed to accept this as an immutable fact and therefore shy away from the challenge.I ' m here to dispell these fears.  There ’s little point attempting to create a 2.0 version of what has already been completed at scale. While smaller companies and products can’t replicate or outspend the market Goliaths, they need to embrace the benefits of being an underdog and utilize it to their advantage.Three Approaches Underdogs Need to LeverageBy integrating these approaches into their marketing, smaller companies can make the most of their smaller size and gain market share.1.Focus and say noThe most important component of strategic decision making is being able to say no. The Goliaths of the world can say yes to nearly everything and dip their toes in the water everywhere. The upstart needs to say no appropriately and then co...
Source: EyeForPharma - Category: Pharmaceuticals Authors: Source Type: news