It is a familiar story: You have a product in development; you want to achieve optimal market access; you need to ensure all your global communications on the value of your product are clear, concise, and aligned. And you need to make sure that everyone in your team has the same aims and objectives.
However, many different teams are involved in product launch, from Medical to Commercial and from global to local. There is a temptation for each team to develop a separate value proposition suited to their needs and target audience.
Aside from the inefficiency and duplication of effort in this approach, if there are multiple value propositions for a product it can be unclear what the product’s true value is. Any misalignment across internal teams as to the product value proposition (e.g. citing different data sources, numbers that don’t align) leads to doubt in the value of your product. Are you just saying what your audience wants to hear? What is the true value of the product?
Your teams may all be trying to say the same thing, but by using different messaging, different data, or even just different wording, the value of the product becomes confused and weakened.
PAREXEL’s One Product One Value Proposition Approach
We believe there should be ONE value proposition for each product, which should be concise and focused on the core value drivers important to the unmet need – one single consistent story that maps across all markets and all stakeholders.
Your product is the same across stakeholders, and therefore the core value is the same. All communications should be derived from this core messaging. What may differ is the emphasis given to each value message, dependent on audience priorities. Once you understand your product’s core value, consideration should be given to different stakeholder archetypes and their needs. Consistent guidance on the tailoring/use of the value proposition can then be made available to local teams.
There is particular risk when a product has multiple indications, for example in immune-oncology, and the over-arching value proposition is not aligned. With different indication teams telling different stories there is the potential for conflicting messaging, undermining the brand as a whole. Any inconsistency in product value across two indications weakens product value in all indications.
The solution is to develop one over-arching, high-level value proposition for the product. This can then be the core of all indication-specific value stories, tailored to the unmet need in that indication while remaining aligned across indications. By starting with the core pan-indication value, all indication-level value stories complement each other to build overall product value.
Similarly, a pan-portfolio value proposition is needed if multiple products are available in the same disease area. This ensures all product value stories are complimentary and not conflicting, while maintaining value in the portfolio overall. By taking this approach, internal competition between two of your products can be minimized.
At PAREXEL, we believe this should be the only approach taken to product value.
There are many benefits, including:
Overall, taking a one product, one value proposition approach means that product value is clear and compelling to all audiences. If you don’t, the risk is a lack of clarity both internally and externally that could lead to a lack of believability and, ultimately, to reduced market access.