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The big challenge for many companies today, including those in pharma, is deciding whether to go global and how to get the strategy right. Despite the push toward globalization, we do not live in a “flat world” where cultural, administrative, economic, and geographic differences disappear. Rather than treating the world as one big market, businesses must find ways to adapt to the consumer’s unique preferences and needs in different regions.
In this post, the Viseven team will explore why pharma companies enter new markets, the different global marketing strategies, and how to adopt them effectively.
Before we define a global marketing strategy, let’s first define the strategy. To shape a strategy, you need to answer three key questions:
A company must revisit these complex questions when entering a new market, as previous answers may no longer be relevant. Businesses do not operate in a single, unified global market. Instead, global brands “live” within regional markets and must stay flexible to survive competition from local players.
Only a few industries, like electronics, can develop standardized products and appeal to a global audience. Sectors like pharma and life sciences must take a more region-specific approach to stay afloat.
That said, a global marketing strategy outlines the actions a business needs to take across different regions to meet its marketing goals.
What are the benefits of building a successful global marketing strategy? Let’s find out.
Entering a market with the most demanding customers might seem risky at first. However, once a company learns to meet local needs, it gains valuable insights that drive innovation and improve products worldwide.
This is why pharma giant Roche embraced the challenge of entering Japan, a country with one of the world’s highest life expectancies and a rigorous approval process. To better serve the market, Roche adapted its diagnostic solutions to meet local healthcare needs. A key move was its partnership with Hitachi High-Tech, which enabled labs to process tests faster, leading to quicker diagnoses and more effective treatments.
Businesses entering new markets enjoy the benefit of economies of scale and increased sales. Factors like market size, expected growth, and the consumers’ average income often motivate companies to cross borders.
Also, many businesses choose to stay close to their suppliers or customers. This helps strengthen relationships and keep supply chains running like clockwork.
When competitors expand quickly, you often have no choice but to keep pace. Companies may invest overseas to go toe-to-toe with dominant local businesses in their home markets.
To effectively compete, use profits from strong markets to fund projects in markets that could require additional resources. This way, you balance risks and contribute to sustainable success.
One of the first decisions you will make is choosing the right global marketing strategy. Here are the main approaches:
A standardization strategy means using consistent messaging, product offerings, and campaigns across different markets and cultures. The main commercial benefit this provides is cost reduction, which is something every business aims for.
This approach also greatly simplifies planning and managing marketing activities. For instance, some pharma companies use multi-language labels, enabling them to produce domestically and distribute products across regions based on demand.
Standardization also leads to faster time-to-market. Time is a crucial factor for many life sciences brands that face long medical, legal, and regulatory (MLR) processes. Many of them cannot afford to hone in on tailored messaging, especially when they are up against quicker competitors.
A standardized marketing strategy helps uphold a consistent brand image globally. This is particularly advantageous for customers who travel. An American patient going overseas, for example, expects to see Pfizer’s Advil with identical packaging and product information.
Even with all the tangible benefits we have discussed, standardization does not quite meet the need for personalized experiences that customers often desire. That is why some brands opt for the localization strategy.
Localization means adapting a product or campaign to feel native to a local market. It is more than just translation. This strategy is about tailoring branding and products to match local customers’ preferences and needs. A strong localization strategy might involve adjusting colors to fit cultural norms or modifying content to comply with local regulations.
Even though localization always means more marketing efforts, companies continue to pour their resources into this strategy for a reason. When messaging and products feel more relatable to local markets, companies are more likely to boost their engagement and build trust in new environments.
To execute a strong localization strategy, it is best to work with local agencies or creators. They help ensure your brand connects with the audience in a meaningful and culturally appropriate way.
Too often, C-suite executives choose either full standardization or strict control over regional managers. However, the most effective management lies somewhere in between. Rather than sticking to extreme approaches, giving local markets the flexibility to adapt is crucial for making sure products align with regional trends and needs.
Glocalization is a strategy that combines the two approaches we’ve discussed: standardization and localization. The term blends “global” and “local.” This strategy allows brands to keep their core values and branding consistent globally while making small adjustments to messaging and certain product features to fit local markets.
A great example of this is Nestlé Health Science. The company maintains a unified brand identity to strengthen global recognition, but also adapts its nutritional formulas to suit local dietary preferences and culture. Plus, they collaborate with local healthcare providers, pharmacists, academics, and researchers to tailor both product offerings and messaging for each specific region.
Once you are clear on the benefits and have chosen your global marketing strategy, it is time to get down to the action plan. Here are the key steps to take:
Every global marketing campaign starts with setting clear goals. You need to define your point A (where you are now) and point B (what you want to achieve). Ask yourself:
As Bill Gates once put it, “Innovation requires the ability to collaborate and share ideas with others, to sit down with customers, listen to their feedback, and understand their needs.” That’s why it is essential to connect with your customers, whether through direct interactions or data analytics, to uncover their needs and challenges.
What works in one country will not always work elsewhere. Sometimes, it might even have the opposite effect. To avoid failures, you need to do thorough market research, considering factors like competition, demand, cultural nuances, and regulations.
Now is the time to segment your customers for a more precise understanding of your audience. Divide them into about six groups based on their demographics and behavior. Then, identify the segment with the most sales potential by assessing market demand, competitor positioning, and cultural alignment.
When you understand your market, it is easier to meet, or even exceed, customers’ expectations. To do this, you may need to adjust certain product features, packaging, design, or pricing. In some cases, offering different versions of your product may be necessary to appeal to international markets.
For instance, many French customers prefer suppositories over pills. With this in mind, some pharma companies choose to adapt their oral tablets into suppositories to better meet the needs of local consumers.
Positioning in life sciences means defining why your pharma company is the best choice for a specific group of local patients and healthcare providers. The broader your value proposition or message, the less effective your global marketing strategy will be.
The way you communicate with your audience and present your brand should vary from country to country. Your choice of words, humor, sentence structure, visuals, and tone should all align with the cultural characteristics of your international audiences.
It is important to analyze your local competitors to understand what is acceptable in the market. Then, find ways to position your brand that are both relevant and distinct from other players. Before investing heavily in a campaign, test your messaging and positioning with local customers.
Different regions may have different preferences when it comes to content formats. Does your audience fancy video content, or are they more into in-depth articles? Do they sign up in advance for webinars, or would they rather listen to podcasts at their convenience?
No matter how excellent your content is, your audience might miss it if you use the wrong channels. Therefore, you need to figure out the right marketing mix for your audience.
Whatever channels you choose, ensure they are connected and have a single point of orchestration. The last thing you want is for your message to become repetitive across channels and turn into a background noise.
Employees may push back against ideas that are not their own –– a reaction known as the not-invented-here syndrome. Local managers, for example, might feel unheard or see little incentive to implement company-wide programs. Some may focus more on figuring out global marketing strategies than actually doing their jobs.
Concerned about local performance, executives may impose tighter controls or cut budgets without adjusting managers’ responsibilities. This can leave local teams frustrated as they struggle to get approval for their initiatives. Slow decision-making then prevents them from responding quickly to market disruptions and staying competitive. Over time, this can drive away experienced, proactive managers.
To combat this, encourage local teams to share their insights. Their input is invaluable as they have a deeper understanding of their markets. Incorporate the best ideas into global marketing strategies and recognize the employees behind them.
Another smart move is to create knowledge repositories. This allows employees to easily access proven global marketing strategies and adapt them as needed.
At Viseven, we have helped global pharma brands, including many from the pharma top 50, to refine and elevate their marketing strategies. Thinking about taking your pharma company global or struggling with an existing global campaign? Our experienced team is here to help –– whether you need to build a a strong global marketing strategy from the ground up or optimize your current plan, no matter the scale or your level of digital maturity.
By leveraging omnichannel marketing, modular content strategies, and cutting-edge technical infrastructure, we help you elevate customer experiences, speed up time-to-market, and cut marketing costs through:
Let’s blend innovation and experience to future-proof your global marketing strategy.
