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Winning Brand Team Management: Best Practices in Leadership, Work Practices, Structure and Performance Management
Best Practices LLC, Jan 2009, Pages: 45
The driving force behind revenue in biotechnology and pharmaceutical companies is the product. Since the drugs being sold on the market are the most significant assets these companies own and operate, it is only logical that the way these products are managed should be assessed for risk and evaluated in terms of governance principles.
The importance of brand management has led to the emergence of an increasingly sophisticated system to adequately coordinate, communicate and execute the critical activities that propagate brand growth. This system, largely operational and strategic at its core, is fraught with potential pitfalls when management and oversight procedures are not implemented and enforced.
From an operational standpoint, many companies have begun instituting rigorously policed brand identity integrity processes. At a strategic level, the creation of marketing processes to elevate the sophistication of the strategic process around branding is transpiring. Still, brands are not conventional assets, and there is no scientific method for measuring brand management: It is more often a complex and highly subjective endeavor that rests on the leadership and management skills of the people overseeing the projects.
This report identifies how pharmaceutical and biotech companies structure and manage their cross-functional brand teams to facilitate brand performance. The study examines how brand teams manage their stakeholder relationships and decision rights including:
- Staffing and functional representation for brand teams
- Brand team operations and responsibilities
- Meeting frequencies
- Reporting relationships
- Performance-based compensation and reviews
- Brand performance measures
This research was based on benchmark survey data and executive interviews of 33 participants from 26 pharmaceutical and biotechnology companies.
Interviews were conducted with 10 senior leaders from among the benchmark partners.
KEY FINDINGS:
Among the findings that emerged from this research were the following:
- Brand team structure follows a consistent pattern across most pharmaceutical companies, therapeutic areas and drugs.
- Variations in size and composition of cross-functional teams are usually in response to company-specific conditions.
- Greater meeting frequency is related to work requirements and the need for agility.
- Brand growth shows no correlation to performance-based compensation.
- Despite variations in particular activities and decision rights across brands, most brand teams recognize a similar set of responsibilities, accountabilities and performance measures.
- For many respondents, the success of brand teams is tied more closely to team issues than to brand issues.
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