What Pharma Marketers can learn from Grandparents?
When you think of your grandparents, what comes to your mind? Maybe childhood memories of vacations spent at their home, listening to stories, gatherings of immediate and extended family during festivals and special occasions and many more.
The role of the grandparents is different from parents. Where parents, traditionally earn the money to invest in the children’s education and upbringing, the grandparents are the custodians of the family values and traditions. It is their role to bind the family together, which they try to do by observing the key customs of the family.
Now let’s come to a Brand family, which comprises line extensions and brand extensions
Here the Core Brand is analogous to the Grandparents
The Line Extensions to the parents.
The Brand Extensions to the children.
While each generation is different, in strong brands the legacy and the values of the core brand is present in every generation.
As an example, let’s take Gillette, the original product was the safety razors, the line extensions are the different types of razors Mach 3, Fusion 5 etc., and the brand extensions are the shaving, cream, aftershave etc.
But the core value of ‘the best a man can be’ pervades all the product lines bearing the family name Gilette.
In Pharma, we see a slew of line extensions and sometimes brand extensions, that are created to meet emerging needs of specific target segments. But in the quest of market share and numbers, sometimes the core values or the essence of the grandparent brand get eclipsed.
The challenge for all marketers is managing the portfolio in such a way that the value of the grandparent brand gets reflected and helps augment the value proposition of the line extensions (parents) and the brand extensions (children).
After all its those values that bind a family for generations to come or build a sustainable brand.
Oh Yes , and let us take this opportunity to thank our grandparents, physically or spiritually for their passing on the family values to us.
Happy Grandparents Day 😊
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Grandparents’ love, a gentle grace,
A treasure time can’t quite erase.
With wisdom deep and stories old,
They weave the past in threads of gold.
Their hugs bring warmth, their smiles light,
Guiding us through day and night.
In every laugh, in every tear,
Their love remains forever near.
Happy Grandparents Day
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4moHope all you awesome Dad’s had a great day💙