The online activity of the healthcare and health products industry is a market that is rapidly expanding. Yet, our clients have seen a downturn in both sales and brand loyalty over the past couple of years.
It seems like the larger companies grow and prosper, the more they take their branding and reputation for granted. But this is something that is easily remedied and, in this report, we will take you behind the scenes to see what’s in play.
The cause of lost revenue and brand loyalty comes from brand piracy. What that means for you is that another company is out there pulling away your loyal customers with discounted prices or shoddy products.
And you may not even know it’s happening.
Take a look at our healthcare industry report for the following trends:
The American Healthcare industry enjoys an annual revenue of more than $1 trillion dollars including revenue from both Medicare and Medicaid. With more than 750,000 companies competing for market leadership, the U.S. market boasts the world’s highest Gross Domestic Product spend for healthcare.
Country Comparison for Health Spending (In Percentage of GDP)
The American personal healthcare product industry can be a very fickle one with customers bouncing from one brand to another and even one service to another. Therefore, maintaining a stable market share is a challenge. A good part of the revenue generated in this industry comes from those companies with a strong online-only business presence as shown by the chart below:
US Sales of Health and Personal Care Products
As seen in the case of Pfizer and GlaxoSmithKline above, the revenue is going down rather than increasing even though they are global pharmaceutical industry leaders.
These downward trends predominantly stem from the fact that organizations are neither aware nor interested in investing resources towards securing their brands. This gives their competitors a free invitation to exploit their vulnerability. As a result, both the customer and the organization land in a bad position because the intimate connection between them is broken.
Restoration of lost goodwill between a company and its customers is a major challenge due to the sheer number of infringements that a brand faces in the constantly evolving digital paradigm. For a product that is primarily sold online, it is absolutely necessary to maintain a high customer engagement on the website.
SUEVIO recognizes that the root of the problem is the unsecured branding of a brand or organization which can be manipulated to suit brand pirates.
We make sure none of your competitors are misusing and violating your trademark. We go up against violators by sending legal notices and taking legal action, if required, to make sure that your brand is 100% secure.