In our last article, we learned in-depth information about marketing strategy of Abbott. We will discuss the marketing strategy of Bristol Myers Squibb in detail in this article.
The goal is to provide you with some understanding of Bristol Myers Squibb’s company history, marketing campaigns and how they carry out their marketing strategy.
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In this blog, we will go into great detail about the marketing strategy of Bristol Myers Squibb. Before we get in deep, let’s first learn about the company’s overview, target market, and online presence.
About Bristol Myers Squibb –
Source – Wikimedia Commons
The Bristol Myers Squibb Company (BMS) is an international pharmaceutical corporation based in the United States. One of the biggest pharmaceutical firms in the world with its headquarters in New York City, BMS frequently appears on the Fortune 500 list of the biggest American enterprises. It generated $46.4 billion in total income for the fiscal year 2021.
The therapeutic areas in which Bristol Myers Squibb produces prescription drugs and biologics include cancer, HIV/AIDS, cardiovascular illness, diabetes, hepatitis, rheumatoid arthritis, and psychiatric disorders.
Edward Robinson Squibb established the Squibb corporation in Brooklyn, New York, in 1858. Squibb had a reputation early on in the pharmaceutical sector as a supporter of quality assurance and strict purity requirements.
William McLaren Bristol and John Ripley Myers, both graduates of Hamilton College, bought the Clinton Pharmaceutical Company in Clinton, New York, in 1887.
They made the decision to rename the company Bristol, Myers and Company in May 1898. Bristol changed its name to the Bristol-Myers Corporation after Myers passed away in 1899.
Bristol-Myers Squibb was formed in 1989 following the merger of Bristol-Myers and Squibb.
Quick Stats –
|Area Served||The US, Europe, and Japan|
|Market Revenue||US$46.39 billion (2021)|
|Vision||To be the world’s leading biopharma company that transforms patients’ lives through science.|
|Tagline||We work every day to transform patients’ lives through science.|
Marketing strategy of Bristol Myers Squibb –
Let’s find out more about the marketing strategy of Bristol Myers Squibb! In addition, how Bristol Myers Squibb conducts its marketing initiative, first let’s take a look at its STP Analysis.
Segmentation, Targeting and Positioning
Segmentation – Bristol Myers Squibb segments its medications for Diseases such as cancer, cardiovascular disease, diabetes, hepatitis B, HIV/AIDS, rheumatoid arthritis and psychiatric disorders
Targeting – The main target audience of Bristol Myers Squibb is Healthcare professionals, doctors, and pharmacists.
Positioning – The positioning of Bristol-Myers Squibb is as a leading global biopharmaceutical business, which finds, creates, and provides patients with novel medicines to treat life-threatening illnesses.
- “The Touch That Transforms” Campaign
The new corporate campaign for Bristol Myers Squibb highlights transformation in science, the pharmaceutical industry, and patient lives.
It is the pharmaceutical industry’s first corporate campaign since BMS underwent its own restructuring and acquired Celgene in 2019 for $74 billion.
The “The Touch That Transforms” campaign makes its social media debut with its centrepiece video featuring scientists from BMS.
The commercial begins with a scientist at work before cutting to a patient and the following voice-over: “We believe that a single touch has the power to transform—to help make every day better, fuller, happier, healthier. We are always working, proving that compassion and innovation work best hand-in-hand.”
- “Beyond Chemotherapy” Campaign
With its new “Beyond Chemotherapy” awareness campaign, Bristol Myers Squibb hopes to reassure lung cancer patients that there may be alternative options for treating their condition.
In a 30-second TV commercial, numerous people may be seen gazing out windows while the voiceover reads, “A lung cancer diagnosis can leave you holding your breath.”
Patients breathe on a window, fogging it, and then jot down various questions about their cancer treatments in the condensation, such as: “Will I need chemo?”
BMS’ responses are similarly scrawled on windows, concluding with the assurance that “We’re looking beyond chemo.”
Social media marketing
- Instagram – 15K
- Facebook – 132K
- LinkedIn – 1M
- Twitter – 157K
Bristol Myers Squibb has the maximum followers on LinkedIn as it is a platform where its target audience is likely to be active. They usually post promotional content about products and informational content regarding various diseases.
Source – Ubersuggest
As of SEO Standards, organic keywords less than 500 are bad, 1000+ are good and 10,000+ are amazing as seen bms.com has 167K organic keywords which are amazing.
Another important factor in SEO is monthly traffic, above 20,000 monthly visits are amazing and AbbVie has 292K monthly visits which is impressive.
Bristol Myers Squibb collab with Boardwalk Empire star Jack Huston for one of its campaigns regarding Lung Cancer.
On the official website of Bristol Myers Squibb, there is an option for products from which you can select the product and then it would direct you to the site through which you can look for your nearby treatment centre for medication.
Bristol Myers Squibb has a mobile app BMS Meetings which has 3+ ratings and 1T+ downloads on the Google Play store.
Content marketing strategies
There are various press releases and Corporate Publications posted on their Official Website through which people can learn and relate to the company apart from its presence on social media.
This brings us to the end of the marketing strategy of Bristol Myers Squibb.
What’s unique about the marketing strategy of Bristol Myers Squibb?
Bristol-Myers Squibb is a leading global biopharmaceutical business which executes its marketing strategy wisely. They segment their products according to the need of their target audience.
They also carry out some interesting marketing campaigns to connect with the target audience. They also launch campaigns to make people aware of the diseases.
Bristol-Myers Squibb has some impressive social media and SEO Strategies with great engagement on social media handles and an amazing number of monthly visits. They also have good use of influencer and content marketing.
They also have a mobile app and site to book products online, this shows they also use online marketing for the convenience of customers and to survive in the market.
The fact that they are pushing more and more toward the online form is one of their biggest prospects. it is essential in the current environment. One must concentrate more on internet growth if one wants to compete in the industry and grow internationally.
Therefore, for those who are passionate about digital marketing, developing marketing abilities is crucial.
Check out the 4 Months Advanced Digital Marketing Course by IIDE if you’re interested in learning more about the topics above and improving yourself.
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