In the highly competitive pharmaceutical industry, creating a brand name that stands out is crucial to gaining market share and maintaining customer loyalty. However, selecting an effective brand name is not just about being creative. It requires a comprehensive understanding of how the target audience links the proposed brand name to the product concept and the product attributes. This is where market research plays a critical role.
Market research provides insights needed to assess how well the brand name is aligned with the product concept. This involves evaluating whether the brand name conveys the intended message and whether it resonates with the intended audience. A brand name that aligns with the product concept can help to reinforce the value proposition of the product and differentiate it from competitors.
In addition, market research can help to assess the alignment of the brand name with the product attributes. This involves evaluating whether the brand name accurately reflects the product’s features and benefits. A brand name that aligns with the product attributes can help to build trust with HCPs and patients and increase their confidence in the product.
Another key factor that market research determines is the memorability of a brand name. A memorable brand name is more likely to be top-of-mind for HCPs and patients when they are considering if the product is the appropriate treatment choice. This can be achieved through rigorous quantitative research techniques. By analyzing HCP and patient feedback, marketers can determine which brand names are most likely to stick in the minds of their target audience.
Likeability is another important factor to consider. A brand name that is likeable is more likely to resonate with HCPs and patients and create a positive emotional response. This can lead to increased brand loyalty and repeat usage.
Finally, personal preference is another factor to assess. This involves evaluating individual preferences and biases towards certain types of brand names. By analyzing feedback, marketers can determine which types of brand names are most likely to be preferred by their target audience.
In conclusion, market research is essential when deciding on a brand name for a new pharmaceutical product. Brand Institute has pioneered this type of research methodology and has completed thousands of projects to ensure the most appropriate brand names are identified. Brand institute also uses historical means to compare newly proposed brand names to thousands of brand names that were previously assessed. Factors such as memorability, alignment with product concept, alignment with product attributes, likeability, and personal preference can help to ensure that the chosen brand name resonates with the intended audience, builds trust, and ultimately leads to increased sales and market share.
By Joe Bazerghi
