WHAT IS BRANDING? AND WHY DO YOU NEED IT? Branding makes a product three-dimensional. It captures and expresses the product's qualities, it brings confidence, it communicates differentiators, and it clearly states the key messages. It is consistent, memorable, and convincing. Branding is a holistic approach that includes tangibles — package design, logo, and slogan — as well as intangibles — image, emotion, and value.
Most importantly, branding sells. Selecting an effective brand name and strategically positioning that brand in the market helps build loyalty, awareness, and perceived quality among your target and actual buyers.Effective branding in the pharmaceutical industry is particularly important, as the company has an ethical responsibility to ensure that the purchaser is not misled. Consumers typically lack the knowledge and expertise to make medical judgments. Effective branding is the link between the company and the consumer.
The art and science of branding are often misunderstood. There are several reasons this happens.
IS BRANDING NECESSARY FOR PATENTED PRODUCTS? Even when there is no competition, branding is essential. Almost every product or drug at one time or another has competition, so it is critical to prepare to meet today's opportunities, as well as protect the asset's future. Additionally, the patented, competitionless product may eventually have sister products or offerings. A well-branded, recognized, and respected first product will add value and accelerate the market acceptance of new products. If proper branding does not take place, a very long, expensive, and unnecessary marketing road will need to be traveled.
Branding is also crucial from a long-term investment perspective. Especially if the sponsoring company is publicly traded, brand recognition is essential to attracting current and future share-holders, institutional investors, and business partners.
WHEN IS THE RIGHT TIME TO START THE BRANDING PROCESS? The short answer is: right away. If your product is already approved, you're too late. Branding should begin at the time of product conception. Coming up with a name alone can be a daunting task, especially in the biopharmaceutical industry, where product names are often difficult to pronounce and it is challenging to make them resonate with consumers.
THE RULES OF BRANDING
When undertaking a branding initiative, there are certain basic steps one should take.
Likewise, it is crucial to avoid certain pitfalls.