Market Research Through A Global Lens
How does the market research process support the development and viability of a global asset?
Ever watched a promotional commercial for a new drug on TV and wondered how that name was chosen? Aside from a multitude of important development strategies, processes, and decisions, market research is a foundational element within the trade naming process. With the right research methods analyzing data about the larger market, your industry, and competitors it helps paint a clearer picture to define a strategic starting point for your name’s commercial viability journey. Our market research experts have identified 3 important practices that help create robust and ownable assets for our partners in a global market.
Catching look-a-like and sound-a-like concerns using POCA, trademark screening & prescription simulations
POCA (Phonetic and Orthographic Computer Analysis) and trademark screenings are two permanent practices in our trade name development process that both provide clarity to potential name similarity conflicts. While POCA assesses name similarity from a spoken or written perspective, trademark screening identifies names that are not ownable; but what happens if a potential name candidate slips through the cracks of those two tools? Our market research experts run prescription simulations to obtain interpretations from HCPs (Healthcare Professionals) to catch any of those concerns that may have slipped. Presenting enhanced findings to our partners through more robust product profiles ensures that they can make the safest and most viable choices for their assets to thrive in a global market.
Understanding commercial viability and potential concerns
When bringing a new asset to market, we must consider how it could be received by the target and surrounding audiences globally and find ways to increase commercial viability without running into concerns at the time of release. Through a commercial marketing lens and planning for large adaptation, research begins with surveys to focus groups that will help identify opportunities and challenges the name may face when out in the real world. Asking important questions such as how memorable a name is or how the name was perceived are essential opportunities to gain insight into overall acceptance or rejection. With the proper feedback, our research efforts can now point to which names we should move forward with from a regulatory perspective and which we should no longer consider.
Understanding promotional concerns and associated risk
While commercial viability is largely dependent on audience acceptance, promotional viability must be researched and planned from a global regulatory perspective. To achieve global acceptance of a name we must abide by each body’s guidelines and laws for promotional practices and language. For example, are we saying our asset is better than another? Or are we saying an asset can do something it can’t? In certain countries, specific promotional practices, such as the type of advertising or selected promotional language aren’t allowed the way they are here in the United States. Again, through qualitative surveys to focus groups made up of regulatory and healthcare professionals from each global market the asset is to be accepted in, we gather enough information to make informed decisions about any asset to move forward with some and reject others. Understanding promotional dos and don’ts through market research from a regulatory perspective is a necessary prerequisite to creating an ownable name that gains global acceptance.
While the journey from the beginning of market research to achieving global acceptance can be a nuanced one, employing practices that mitigate risk and offer the best solutions to developing a strong, ownable name can create an asset that is built to last.
To learn more about our market research services, visit our healthcare services page. To speak with one of our experts for more market research insights, contact us.