It has been said that you never get a second chance to make a first impression. For many new assets the clinical trial stage of development is that first impression – the initial interaction it will have with those who will impact its future both from research and consumer perspectives.
With a strong brand in place prior to making this first impression, brands can ensure they will be moving forward following a positive first impression and giving a product a better chance to develop a positive brand image. Here are five benefits to clinical trial branding:
- Build Brand Equity Early
In the development of a new asset, branding during the clinical trial process is step one in building brand equity through awareness and familiarity, giving the brand an opportunity to establish positive associations and laying the foundation for future perceptions.
“In a saturated market for new pharmaceutical products, the companies that can create differentiation within their field and stand out to their audience are the ones best set up for a successful journey through the drug development process and beyond,” says Brannon Cashion, Addison Whitney Global President. “This is where clinical trial branding makes its mark. Having a strong brand in the clinical trial process can be the driver behind a raised level of recognition and make the asset stand out.”
- Make it Easy to Remember and Recall
The fact that a branded name is easier to recognize, process and remember than a code-like name is another point of differentiation provided by clinical trial branding.
Both internal teams and external audiences need to be on the same page in regards to the name when referring to an asset, and when branded, possesses a well-thought-out and researched name that can serve both groups in their interactions with it.
- Tell the Brand Story
Due to its presence early in a product’s development, clinical trial branding can also serve as a messenger for the asset, communicating its various characteristics.
During the branding processes, research is done to identify how this will be integrated in the brand, based on both the characteristics of the product and taking into consideration the overall market and its opportunities.
- Lay the Marketing Foundation
Clinical trial branding also provides a connection to early marketing efforts for an asset. Branding lays the base to which marketing builds upon, and a strong brand in the clinical trial stages gives it a head start when beginning to determine marketing strategies.
This is again why beginning to brand while in clinical trial is so important – if an organization chooses to wait until later in the product’s development, as they will be working through the branding process while competing assets have already introduced a brand that is building equity and awareness, filling the gaps in the marketplace.
- Tailored to a Proper Fit
Clinical trial branding can take many forms and include an array of features, allowing it to be tailored to fit the characteristics of the asset and the marketplace. This versatility ensures that it encompasses the best aspects of the product and instills confidence in the product’s chances for success.
“A successful and well-strategized branded clinical trial exudes this confidence to the audience, including potential investors and suppliers,” adds Cashion. “This can raise the profile of the asset to otherwise unreachable levels and grow its brand equity.”
Building a brand in the clinical trial stage is an important step in a product’s development, as it creates the first impression that is critical in driving value and success moving forward. These five reasons outline how it can start to work immediately to build a road for success, and can help provide a more effective clinical trial process.
Addison Whitney is a global branding firm with a passion for building strong brands. To learn more about Addison Whitney, contact us here.