When do pharmaceutical and biotech companies start the name development process for their assets?
For generic name development most companies will start late Phase I/early Phase II. For proprietary name development, companies typically start at the beginning to middle of Phase II. The FDA allows manufacturers to submit name candidates upon completion of Phase IIb under an IND review.
Why should my company brand a clinical trial?
More companies understand the value that clinical trial branding can provide, from building awareness and familiarity (steps one and two of brand equity) to laying the foundation for future brand strategy, clinical trial branding is the first opportunity to build positive associations and lasting perceptions of the future brand. One factor to consider is the product’s competition within the clinical trial space. If similar products are under investigation and the study will be competing for recruitment, investors or educational space, your product will need to find ways to differentiate.
Are there guidelines from the global health authorities pertaining to logo development?
Yes, much like naming, the global health authorities have specific criteria for evaluating logo candidates. Our team is well versed in these regulations and are ready to assist. The best practice when developing your brand visually is to perform global market research. This is a critical step as colors, icons and imagery can have cultural associations that can affect its future.
My company has experienced a lot of merger and acquisitions over the last couple of years, how can I best plan for future M&A activity?
The brand investment involved throughout the M&A process should not be forgotten as a vital piece of your overall strategy, but every company and situation is different. Our thorough discovery process will help you identify the strategy best suited for you, and how to best organize and communicate the value of your brand. People often think newly acquired brands should melt into the parent company but that isn’t always the case. A solid brand strategy will allow your team to make the best decision on what to do with the mergers and acquisitions.
I no longer feel like I understand who my target audience is, and that is limiting my ability to understand who my brand should be speaking to. What should I do?
Various methods, including quantitative research, focus groups and qualitative in-depth interviews, among others, are leveraged to gain insight into the wants, needs and perceptions of target audiences. In the beginning of a brand’s life, the reason for this buyer centric research is to understand of the perceptions of the market you plan to inhabit including, the competitive landscape, unmet needs and opportunities.
It might be time to change my company’s name and undergo a rebrand, what should I be considering before I decide?
A lot goes into considering a rebrand and company name change. If you’re considering it then you have likely experienced a lot of recent growth, and this is a normal place to be. We always recommend conducting research prior to changing a company’s name and to develop your brand strategy, but before we get there we suggest asking yourself and a trusted group of leaders within your organization the following questions: Does our company name only represent part of what our company does? Has our position, strategy or target audience changed? Is our name confusing to customers (is it too similar to another, it is hard to pronounce or spell)? If you answered yes to any of these you should be considering a name change, and we are ready to help.
What is brand tracking? Should I be doing it for my brand?
Brand tracking study serves as a brand performance report card. In addition to a multitude of metrics, it can measure brand awareness/loyalty, brand associations, and brand performance. These three measures give you an overview of how stakeholders perceive your brand by understanding their knowledge level of your brand and its purpose, its alignment to important metrics compared to rival companies, and the degree to which your brand meets, or exceeds, their expectations. Through brand tracking, you find out what your customers say about you when you are not in the room allowing you to more accurately evaluate your brand’s health.
Brand tracking is a long-term investment, which means that it can often go overlooked. Investing in your brand will help you strengthen its connection to its audience. This connection can lead to better long term ROI through gained market share, loyalty, and tailored pricing strategies.
Why should I invest the developing my brand’s nomenclature strategy?
Brand nomenclature decides how brands will be organized through a systematic naming approach. Nomenclature can define how brands support each other and categorize them based on attributes, so customers have a clearer understanding of your offerings. A strong brand nomenclature strategy will make sure you’re prepared for a growing product portfolio by developing a standard for naming that can anticipate and adapt to changes, which helps encourage growth. Our utmost priority when creating a nomenclature strategy that works for you is to make sure each brand has a working relationship in order to maximize market opportunities and meet your overall business goals.