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In the fiercely competitive world of biopharmaceuticals, standing out from the crowd is essential. That’s where Industry Standard Research’s brand position market research comes into play, offering companies the key to standing out … in the good way.
Understanding your brand’s position in the market is crucial for several reasons. First, awareness and familiarity are key indicators of how well your brand is known among customers. By conducting brand studies, you can assess the level of awareness and recognition of your company, helping you identify potential areas for improvement and target your marketing efforts more effectively. Second, consideration and likelihood of awarding service needs are key to business. Third, and perhaps most important, preference is the cherry on top. Once your company is the provider customers prefer, your brand dominates.
Knowing how your brand is perceived empowers you to strategically position yourself, captivate your target audience, and forge lasting connections. Let’s explore the tremendous value of brand position market research for your company.
Brand Strength
Brand strength, a vital metric, encompasses the assessment of customer attrition at every stage of the funnel, enabling a clear evaluation of how effectively the brand navigates the purchase journey. This influential rating is derived from a blend of the overall percentage of awareness and the conversion rate (ratio of preference from that awareness percentage), reflecting the brand’s ability to maintain control of the purchase process and advance strong customer preferences. What makes you stand out among competitors?
Fig. 1 – Brand Funnel
Stand Out From The Crowd
Brand position market research enables you to uncover your unique value proposition and differentiate yourself from competitors (and there are many). Brand studies can also help you benchmark your brand against competitors, providing insights into market trends, customer expectations, and emerging opportunities. This information allows you to make informed decisions and stay ahead of the competition. By evaluating the perceptions, beliefs, and emotions associated with your brand, you will gain valuable insights that shape positioning strategy. Ultimately, conducting brand studies and gaining a comprehensive understanding of your brand’s position enables you to refine your marketing strategies, strengthen customer relationships, improve brand loyalty, identify growth opportunities, and make data-driven decisions to propel your business’ success. See an example of our Brand Strength graph below.
Fig. 2 – Industry Standard Research Brand Strength Graph: See how your brand compares to competitors
ISR’s market research will provide you with these insights to better inform your marketing strategy. Consider a custom brand study with ISR to determine your position. We ask customers – past and recent – their awareness, use, consideration, and preference, among others. We can include as few or as many competitors as you’d like. We also ask respondents to tell us – verbatim – why they prefer their chosen provider, and the detail is riveting. Altogether, this knowledge can help you showcase strengths, highlight expertise, address weaknesses, and ultimately stand out as a leader in specific therapeutic areas or groundbreaking innovations.
Captivate Your Audience
Understanding your target audience is crucial. Let our brand market research provide you the valuable insights into preferences, needs, and aspirations of your target audience. Armed with this knowledge, you can tailor your messaging, visuals, and communication channels to captivate your audience effectively. Speaking directly to the desires and concerns of your target market enables you to build a strong emotional connection and establish trust, fostering loyalty and advocacy. With this, you can refine your messaging and positioning to resonate better with your target audience.
Forging Lasting Connections
Building enduring relationships is paramount for your company to stand out in the industry. ISR’s custom brand studies can help you uncover and identify the emotional drivers that influence customer loyalty. Align your company’s brand values with the aims of your target audience to create a deep and meaningful bond. These connections go beyond transactions; they become partnerships built on trust, reliability, and shared values. The result? Loyal customers who not only stay loyal but also advocate for the brand, attracting new customers and contributing to long-term success.
Consider getting started by viewing our Manufacturing Benchmark studies or our Clinical Trial Benchmark studies to see the general landscape of CDMOs or CROs. Who is leading the pack? How loyal are customers to one over the other? What are the performance measures customers most care about? How satisfied are users of providers’ services? (Stay tuned for a dashboard with the year-over-year data, too.)
Fig. 3 – Responses from users, per provider, on the satisfaction with the value received. See the 2023 Phase I CRO Benchmark or 2023 Phase II/III CRO Benchmark studies for full data.
Brand position market research holds the key to success in positioning your company to stand out among competitors, allowing you to differentiate yourself, captivate your audience, and forge lasting partnerships. By understanding how your brand is perceived and leveraging those insights, you can position yourself as an industry leader and increase customer loyalty. In a competitive landscape, this research is a gamechanger, giving companies the edge they need to thrive.
