“ Remain neutral upon your first examination of market data ”
When you launch new brand in Big pharma
In almost every prelaunch market research I’ve ever conducted, the majority of respondents ranked their current experience with the available treatment options as being highly satisfied.
This used to worry me because I wondered if I would ever be able to break into the market and adjust customer behavior ... all the customers were already so well-satisfied!
Years later I realized that this apparently intimidating data can be viewed through a different perspective. I learned that even if most respondents rated their satisfaction in a range between 7 – 9 out of 10, increasing satisfaction by as little as +0.2 would make a tremendous difference in the customer’s behavior, in the effect it would have on their patients, and with my brand’s adoption.
Eventually I realized that these satisfaction rankings were based on opinions generated before customers were exposed to my brand’s messages. Having faith in my brand’s ability to compete was an important factor. The market was only responding to what was currently available and had no experience with my company’s brand yet; the market didn’t know my brand could deliver an even better experience for their patients, which I knew would change the data about customer satisfaction.
Remain neutral and open-minded, and be neither encouraged nor discouraged upon your first examination of market research data showing customer satisfaction with the market’s current treatments.
It’s easy to get excited or disappointed quickly, depending on the news, but the news often inaccurately represents the way the market feels about the competitors’ brands, or about yours once it’s launched.
