Growing a pharma business requires a strategic approach considering the specific context of your company and the pharmaceutical industry as a whole. Here are some general pointers to get you started: Market and Customer: Identify your target customer: Deeply understand the specific needs and challenges of your target audience, whether it's doctors, patients, hospitals, or other healthcare providers. This helps tailor your products, services, and marketing efforts. Focus on unmet needs: Look for gaps in the market where existing solutions are inadequate or unavailable. Addressing unmet needs can give you a competitive edge and drive innovation. Track market trends: Stay updated on regulatory changes, technological advancements, and emerging diseases to adapt your approach and anticipate future opportunities. Products and Services: Invest in R&D: Develop innovative products or differentiate existing ones through unique formulations, delivery methods, or combinations. Remember
Name a Product and Service
(Step 9 of our How to set-up new business guide)
Choosing a name for your products and services is same as we have discussed in our step 5 i.e. Choose unique name for your business. A Business is like tree and its products/services are like fruits of that tree. We sell that fruits and make money to nourish that tree and earn own living hood. Naming product/services is giving a name to tree’s fruits.
In case of product name selection, you may consider following character sticks before deciding your products/services name:
For example, Company having Name “ABC” has Franchise operation and wants to search for franchisee all over India. It has to set-up marketing strategy so that its proposed customers have found its company name and its product range. At that step product names isn’t matter, only Company name and its products range matters. On the other hand when franchisee will go into market, its concentration will be on product’s name (i.e. brand name) so its proposed customer identifies it with its name and purchase it.
Depend at industry, Business Name and Product Name may be same and different. For example Nike is a brand name manufactured by Nike Inc. Nike Inc. is a business name (company name) and Nike is its product name (Brand Name). Some Businesses uses same brand name and company name. Further they can differentiate their product category by sub brand names like Nike Joyride, Nike Adapt etc.
This same pattern is also adopted by MLM (multi-level marketing companies) and even by ayurvedic companies mostly in case of juice, kada, classical medicines etc. For example, Amritarishtha is a classical ayurvedic medicine and its name can’t be changed. So companies sell it by prefixing own company name before its name like Dabur Amritarishtha, Elzac Amritarishtha, Baidyanath Amritarishtha etc. Here Company name and Brand Name is same and Amritarishtha is worked as sub brand name.
Companies who promote their product only with generic names (without fixing brand name) in pharmaceutical sector, same thing is applicable.
Based upon your need and marketing strategy, you can choose to keep business name and brand name same or different. If you are going to keep same then you don’t need to take extra effort by fixing different brand names for your products and can fix sub brand name based upon their generic nature or any realistic word.
But most of businesses are required to fix a name of product/service that differentiates their products from others. In India, where most of pharmaceutical products are branded generic, we require to give every product a name whether it is patent or generic medicine to distinguish from others. Same is applicable at other sectors.
If you have decided to fix your brand name different from your business name (company name) then you can fix your product name based upon following tips:
Descriptive Words: You can fix your product’s name based upon your products description. Suppose your product is a brain booster. You can fix name of your product related to memory, mind, brain etc. For example Remind is a brand name of Elzac Herbals brain tonic product.
Add suffix or prefix with company name or initials: Suppose your company name is ABC and your product’s generic nature is enzyme. You can fix name like abcyme, abczym etc.
Use real Words with modification: You can use any real word with some sort of modification. For example, Sun can modify as San or nus etc.
Mix-up two or more word with modification: You can take two common word related to your product and mixes them together to create a new name. For example if you are going to launch a personnel care product i.e. face wash. You mix similar words like Face + Wash + clean + fresh to create a new word i.e. fash, face-In, Fresh Face etc
Try different spelling variations of its generic name: Suppose your product generic name is Enzyme. You can fix a product name by changing spelling like anzym, nzym etc.
Rearrange Words: From above example of Enzyme, you can rearrange words to make a product name like myzne, emyz etc.
Name after picking an End or start: Some time we fix ending words and find names accordingly. In pharmaceutical and ayurvedic sector, this is one of the common ways. We generally pick end or start word and add suffix or prefix to complete a product name. For example, we pick a word ‘zym’. Now add suffix or prefix to complete it like Moonzym, Zymoon etc.
Tweak and blend words: You can fix your product names through tweak and blending of words. For example, Enzyme word is tweaked to form Enzymatory and Blended to make Hunger and Enzyme.
In case of product name selection, you may consider following character sticks before deciding your products/services name:
- Is it satisfying your product/service identity needs?
- Is it unique from other available name in same segment?
- How many alphabets it has?
- Is it easily remember able and pronounceable?
- Is it has any silent alphabet?
- Is it related to your business?
- Is it technical and professional in nature?
What’s name is more important to you: Business Name or Product’s Brand Name.
That depends upon your marketing strategy concentration, your proposed customer, marketing type and much more. Suppose you want to find franchise or want to work by appointing marketing partners cum distributors for your company then Business Name is more important than brand names for finding them But you are a marketing partner cum distributor and working at field then Brand Names has more importance than business name.For example, Company having Name “ABC” has Franchise operation and wants to search for franchisee all over India. It has to set-up marketing strategy so that its proposed customers have found its company name and its product range. At that step product names isn’t matter, only Company name and its products range matters. On the other hand when franchisee will go into market, its concentration will be on product’s name (i.e. brand name) so its proposed customer identifies it with its name and purchase it.
Depend at industry, Business Name and Product Name may be same and different. For example Nike is a brand name manufactured by Nike Inc. Nike Inc. is a business name (company name) and Nike is its product name (Brand Name). Some Businesses uses same brand name and company name. Further they can differentiate their product category by sub brand names like Nike Joyride, Nike Adapt etc.
This same pattern is also adopted by MLM (multi-level marketing companies) and even by ayurvedic companies mostly in case of juice, kada, classical medicines etc. For example, Amritarishtha is a classical ayurvedic medicine and its name can’t be changed. So companies sell it by prefixing own company name before its name like Dabur Amritarishtha, Elzac Amritarishtha, Baidyanath Amritarishtha etc. Here Company name and Brand Name is same and Amritarishtha is worked as sub brand name.
Companies who promote their product only with generic names (without fixing brand name) in pharmaceutical sector, same thing is applicable.
Based upon your need and marketing strategy, you can choose to keep business name and brand name same or different. If you are going to keep same then you don’t need to take extra effort by fixing different brand names for your products and can fix sub brand name based upon their generic nature or any realistic word.
But most of businesses are required to fix a name of product/service that differentiates their products from others. In India, where most of pharmaceutical products are branded generic, we require to give every product a name whether it is patent or generic medicine to distinguish from others. Same is applicable at other sectors.
If you have decided to fix your brand name different from your business name (company name) then you can fix your product name based upon following tips:
Method of Naming a Product:
(Before finalizing any product name, you should first confirm, it should not resemble to any existing name (especially in your industry) and search at different means like trademark public search, through online portals, directories etc.)Descriptive Words: You can fix your product’s name based upon your products description. Suppose your product is a brain booster. You can fix name of your product related to memory, mind, brain etc. For example Remind is a brand name of Elzac Herbals brain tonic product.
Add suffix or prefix with company name or initials: Suppose your company name is ABC and your product’s generic nature is enzyme. You can fix name like abcyme, abczym etc.
Use real Words with modification: You can use any real word with some sort of modification. For example, Sun can modify as San or nus etc.
Mix-up two or more word with modification: You can take two common word related to your product and mixes them together to create a new name. For example if you are going to launch a personnel care product i.e. face wash. You mix similar words like Face + Wash + clean + fresh to create a new word i.e. fash, face-In, Fresh Face etc
Try different spelling variations of its generic name: Suppose your product generic name is Enzyme. You can fix a product name by changing spelling like anzym, nzym etc.
Rearrange Words: From above example of Enzyme, you can rearrange words to make a product name like myzne, emyz etc.
Name after picking an End or start: Some time we fix ending words and find names accordingly. In pharmaceutical and ayurvedic sector, this is one of the common ways. We generally pick end or start word and add suffix or prefix to complete a product name. For example, we pick a word ‘zym’. Now add suffix or prefix to complete it like Moonzym, Zymoon etc.
Tweak and blend words: You can fix your product names through tweak and blending of words. For example, Enzyme word is tweaked to form Enzymatory and Blended to make Hunger and Enzyme.
Other Steps:
Check out : Sixteen Easy Steps to Set-up New Business
Step 1: Market Research
Step 2: Business Plan
Step 3: Arrange Finance for Business
Step 4: Finding a premises for Business
Step 5: Name your business
Step 6: Trademark Registration
Step 7: Registrations and Licenses
Step 8 : Product Selection for Business/Start-up
Step 1: Market Research
Step 2: Business Plan
Step 3: Arrange Finance for Business
Step 4: Finding a premises for Business
Step 5: Name your business
Step 6: Trademark Registration
Step 7: Registrations and Licenses
Step 8 : Product Selection for Business/Start-up
Step 10: Recruit Staff/Employee
Step 11: Execute your business strategy Effectively
Step 12: Promotion and Marketing of Business
Step 13: Supply Chain: Set-up a Distribution Channel
Step 14: Recruit Sales Staff
Step 15: Start taking Orders
Step 16 : Closing the sale (Supply Goods/services and collect payment)
Step 11: Execute your business strategy Effectively
Step 12: Promotion and Marketing of Business
Step 13: Supply Chain: Set-up a Distribution Channel
Step 14: Recruit Sales Staff
Step 15: Start taking Orders
Step 16 : Closing the sale (Supply Goods/services and collect payment)
Hope above information is helpful to you...
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