4 Ways Brand Equity & Tracking Research Elevates Pharma and Biotech Brands

In the pharmaceutical and biotechnology industries, brand equity and tracking research are fundamental to having a holistic view of brand performance and maintaining a competitive edge.

What are brand equity trackers?

Brand equity tracking is an on-going, data-driven process that evaluates a brand’s health and performance over time. It encompasses quantitative metrics such as market share, brand awareness, and customer loyalty, with opportunities to capture qualitative insights that delve into perceptions and emotions. This tracking is essential for understanding how a brand is perceived, how it competes with others, and where opportunities for growth exist. The combination of quantitative and qualitative insights, on-going monitoring, and stakeholder engagement offers a robust foundation for strategic brand planning.

Without ongoing tracking research, pharma and biotech brands may lose the ability to quickly identify and respond to changes in brand perception and market dynamics. This can result in missed opportunities to address emerging threats or capitalize on new trends. Sporadic data collection is equally dangerous as it may lead to gaps in understanding, which can cause misguided strategic decisions based on outdated or incomplete information.

Over time, this lack of frequent insight can erode competitive advantage, weaken brand positioning, and ultimately hinder long-term growth and profitability. In an industry where trust and reputation are paramount, the absence of consistent brand tracking jeopardizes pharma and biotech companies’ ability to maintain and enhance their brand equity in a fast-paced market landscape.

How does brand equity and tracking research elevate pharmaceutical and biotech brands?

1. It provides a consistent and reliable stream of data to inform strategy and assess impact: On-going monitoring of brand performance ensures companies have up-to-date information, allowing them to quickly detect and respond to emerging market trends and issues so they can maintain a competitive edge in a rapidly changing market. Additionally, it creates a way to assess how well new strategies and tactics are being implemented over time.
2. It provides a holistic view of the market landscape: Importantly, brand equity tracking, when done well, assesses a brand’s performance in the context of a competitive landscape. This comprehensive analysis helps uncover areas of competitive advantage and disadvantage, providing a clear picture of where your brand stands and informing strategies that capitalize on its strengths and address its weaknesses.
3. Qualitative insights can be integrated to provide context and answer the whys: When on-demand qualitative research is included in the research program, the insights will also reveal the underlying motivations and perceptions that drive behaviors. This deeper understanding helps brands tailor their strategies to meet the specific needs and preferences of HCPs.
4. It provides impactful insights, bolstered through activation workshops: Brand equity tracking helps identify what drives brand performance by translating quantitative data into insights that feed directly into strategic planning via activation workshopping. This approach helps refine your brand strategy and point you toward the path to your brand’s “north star.” These workshops are used to engage key stakeholders in collaborative sessions to develop and implement strategies that align with the brand’s goals and objectives, ensuring insights are effectively transformed into impactful actions.

If you’re looking for a holistic solution to gauge your brand equity in your niche, KJT has developed Brand EquiTrack℠. This innovative solution leverages primary research with your key stakeholders to provide a comprehensive view of your brand. Coupled with activation workshops, Brand EquiTrack℠ strengthens the foundation of strategic brand planning through actionable insights.

Brand EquiTrack℠ follows a consistent and refined process tailored specifically for pharmaceutical and biotech brands:

1. Assess: The process starts by evaluating your brand’s position within a traditional marketing funnel, then compares it against competitors to identify areas of competitive advantage and disadvantage.
2. Predict: Next, we transform key performance metrics for the brand into a single, holistic score. Paired with predictive analytics, this process pinpoints the drivers of brand performance, providing a clear, actionable map for senior management.
3. Strategize: Finally, we synthesize insights into our proprietary EquiTrack℠ construct to provide insights that will help streamline the evolution of your brand strategy. This construct forms the basis for activation workshops, translating insights into actionable plans for effective implementation.

While Brand EquiTrack℠ is primarily quantitative in nature, KJT also advocates for inclusion of on-demand qualitative interviews to ensure your equity tracking program can uncover the “why’s” when needed. Additional generative AI tools are also available to add depth to insights.

Read more about the process here.

Transforms data into strategic actions, foster sustained brand growth in a competitive landscape by embracing this innovative approach to elevate your brand’s equity and performance to new heights.

Register here to join our upcoming webinar to hear more about generating the insights required to build long-lasting brand equity in highly competitive pharmaceutical and biotech markets.