A pharma brand saved 64% in research time using Clootrack’s fast consumer insights

Background

A multi-product pharmaceutical company, Brand X, with a global footprint, sought to enhance its position in the US market. Following the onset of the COVID-19 pandemic, the brand encountered two emerging trends within its over-the-counter (OTC) segment: a decline in market share in previously dominant categories and a surge of new brands entering its core and adjacent categories.

The brand aimed to develop a robust positioning strategy to bolster its market presence and introduce new products effectively and rapidly. This initiative necessitated a comprehensive understanding of competitor strengths and customer preferences across all relevant categories.

Major obstacles

Before discovering Clootrack, Brand X faced several critical issues: the market research process was lengthy, taking months, and causing potential delays and missed opportunities. Identifying the right respondents was challenging due to diverse customer demographics across categories, necessitating subject matter experts for effective survey design. Additionally, the post-COVID customer landscape introduced rapid changes and uncertainties, making it difficult for the brand to stay competitive and understand evolving customer expectations.

Rewarding solution

To overcome its challenges, Brand X turned to Clootrack, a platform that provides real-time consumer insights to help brands lead in their segments. For Brand X’s OTC segment, Clootrack tracked customer feedback from clinics, online sources, and competitors. The platform pre-processed this data to eliminate noise and unwanted conversations. Through detailed analysis, Clootrack identified key customer priorities and delighters across categories and conducted competitor analysis to pinpoint strengths and weaknesses in each segment.

Promising result

To address the mentioned problems, Brand X discovered Clootrack. The Clootrack platform generates real-time consumer insights that reveal the current trends in the market, assisting brands to position themselves as the leader in desired segments.

Here’s what Clootrack did for the OTC segment of the pharmaceutical company, Brand X:

The brand identified categories where opportunities were present whenever they appeared.
The brand identified specific health benefits and customer experience factors that customers were looking for across categories.
Back traceability to verbatim aligned stakeholders easily.
Eliminated several hypotheses and conducted customer interviews/surveys for hyper-specific product areas.

Launched products 2 new categories every 4 months.
Saved 82% in overall costs and 64% in research time by investing in Clootrack over a market research firm.

A pharma brand saved 64% in research time using Clootrack’s fast consumer insights

Industry

Health Care

Business Type

B2C

Headquarters

USA

Background

Major obstacles

Rewarding solution

Promising result

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