How David Can Beat Goliath in Naming OTC Medicines
After 25+ years in the highly competitive world of OTC medicines, I’ve learned some things about naming products. One thing I’ve learned is you have to understand the “Goliaths” of the category and zig when they zag.
Many OTC categories are dominated by brands that have been building equity for 50+ years. Brands like TUMS® (75+ years) and Bayer® Aspirin (100+ years) are Goliaths because they are well positioned, satisfy consumer needs, and have had consistent marketing support. Should you study these historical successes? You bet. People buy these brands for a reason. Find it. Exploit it if you can with a name of your own.
Another Goliath is the constant influx of new Rx-To-OTC switches. Brands like Advil® (introduced 1984), Claritin® (1993) and Prilosec® OTC (2003) are “switch Goliaths” that turned categories upside down.