The Challenge
Lux partnered with a premium European skincare company to conduct pharma market research aimed at identifying the best potential name for a new product. In addition to determining the winning name, research also needed to identify which consumer groups (profiles and lifestyles) were most likely to gravitate toward the various name options.
The Solution
Lux designed an online survey to qualify affluent respondents residing in the USA or France, measured by income and investable assets, who had purchased or were likely to purchase premium skincare products.
The Outcome
This market research in pharma industry revealed which name had the best potential, as well as which affluent audiences the name most strongly resonates with. Since conducting this study, we have conducted a study on positioning to further inform product launch.
