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News Release from: Bioinformatics | Subject: Building Brand Equity
Edited by the Laboratorytalk Editorial
Team on 18 June 2004
Who has the best biotech brand?
Study examines brand strength of leading molecular biology suppliers, based on a survey of more than 1500 life scientists
Over the years, life science suppliers have recognised that strong brands do contribute to market success As a result, a number of suppliers have achieved high levels of brand equity in the molecular biology market, including Invitrogen, Qiagen, Amersham Biosciences, and Bio-Rad
This article was originally published on Laboratorytalk on 29 Apr 2003 at 8.00am (UK)
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Brand equity is an intangible quality that results from the interaction of many components such as awareness, satisfaction, loyalty, perceived value and associations.
These factors were examined in 'Building Brand Equity in the Molecular Biology Market', a report recently released by market research firm BioInformatics.
Based on a survey of more than 1500 life scientists, the report provides an in-depth look at ten product categories in the molecular biology market-from basic products like enzymes to cutting-edge technologies like DNA microarrays and RNA interference (RNAi) products.
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According to the study, the largest players in this market have enviable positions, but corporate size alone does not result in high levels of brand equity.
"Interestingly, while the sheer size of a company and its financial investment in marketing are important factors in determining brand equity, other smaller companies have achieved strong brands and positive images through their focus on specific niches within the market and careful positioning," said Bill Kelly, president of BioInformatics.
For example, the report finds that the specialty supplier Dharmacon has only a small share of the molecular biology market as a whole but is building a strong brand as a supplier of products for studying RNAi.
The report maps the relative brand strength of leading molecular biology suppliers using numerical scores derived from how their customers answered questions.
The survey data is presented both in aggregate for the molecular biology market as a whole and at the product category level.
Individual companies can be analysed on a custom basis.
Analysis of the survey data reveals that many suppliers have successfully positioned their brands in ways that reflect the values of the molecular biology customers they serve.
For example: Affymetrix is the company most frequently described as influentia.
BD Biosciences has the highest percentage of customers that have an increasingly positive opinion of their primary supplier.
New England Biolabs has the highest percentage of satisfied customers.
Strong brand equity enhances a company's products and makes premium pricing possible.
Additionally, strong brands encourage customers to try a company's products for the first time and continue choosing them over similar products offered by competitors.
"It should be noted that virtually all suppliers in the molecular biology market enjoy high scores in important areas such as product performance, customer satisfaction and customer loyalty.
However, to break out from the pack, suppliers can use this report to evaluate their current positions and determine how brand issues may be affecting their competitiveness in this crowded market.
This report is helping our clients understand how their brands are perceived by scientists and what adjustments may be needed to implement a more powerful brand strategy," concluded Kelly.
An executive summary of this 366-page report can be viewed on BioInformatics's website.
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