While today’s educated and cost-conscious consumers are increasingly choosing private-label over-the-counter (OTC) medications over more expensive national name brands, new qualitative research from Market Strategies International has identified a high level of loyalty to name brands for consumers who believe they need “more” from their medications.
“While consumers are very comfortable with private-label (store brand) OTC medications overall and generally believe they’re just as good as the national brands, there’s a ‘something more’ to the national brands that consumers want when they’re faced with urgent conditions like severe cold or flu symptoms or diarrhea,” said Barbara Deradorian, senior vice president, Healthcare Division, Market Strategies International. “While they can’t pinpoint what makes a name brand better in these situations, they’re still willing to spend more to ensure that they get the best possible results.”
The other area where Market Strategies researchers found a higher-than-usual preference for name-brand OTC products is in the pediatric products aisle, where parents who are comfortable choosing private-label products for their own use instead turn to trusted name brands when purchasing for their children’s needs.
“This consumer mindset where ‘good enough isn’t good enough’—when consumers are really miserable or concerned for their children—has significant implications for OTC name brand manufacturers and how they position their products against private-label competitors, and for retailers in how they merchandise their OTC aisles,” added Deradorian.
To learn more about what motivates consumers in the OTC space, contact Deradorian. Or read more and access the full report on the FreshMR blog.
