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¡¯¡ªwhen consumers are really miserable or concerned for their children¡ªhas 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.
