Over the past few years, the Indian pharmaceutical industry has witnessed robust growth in terms of revenue and profits. With the advent of new technologies and medical devices in the healthcare industry, people are living a better and quality life. Not only that!
The development in the pharma industry gives investment opportunities to budding entrepreneurs who want to make a successful business career. One of the best business ventures in the pharma industry that can help you earn impressive profits is starting a pharma franchise company. It is a low-investment and low-risk business idea that requires fewer resources and still, you can earn well.
However, it is easier said than done. Whether small or large, no matter the size and type of the business, starting any venture is certainly a big thing. And this rings true in the case of a pharma franchise company also. From sound planning to in-depth research, there are many tasks one needs to consider and prepare for when it comes to starting a new pharma business. Of all the tasks, it would not be wrong to admit that naming your pharma franchise company is one of the most time-consuming and difficult things.
The name you choose should describe your pharma business else it can confuse your target clients and customers. So, how to choose the right name for your pharma franchise firm?
Herein, we have painted a few tips to consider while naming your pharma franchise company.
The golden rule of thumb is to keep the name of your pharma franchise company simple and short. Avoid keeping lengthy names. Try to keep the company’s name short, having anywhere between 4 to 8 letters.
Apart from that, the name should be unique and not similar to an already established pharma company. Simple and short names always attract target customers. There are many reputable companies like Sun, Cipla, and Emcure having simple, short, and unique names.
2. Business Identity
Whether it is a small pharma store or a big pharma franchise company, the name is the identity of any business. Customers trust a business and its products by brand name. Whenever we see a logo or read a business tagline, the first thing that comes to our mind is the brand name. So, it is recommended to use pharma-related words like bio, cure, lab, or healthcare as a prefix or suffix to name your company.
Doing so will make it easier for your customers to recognize your business.
3. Easy to Remember
This is one of the most important tips to consider. Make sure to keep the name of your pharma franchise company catchy and easy to remember. Furthermore, the name should be accurate and easy to pronounce, without feeling tongue-tied.
Unlike difficult names, simple and easy names work wonders in building your brand image and business.
4. Avoid Silent Characters
Another important point to consider is to keep the name of your company that doesn’t include any silent characters. This is because having the silent character in a brand name can make it difficult for customers to spell and pronounce it, eventually affecting your brand image.
Every letter present in the brand name should be readable and pronounceable.
The saying,” The First Impression is the Last Impression” fits well here. If your brand name is interesting and engaging, it will leave a long-lasting and positive impression on your customers’ minds.
When naming your business, make sure not to complicate things. The name of your pharma franchise company should be simple and straightforward. It should describe your brand positively. Customers prefer names that are not complicated and describe your brand well.
Furthermore, the name should clearly define your products or services.
As mentioned above, the brand name reflects the identity of any business, whether small or large. And the pharma franchise company is no exception.
The name of your business should be powerful, strong, and must contain technical elements related to the industry. Adding a popular suffix or prefix associated with the pharmaceutical industry will surely help you come up with a creative and unique name for your business.
For instance, you cannot use a suffix or prefix like Haldiram as it clearly reflects the image of a sweet or food shop.
The company name should have a suffix or prefix related to the pharma industry only.
The phrase,” Being Unique is Better than Being Perfect” fits well in the pharma industry also. It is recommended to choose the name of your pharma franchise company that is unique and distinctive.
Though it will require a lot of research, time, and effort to come up with a unique and good brand name. However, it is totally worth it to make your brand noticed by your customers. This will also help you stand out from your competitors.
Use search engines like Google to look for the unique names for your pharma franchise company.
Let’s Wrap Up
Choosing the name for your pharma franchise company is not as easy as walking in the park. Many of you may don’t find it a significant job and may overlook it. It is indeed not as simple as you think. It is vital to spend adequate time on it and choose the name that best describes your company and its products.
The name of your business plays a very important role and can help your business
- Gain competitive edge
- Get recognized
- Attract customers
- Boost sales
Apart from naming, there are multiple factors to consider to make your pharma franchise business a huge success.
In advance planning, little preparation, and the right guidance can help you take your pharma business a notch higher. Approach
Vivaceutical—the best pharma company in India to help you guide you to start the pharma franchise business in India. For further information, read: How to Start a PCD Pharma Franchise? A Step-by-Step Guide