Jane Parker, CEO of InterbrandHealth, spoke to the CTPartners Life Sciences Commercial Dinner today and armed attendees from companies such as GE Healthcare, IMS Health, and Danone with six basic questions to test the health of their brands:
1. Does Your Company Treat Brand As a Business Asset?
When brand strategy is seen as an expression of business strategy it strengthens all of a company’s planning and goal setting. When treated as an asset, brand can clearly express to outsiders what business the company is in, what its values are, and drives the company’s ability to command premium prices, physician preference, and customer loyalty.
2. Is Your Company Discerning About What You Choose to Brand?
Inconsistent branding can be just as harmful as no branding at all. A strong, focused corporate brand helps consumers find a company in the marketplace, quickly embrace its new products and services, and recognize that brand’s relevance to their well-being.
3. Are Your Brands Consumer-Driven?
Healthcare brands can break through marketplace noise by focusing on the impact of their products in the lives of their customers instead of simply the functionality of those products.
4. Do You Make Your Brand an Experience for Your Audience?
To give customers a distinct brand experience, healthcare companies must shift their thinking: sell a service, not a product. The relationship between service and consumer is crucial for brand loyalty and future purchasing decisions.
5. Are Your Employees an Army of Passionate and Informed Brand Ambassadors?
Your corporate brand aligns the vision of your company. It also helps employees understand the role they play in its success and to become key spokespeople. By building and nurturing a strong brand strategy, companies can connect emotionally with their employees, driving loyalty, company perception, and, ultimately, revenue.
6. Are You Measuring Your Brand?
Benchmarks and tracking studies of customer attitudes towards your corporate and franchise brands can be incredibly effective in shaping your business strategies. It’s imperative that all healthcare pioneers ask themselves key questions about the vitality and relevance of their brands and take the time to measure the effects of their brand strategies. Effective healthcare branding builds a lifelong relationship with customers and their families, ensures better adoption of future products, and overall, increases a company’s success and the internal wellness of its workers, consumers, and business strategies and goals.