Branding in Healthcare

8/11/2019 Branding in Healthcare

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BRANDING IN

HEALTHCARE

Why Strong Brands Win

www.parkerwhite.com | [email protected] we give brands life


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STRONG BRANDS PROVIDE IMMUNITYIN TODAYS CHALLENGINGMARKETPLACE

Todays healthcare market provides ample challenges forbusinesses: increasing competition and commoditization, signicantmerger and acquisition (M&A) activity, and uncertainty withregulatory and government oversight. Healthcare companieshave more than doctors to win over they have to reach patients,providers, and payers too. The pressure is not on companies toperform its on the brands. People dont buy into a company andits set of products or services. They buy into the brand, and what itmeans to them. They buy into the security within the brand promiseand they buy into the way that brand relates to their individualhuman journey.

WHAT IS BRANDING?

Branding should not be confused with

marketing, advertising, or public relations.

Those are ways of communicating your

brand. In order to communicate your

brand, you must rst build your brand.

A brand is a recognizable identity

that has a personality, values, and traits.

It is an active business asset that

provides differentiation, shareholder

value, and longevity.

GOOD BRANDS ARE:

Memorable Captivating

Relatable

Likeable


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14 REASONS WHY BRANDS MATTERIN HEALTHCARE

Social Media is a great tool for increasing brand awareness , butmany companies are not taking full advantage of opportunities tobuild brand equity because their social channels are not branded and lack consistency. Consistency is key to building brand recognitionbecause it means that customers are able to recognize your brandacross many platforms, both online and offline. Here are someeasy tips for managing your brand on social media that will alignyour branding across social media channels for maximum brandexposure and awareness.

1. Threat of Commoditization. Disruptive technology, substituteproducts or services, and global competition entering U.S.markets are all forces that threaten to make your product orservice a commodity. Branding offers an opportunity to provideconsumers with a unique experience that cant be replicated.Brands are one of the only business assets that provide long-term competitive differentiation.

2. M&As and Partnerships. More and more healthcare businessesare either joining forces with other brands or acquiring otherbrands to strengthen their portfolio of products and broadentheir capabilities. In order to attract M&As, you need a strongbrand. Your brand identity should clearly communicate thestrength of your company so that other companies perceive yourcompany at a high value.

3. Increasing Financial Pressure. National tax policies, the medicaldevice tax, pressure to cut costs, and additional factors areputting increased pressures on healthcare companies nancials.According to Interbrand, brands create economic value bygenerating higher returns and growth, and by mitigating risk. Inaddition, brands provide the intangible asset of goodwill thatcan increase company value and market capitalization.

4. Strong Brands Provide Security in Uncertain Times . Strongbrands attract loyalty, and loyalty is protection for when yourcompany has a PR crisis or the economy gets shaky. Brandloyalists will defend your brand even when youre not there.Strong brands can earn benet-of-the-doubt, whereas weakerbrands with slip-ups are more likely to be called out.

5. Known Brands Reduce Perceived Risk People choose brand names because known brands

are trustworthy. Known brands with a proven trackrecord provide reassurance and comfort. Branding isso powerful that consumers are willing to pay more fora brand name than generic OTC pain relievers even when theproducts are virtually identical. This isevidenced by shopping data collected by Nielsenthat shows 24% of aspirin sales by volume, and 59%by expenditure, is devoted to Bayer. Even when thereare generic alternatives at signicantly lower costs, peoplechoose the branded aspirin. What do you think attributes to


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consumer preference? Brand. The brand not only allows thecompany to be the preferred option, but it also allows thecompany to command higher prices.

6. Rise Above the NoiseAccording to the book, The 24-Hour Customer, people seemore than 34 billion bits of information per day an equivalentof two books a day. Todays consumers (whether B2B or B2C)are inundated with messages. Expertly crafted messaging is

no longer enough to break through the clutter and reach yourtarget market. Companies can no longer purchase peoplesattention they must earn it. Strong brands that resonate withpeople win the privilege to speak to consumers.

61% of marketingdirectors thinkmanufacturers couldbe doing more to putpatients rst. http://goo.gl/fqFrLA

The MM&M/Ogilvy CommonHealth Healthcare

Marketers Trend Report for 2013

7. Simplify the Decision-Making Process During the decision-making process, consumers search for

information to analyze the differences they perceive betweencompeting brands. Brand awareness and brand knowledgeplay an important role here. Branding positions a company asrelevant to a consumer in orderto gain their attention.

8. Healthcare Decisions Require Trust While branding is important in all industries, branding plays

an especially important role in healthcare, where purchasedecisions have greater implications than, say, the restaurantindustry. Healthcare decisions impact our lives on a greaterscale - varying from quality of life to life-or-death. Before aconsumer decides to let a doctor implant a medical device intheir body, they need to trust that it will be safe. A doctor isntgoing to use a medical device or drug theyre not condent ineither. Branding creates trust by delivering on brand promise

and through relationship building.

9. Employee Morale Attracting and keeping the top talent is important. High turnover

rates are not only bad for a companys nances, but they alsoerode company morale. If your employees dont believe in yourbrand, theyre more likely to spread negative word-of-mouth.Employee morale affects performance and the overall bottomline. A strong brand with a compelling mission provides meaningand purpose for employees, contributing to overall employeesatisfaction. When employees can feel a part of the mission,theyre more dedicated to the work.


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10. Targeting Physicians, NPs and PAs The MM&M/Ogilvy CommonHealth Healthcare Marketers TrendReport for 2013 found that overall, marketing directors allocatedaround 75% of their total budget to healthcare professionals and25% to the consumer space. But healthcare companies mustadapt to a changing environment, and deploying an army ofreps doesnt work as well anymore. Instead of communicatingon an individual, per physician level, brands need to be ableto speak for themselves. Today, physicians can be reachedthrough a variety of touch points, including multiple digitalchannels. The challenge for healthcare companies is to developan overarching brand strategy to guide all communications. Thismaximizes brand equity, aids brand awareness and recognition,and establishes the brand as the superior choice. In addition,companies need to create positive brand experiences for thenurse practitioners (NPs) and physician assistants (PAs) thatinteract closely with patients and play a crucial role in patienteducation, product adoption, and medication adherence.

11. Patient Satisfaction Is your brand voice human or corporate? Your brand

has to be consistent across platforms and audiences,

but it should be nimble enough to speak to the patient. Thismeans producing the right content and delivering it at the righttime, to the right people, with the right tone and style. Accordingto the Pew Internet and American Life Project, 72% of internetusers say they looked online for health information withinthe past year. As a healthcare company, you need to providepatients with the information theyre looking for about yourproducts and services. Patients are empowered decision-makersand are asking their doctors for specic brand name products.

PAYER

PHYSICIAN

PATIENT

MEDICAL DEVICEMANUFACTURER

REP

INSTITUTIONS

KOLS

PHARMACY

FAMILYCAREGIVER

FRIENDS


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72% of internet userssay they looked onlinefor health informationwithin the past year.Pew Internet and American Life Project

12. Payer Pressure Healthcare companies are adjusting to the shift in

bargaining power to the payer. Payers now play a key rolein the commercialization process, making them an importantstakeholder to please. The onus is on healthcare companiesto demonstrate value. Branding inuences perception, and theright value proposition can prove the true value of a productor service to patients in the mind of the payer. Because ofhealthcare reform, convincing the payer to provide coverageand reimbursement is a bigger priority than before, andhealthcare companies will have to step up their game.

Our 5D Branding process is designed to breathe life intoa brand by giving it dimension. It is based on the premise

that healthcare companies benet from developing

communications from a brand perspective for focusedalignment and powerful audience connections that

deliver on the brand value proposition.

13. The Providers Decision Set With healthcare reform, the process of purchasing medical

devices within hospitals has become increasingly sophisticated,with a longer, more complex decision-making process. In morecomplex decision-making processes, companies must rstearn a spot within the decision set. A strong brand strategy thatcommunicates value and is easy to recall is key to becomingpart of this coveted selection set.

14. Patient Comparison Shopping Patients are more involved in their healthcare than ever before.

And that means they want to nd the best healthcare at the bestprice. Paul H. Keckley, PhD, Executive Director at the DeloitteCenter for Health Solutions, wrote in a Health Care ReformMemo about the importance of branding in healthcare:

Consumers have more skin in the game now than ever before.Theyre able to compare prices and outcomes for simple medicaltreatments. And they can access their own medical records tocompare their signs, symptoms, risk factors, and co-morbiditiesto clinical algorithms and better understand where to get theappropriate care, and how much that care will cost.

WHO ARE YOU? WHAT MAKES

YOU DIFFERENT?

WHAT DO

YOU LOOK LIKE?

HOW DO WE TELL

YOUR WORLD?

ARE WE MOVING

THEM TO ACTION?

DISCOVER DEFINE DEVELOP DIFFUSE DISSECT


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ABOUT PARKERWHITEWe position, build, and growth health, wellness, and active lifestylebrands to create positive changes in businesses and peoples lives.

Ready to grow your brand?

[email protected] (760) 783-2020ParkerWhite.com

RECAP: WHY YOU NEED ABRAND STRATEGY

To set your company apart fromthe competition

To increase shareholder value

To generate stronger nancial results

To prevent your product or servicefrom becoming a commodity

To maximize your brands relevancein the hearts and minds of stakeholders

To build loyalty

To create trust

To expand market share

To support employee morale

To reach key stakeholders

ON-Q ZEST BIOSTRUCTURESMedical Device PatientAwareness

Medical DeviceDrive eCommerce Sales

Medical DeviceRebranding

FEATURED WORK
http://www.parkerwhite.com/?utm_source=site_cta&utm_medium=content&utm_campaign=branding_paperhttp://www.parkerwhite.com/?utm_source=site_cta&utm_medium=content&utm_campaign=branding_paperhttp://www.parkerwhite.com/work/biostructures/?utm_source=site_cta&utm_medium=content&utm_campaign=branding_paperhttp://www.parkerwhite.com/work/zest-anchors/?utm_source=site_cta&utm_medium=content&utm_campaign=branding_paperhttp://www.parkerwhite.com/work/iflow/?utm_source=site_cta&utm_medium=content&utm_campaign=branding_paper

Branding in Healthcare

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