Treat brands as business assets, not just communications tools
Brands are far more than trademarks, logos, symbols, or slogans. Instead, they are living business assets—the perception of a company, product, or service. When it is managed well, a brand drives premium, preference, and loyalty. And in healthcare, most companies are realizing that brands are becoming differentiators more than in the past, especially in areas such as pharmaceuticals where intellectual property (IP) has slowed. Your brand, simply put, demands executive attention. If managed properly, it can effectively differentiate your organization and/or product from competitors in ways that customers find meaningful.
Strong companies view their brands as more than just marketing or communications tools. To these organizations, the brand is an expression of business strategy. Consequently, a strong brand strategy should pervade all levels of an organization—from compensation strategies in human resources to incentives for R&D.
Brands bring consistency, differentiation, and inspiration to both what you offer and how you provide it. Just as the C-suite weighs in on major undertakings regarding financial and physical assets, such as plants and equipment, brand decisions must be made with senior management guidance.
The business strategy should drive the brand strategy, and when this is made a top priority, strong corporate brands have the potential to drive future business strategies more successfully.