The Brand Basics for Biotech
The number one priority for biotechnology firms is to create therapeutic value—which means that every leverage point must be exploited, including the ability to make brands and related marketing dollars work harder than ever before.
Here are 10 ways to help you put brands to work to create value.
1. Prioritize: Intangibles matter more today than ever, so treat brand(s) as an asset. Give consideration to this fundamental truth early in the priority-setting process, not late in the planning process as an afterthought.
2. Focus: Brands can be used as the central organizing principle to help focus an organization. This means defining what you are, as well as deciding what you are not.
3. Simplify: Brand portfolio rationalization helps to avoid fragmentation of marketing dollars and messages, and will enable you to support winners and get rid of the under-performers.
4. Leverage: Whether it's the corporate brand or the brands that are part of a product portfolio, it helps to know how well you are known by your stakeholders, and what goodwill can be leveraged. Goodwill for corporate and product or service brands can be leveraged—but only if you understand how well those brands are known, and what people think about them.
5. Signal: Value is created when people think something meaningful has changed. Traditionally, that change is in the form of alliances, capitalization rounds, or management changes. But change in the level of communication, design, packaging and corporate identity standards also send a powerful and potentially valuable signal of change for the better, in a highly costeffective way.
6. Align: People are the most powerful communication tools on earth, and the alignment of management and employees behind a shared understanding of and commitment to the brand is critical to capturing real value. This means doing more than a mission and vision statement.
It means clearly defining objectives, expectations and the milestones that measure success for everyone—putting people on a common path for collective success.
7. Support: Effective communication isn't a cost. It's an investment. Don't skimp on the necessary marketing and related communication expenditures. If you don't shape perceptions and expectations through effective communications at this stage, others may do it for you. Tell your story – clearly, consistently and regularly.
8. Choose: Make sure you understand the best way to deliver your message to current and potential customers. The right message is wasted if it's delivered through the wrong channel. Don't be afraid to look at new technologies for reaching those important to you.
9. Partner: Partner for profit. It's expensive to go it alone today, Look at vendors, suppliers and other healthcare industry relationships that can be leveraged to help restructure and revitalize the business and the brand. Through the right associations, co-branding and license agreements are effective ways to gain credibility, access to new markets, and leverage your brand assets.
10. Measure: What gets measured gets done. Select key benchmarks to measure improvement and success on an ongoing basis. Share with the company how you're doing. Make adjustments as you go along and learn more about the market environment, and your key constituents.
Value flows from making the smart decisions on how to leverage what you already have for greater returns. And no other area offers more untapped potential than brands and other intangible assets resident within almost every organization. Tapping into the value within these intangible assets is the business of the Infinia Group LLC.
Infinia Group LLC is a consultancy that specializes in brand-based strategy, identity, and communications.