Wednesday, May 18, 2011

Do You Know the Value of Your Healthcare Brand?

Changes at the speed of light in the various healthcare marketplaces, impact brands in very significant ways. Mergers, acquisition, new companies and non-traditional models for delivering care, are creating a dizzying array of healthcare brands for the consumer. Some brands go way. Some remain as hybrids, dying a slow death. Some even stay in the market with just a tag-line identifying the parent company.

Your brand image, brand promise and brand architecture have a value that impacts you organization in two ways, revenue and image. Have you quantified that the value your brand has on your revenue stream? And have you created a rock solid brand architecture that accounts for mergers and acquisitions, to eliminate the "my company name Is better" arguments that go on internally post acquisition, when the issues are not addressed up front?

Your brand has a dollar value.

For example, the Walgreens brand has been valued at $1 billion. What this means is that if Wal-Mart, or Target had the same brand awareness and image as Walgreens, their revenues would be $1 billion higher than currently reported. And that value carries over as WAG moves into retail healthcare, out- branding, out-pricing and out-delivering you, the traditional healthcare provider.

Healthcare is changing from a dominated provider model in the U.S. to an employer and consumer-driven model. And that means that your healthcare brand is everything. As you view changes in your organization to talk more about outcomes, quality and price, so should you be talking internally about what the value of your brand is, how it relates to consumers and the steps you need to take in the marketplace to improve.

If you do not know what the dollar value of your brand is, then you are missing an important leverage point negotiations. I mean really, my brand name can't go away because I believe that it has more value than you, or the ever popular, "our brands are equal keep them both". Nonsense. Data talks, all else walks. Know your brand value and it may have a better chance of surviving.

Now, that being said, if you are being acquired by a multibillion dollar company with a strong brand architecture, give it up and count your money. You will survive longer if you go with the program instead of fighting it.

Brand is important in a rapidly consolidating industry.

Healthcare is at the beginning start of a massive consolation from small individual cottage-industry type organizations e.g., specialty pharmacies, home agencies, infusion centers and hospitals to become part of larger organizations to survive. It is more important than ever, that you have clear and unbiased understanding of your brand, its strengths and weaknesses, but most importantly, its dollar revenue value in the marketplace.

As employers and consumer takes more control of their healthcare, your brand will be more important than it is today. But if you don't understand the value of that brand, then you are missing a golden opportunity.

You can continue the conversation with me on:
LinkedIn: http://www.linkedin.com/in/krivich0707
Twitter: http://www.twitter.com/mkrivich
Web site: http://www.themichaeljgroup.com/

For more information, or to discuss your strategic healthcare marketing, customer experience management, marketing/sales integration or start-up needs, you can learn more at my web site the michael J group; email- michael@themichaeljgroup.com ;or phone by calling me at 815-293-1471.




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