In today's marketing world, one of the most valued financial ratios is the value of a company's brand. In many cases, the value of a corporate brand far exceeds the nuts-and-bolts financials of a company.
So, what is a brand? How can a strong brand create value for your practice? And what can you do to build a strong brand?
Define What a Brand Is and What It Isn't
Many people relate the word "brand" to their practice's logo or their latest advertising campaign. Signs and symbols are of course part of what a brand is, but this simple reference to logo is an incomplete definition. A brand can offer far more than a name, logo or even an advertising campaign.
Brands are "a collection of perceptions in the mind of the consumer that when properly managed will secure long-term revenue for the business and create lasting value." This definition of brand is the result of the total consumer experience or consumer perceptions.
But why create a brand? Why put all that effort into building a brand? There is a simple answer to that question. The answer is the single major reason for investing in your brand. Brands build value. The perceptions that define a brand in the minds of the customers create value in a number of ways.
Peace of mind and branding. Nothing could be more important than peace of mind. This is the major reason consumers choose one brand over another. Practitioners with a strong brand can ease such fears because the brand makes the consumer feel safe and comfortable.
Saving time with brands. Consumers need to save time in today's world, and a strong brand gives them that opportunity because they don't have to spend time researching the service. The brand speaks for itself.
Transforming the consumer experience. Strong brands have the potential to tap deep into our emotions and transform the consumer experience. Strong brands never stop searching for ways to "wow" the consumer. Strong brands pay additional attention to the consumer experience and feed off it to better their brand.
Expressing ourselves through brands. We are intelligent and social beings, and as such, it is natural for us to seek meaning and significance in our day-to-day behaviors, including the health care services we choose.
Brands are a good news story. We all like to share great experiences with others - a good book, a good story. We like to share our positive product and service experiences. If we have a good brand experience, we'll tell those around us all about it.
Now that we've discussed why you should build a brand, let's look at the principles behind successful branding. Remember that you can never completely control the nature of a brand; at best, you can guide and influence it using these basic principles.
1. Brand Value Exists in the Minds of a Customer
Remember that a brand is intangible. It exists in the mind of your customers and prospects. In today's brand equation, the brand is in the hands of the consumer. Your role is to manage people's perceptions of your brand.
2. Brands Are Built by Everything They Communicate
Communication plays a role in your brand, but experience has much more influence on those who view your brand. Every brand contact needs to contribute to the complete "collection of perceptions" that you hope to build.
3. It Takes Time to Build a Brand
Building relationships between consumers and a brand takes considerable time because confidence and trust can only build slowly. It's the longevity of the relationship that will add to its strength, just like any other relationship.
4. Always Think and Talk In Terms of "Current" and "Desired" Brand
Since a brand is an intangible "collection of perceptions," it is important that you recognize whether you are visualizing and communicating your current brand or your desired brand.
5. Your Brand Can Be the Driving Force of Your Practice
Strong brands provide a clear direction of desired behavior within a practice and are valuable sources of inspiration. It can transform the behavior of your staff.
6. Brands Can Live Forever, So Future Focus Is Essential
Properly managed, your brand can live forever. Your responsibility to achieve such an outcome is to nurture the brand and make sure that you leave it stronger. Doing so requires you to focus on the future: not just "what currently is," but also what "could be."
We've now defined and clarified what a brand is. We've examined why it is important to implement a brand management program and looked at the basic principles of brand building and brand management. In order for you to build that successful brand, you have to undertake one more task - you have to get started. Don't leave your brand sitting in a closet somewhere.
To build that successful brand, you must first define what your "current" brand is by listening to your customers and prospects. Then you must clarify what you want your "desired" brand to be.
Remember, brands that build a strong emotional bond with their customers are far more likely to thrive and prosper than brands that are perceived as merely products. Even more importantly, you'll appreciate the long-term relationships and emotional ties that your customers will develop for your brand and thus your practice.
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