Healthcare is seeing a rise in brand driven competition. And no wonder – across the U.S., competitive activity is intensifying as healthcare providers maneuver to position their organizations for success in a rapidly changing industry.
Brand strength is a core asset in competitive strategy. But there’s a big difference between a brand and a well-known name: it’s called leverage.
- Strong brands influence consumer choice
- Strong brands attract and retain the best talent
- Strong brands create contracting, partnering leverage
- Strong brands shape referral patterns
- Strong brands build customer loyalty
- Strong brands better weather economic cycles
Measuring brand performance is an important aspect of brand management. The key purpose is to track the impact of brand investments on business performance. An effective brand measurement system helps health systems understand how to:
- Drive awareness, preference, selection and use of healthcare services
- Focus marketing investments on growth opportunities that drive bottom line performance
- Strengthen the organization’s competitive position
- Identify brand weaknesses before they become business problems
Think about brand measurement as a strategic management tool for continuous improvement rather than a static report card. Strategic (market position, brand reputation, market leverage), marketing (customer acquisition, customer retention) and financial (revenue, margin) metrics provide powerful insights as to:
- How brand equity is leveraged to create and sustain competitive advantage
- How brand perceptions influence customer behavior
- How customer behavior creates tangible economic value
Developing a brand measurement system isn’t difficult but it does require an initial effort to build the framework and measurement processes that work best for your organization. It will be worth the investment.
Five key steps:
- Establish metrics aligned to strategic, marketing and financial objectives
- Develop baseline measures and performance targets
- Develop measurement systems and processes
- Create brand performance dashboard
- Monitor, measure, report and take actions to improve performance