We’ve had a number of similar conversations with healthcare marketers that go something like this: We feel like we have far too many brands in our portfolio. More than we can probably support. Every time someone introduces a new service, it becomes another “brand” with another logo.
The truth is, not all programs and services are created equal. Not all are “brand/logo worthy.” Particularly in this economic environment, energy and resources must be focused on supporting those health services that best align with vision and business strategy, build strategic and financial value back to the organization, and meet customer/stakeholder current and future needs.
Here are seven portfolio “P”s that you can begin to use to evaluate and strengthen your healthcare portfolio:
Purpose. Do each of your brands reflect your vision, business goals and strategies?
Perspective. What story is the portfolio telling from a customer perspective?
Place. Do each of the brands in the portfolio have a clearly defined role; are relationships clear; is there sufficient separation between them?
Potential. How do your different brands contribute to building strategic advantage, and to current and future growth and profitability?
Performance. Do you sufficiently cover the market given the needs of your priority audiences?
Potency. Does market attractiveness (size and potential growth) merit investment?
Pink Slips. For those brands that don’t meet this criteria, what is our plan for phasing them out?
Have I missed any “P”s?
Eric Brody is President of Trajectory, a branding + marketing company creating new brand energy by uniting organizations, creating new value and igniting new growth.