Healthcare marketers: does your brand portfolio deliver maximum ROI?
Given the squeeze on hospital finances, healthcare systems and hospitals must find efficiencies wherever they can – including their marketing budgets. One area of review that might yield big savings (at the same time building CFO affection) is for healthcare marketers to evaluate the health and wellbeing of their brand portfolios.
How do you determine if you’re spending as efficiently and strategically as possible behind your brands? And if your portfolio has the right mix of brands to support your business strategy?
We’ve created a tool that we call “The 7 Portfolio P’s.” Presented in summary fashion here, it provides a good starting point for evaluating the effectiveness and efficiency of your brand portfolio.
Purpose. Do each of your brands reflect your organization’s vision, business goals and strategies?
Perspective. What story is the brand 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/synergy between them?
Potential. How do your different brands contribute in building strategic advantage, and current/future growth and profitability?
Performance. Do you sufficiently cover the market given the needs of your priority services and key audiences?
Potency. Does market attractiveness (size and potential growth) merit investment?
Pink Slips. For those brands that don’t meet these criteria, what is your plan for phasing them out?
Today, your reality as a healthcare marketer is likely having to do more with less. Which means that you can’t afford to waste your precious marketing resources against a brand portfolio that’s not yielding a fair return. Similar to periodically evaluating your financial portfolio to ensure that you’re protecting your wealth now and into the future, do the same with your brand portfolio.