Seven “P”s to help you evaluate and strengthen your healthcare brand portfolio
We’ve had a number of similar client conversations over the past few months. They begin 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 our 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 strategic 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?
I'm President of Trajectory. We re-energize businesses across the health continuum by helping our clients to imagine and create new value. Before Trajectory, I was EVP Management Board member at Interbrand, the world's most influential brand consultancy. I've also held senior level marketing positions at Faberge, L'Oreal and Beiersdorf.
