Week 3 Assignment – Bonding Through Branding

OD_20210607M_HSM322_1AssignmentsWeek 3 Assignment – Bonding Through Branding
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Week 3 Assignment – Bonding Through Branding
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Career Relevancy
The brand of an organization is what makes it recognizable in the marketplace. Customers need to be able to distinguish one provider from another. The company’s brand is the marks or logo or symbol that is recognizable. The main purposes of branding are to ensure that products can be identified, to encourage repeat sales, and to sell new products. When a brand is easily recognizable, then we say it has brand equity. Within the healthcare industry, in particular, branding gives individual organizations a way to better represent themselves and make a lasting impact.
Background
Differentiating the Brand
Companies can pursue branding in different ways by employing a private brand, a family brand, or individual brands. It may be a little more difficult to think of these strategies in healthcare, but if you consider a company like Johnson & Johnson, that offer all types of healthcare products, you can see that they would want to brand their pharmaceutical products in a unique way that would differentiate them from than their line of baby products or medical devices.
The importance of branding in the healthcare industry cannot be overstated, as consumers have so much choice these days. One example is the cost of conducting medical tests— there are now independent labs that may offer the same services for a lower cost. In addition, many hospitals are merging with other healthcare services, which then causes confusion on the part of the consumer. Organizations have to determine how they will position their brand in the consumer’s mind, and that means making their purpose and design as unique as possible.
Healthy Relationships
One of the primary drivers of developing customer loyalty in healthcare is developing a relationship with the consumer. Making healthcare decisions can be difficult for people. If an organization is able to develop a relationship with them, then it creates “stickiness” whereby the customer becomes loyal to the organization. Satisfied customers are the best way to create repeat sales. Once customers are loyal, they can become brand advocates who will sing the praises of a product or service. Building brand loyalty can also be extremely satisfying, as it helps create a clear bridge between the consumer and employees—a simple bond between product, service, and consumer.
While there are many things to consider when building this kind of relationship with consumers, one thing is of the greatest importance: simplicity. As noted by the associate editor of Healthcare Finance, Jeff Lagasse, “a convoluted message won’t connect with consumers, and it will make it more difficult to get senior leadership on board (Lagasse, 2018).” This is of particular note, as successful branding involves the commitment of everyone involved. While the end-consumer provides the ultimate representation of success, if employees and senior members are not behind the brand there can be problems with the overall marketing plan.
References
Lagasse, Jeff. 2018, November 08. Why Branding In Healthcare Is more Important Than Ever, and How to Connect With Consumers. Retrieved On July 25, 2020. https://www.healthcarefinancenews.com/news/why-branding-healthcare-more-important-ever-and-how-connect-consumers
(Links to an external site.)
Prompt
Part 1:
Create an infographic that shows the brand of two competitors in your practice area (you may choose to use a free application such as https://piktochart.com/). Submit your infographic as a link.
Part 2:
In a PowerPoint presentation explain the branding of each competitor and how it would impact the buyers of their products and services. Analyze their advertising and branding strategy and identify the customer segments that each brand is focusing on. At the end of your presentation, make some recommendations to your infographic as to how the brand messaging should be adjusted if it wants to appeal to the same target markets.
Your presentation should be a minimum of ten slides with at least two references and images with authors notes (not including the cover slide and the references page). Each slide is required to have author’s notes that provide an explanation of the information presented in the PowerPoint.

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