The brand strategy revolution

Public perception of the pharmaceutical industry has plummeted in the last year. Across the world patients are feeling disconnected and, worse, distrusting of the very brands they rely on to improve or save their lives.

According to Edelman’s Trust Barometer, which includes data from more than 33,000 respondents, trust in healthcare declined across 17 out of 28 markets. While many will place the blame on the rising cost of healthcare, 68% of respondents said they would trust a pharmaceutical, drug or biotech company more if it also provided information, tools and support to help them manage their disease.

Additionally, Manhattan Research 2017 reports 43% of physicians say no pharma company is providing quality digital support for their day-to-day practice. This criticism from two of the industry’s most crucial customers shows that pharma doesn’t just have a trust problem, it doesn’t understand its stakeholders.

"Jenna Earl, Head of Brand Strategy and Leah Carlisle, Consultant are revolutionising pharma’s approach to brand strategy, revealing a new tool for ensuring stakeholder-centricity – ‘The Four Corners of Brand Experience’"

Pharma typically takes a traditional approach to brand strategy, focused on promoting the benefits of the product or service. However, during the last decade, consumer brands have taken a radically different approach – starting their strategic planning by understanding their customers’ needs and focusing on the overall customer experience.

Blue Latitude Health’s original research shows that while 65% of pharma brands consider themselves effective or very effective at incorporating market insights into their strategy, more than 50% do not begin collecting customer insight until 6-8 months prior to launch. However, many brands begin developing their campaigns 9-16 months before launch, illustrating that the creation of the brand starts well before the customer insights have been collected and analysed.

It’s time to make a change, both to prevent global trust from falling further and to ensure pharma’s products and services have the best chance of improving patient outcomes. That’s why Jenna Earl, Head of Brand Strategy and Leah Carlisle, Consultant are revolutionising pharma’s approach to brand strategy, revealing a new tool for ensuring stakeholder-centricity – ‘The Four Corners of Brand Experience’.

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