Why Your Life Science Company Needs a Brand Strategy

Why Your Life Science Company Needs a Brand Strategy

The importance of having a strong brand cannot be understated. Developing a strong brand not only allows you to build a loyal customer base but can help to increase the overall value of your organization.  

This is true across a variety of industries, including life sciences. One of the leading life science organizations in the world, Johnson & Johnson (J&J), has a brand value of
$14.12 billion.  

Strong brands like J&J do not just create a logo and a tagline then hope that consumers will like it. Strong brands are created over time with a strong strategy and the proper execution of that strategy.  

"The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself." — Peter Drucker

What is A Brand Strategy  

A brand strategy is meant to lay the foundation to build a strong brand. An effective brand strategy will contain your brand’s values, personality, and promise.  

Your brand strategy should be developed along with your overall business strategy. How does your brand’s strategy support the overall business objectives of your organization?  

If the answer to this question is “I don’t know” or “It doesn’t”, then it is time for you to put some time into developing your brand strategy.  

Brand strategy brainstorming

What to Consider When Developing A Brand Strategy

When developing your brand strategy, there are 8 key components that you want to consider.  

1. Vision

The vision is your brand’s “Why”. What is the brand setting out to do? Why does it exist?

2. Positioning Statement  

Now that you have your “Why”, you must figure out how you want your brand to be viewed by your target audience. How is your brand perceived compared to your competitors or substitutes? 

3.  Promise  

Your brand promise is what your brand will strive to deliver to your target audience. This is the promise that your brand makes with its consumers and should be evident throughout your messaging. 

4. Personality  

Creating a personality for your brand helps you begin to form an understanding of how you want to communicate with your target audience. Some examples can be excitement, sophistication, or sincerity.

5.  Customer Persona  

Create your ideal customer persona. This is different from identifying your target audience. The customer persona is meant to represent a character of who your target audience is and gives a snapshot of their needs, wants, and motivations for purchasing.

6.  Storyboarding  

Now that you have developed your Customer Persona, build a storyline for them. Your storyboard should seek to identify the main problem they face and how your brand helps them to solve that problem. Some questions do be answered include: What is it that your target audience does? What problems do they face? How do they find your brand? How does your brand differentiate itself? How does your brand help the customer solve their problem?  

7.  Imagery  

What types of images can be used to associate with your brand? Setting guidelines for the types of images that are associated with your brand helps to keep a consistent message. The imagery should align with the Vision, Positing Statement, Promise, and Personality you have created.  

8.  Channels

Now that you have determined who you are talking to and how you want your brand to be perceived by them, it is time to determine the best channels to reach them. Determining the proper channels to speak to your target audience is as essential as setting up how you will communicate with them.  Is your target consumer a 25-year-old young professional living in a large city? Is the best channel to reach them a social media platform or a radio advertisement? Once you have determined the best channel to reach your target audience through, then you can begin to reach them in a more effective way.  

"The first step in exceeding your customer's expectations is to know those expectations." — Roy H. Williams

Developing a brand strategy takes time and should be unique to your business. An effective brand strategy helps you to meet your business objectives.  

Building brand equity is not exclusive to large organizations and is a key tool for business growth. Small business owners can benefit from creating a strong brand identity for their organization and its products.  

BluePrint CPAs helps early-stage life science firms grow their businesses and ensure that staff are well trained and engaged to maximize the financial value of their business. Book a consultation today.

Begin our Free Digital Strategy Course!

Subscribe to receive our Free 10 Day Digital Strategy Course.
By click subscribe you are agreeing to receive future correspondence from BluePrint CPAs. Unsubscribe at any time.

Share

Rebecca Scott
Web Designer

Rebecca is a Web Designer at BluePrint CPAs. She is a graduate of St. Clair College’s Internet Applications and Web Development Program and has worked as a freelance web designer before joining the BluePrint team.

BluePrint CPAs is a management consultancy that simplifies digital, financial and talent strategies. Our team helps entrepreneurs and their teams grow profitable and modern businesses.

Kit Moore, BluePrint CPAs President & Lead Tax Advisor
Kit Moore, CPA, CA
President & Lead Tax Advisor

Kit Moore, is an entrepreneur that simplifies digital strategy for other business owners. The team at BluePrint CPAs can assist you with web design, development, analytics, management systems and, more importantly, your overall business strategy. The toughest part of digital transformation is re-training your team - and we have pros to help with that as well.

BluePrint CPAs is a management consultancy that simplifies digital, financial and talent strategies. Our team helps entrepreneurs and their teams grow profitable and modern businesses.

Kit Moore, BluePrint CPAs President & Lead Tax Advisor
Kit Moore, CPA, CA
President & Lead Tax Advisor

Kit Moore, is an entrepreneur that simplifies tax and financial strategy for other business owners. The team at BluePrint CPAs can assist you with financial technology, tax strategies, mergers & acquisitions, succession & exit planning and, more importantly, your overall business strategy.

BluePrint CPAs is a management consultancy that simplifies digital, financial and talent strategies. Our team helps entrepreneurs and their teams grow profitable and modern businesses.

Joe Marra, MBA
Senior Associate, Strategy Consulting

Joe is a Senior Associate, Strategy Consulting at BluePrint CPAs. He is a recent graduate of the MBA Program at the Schulich School of Business and has most recently worked for Bayer Inc and the Ford Motor Company of Canada. His experience in marketing, sales, and human resources spans various industries including hospitality, logistics, life sciences and automotive manufacturing. Joe loves working with entrepreneurs to develop their digital strategies and help them grow their business.

BluePrint CPAs is a management consultancy that simplifies digital, financial and talent strategies. Our team helps entrepreneurs and their teams grow profitable and modern businesses.

Team member collaboration

I Want To Sell My Business, Where Do I Start?

Building trust with customers online

How to Build Trust with Customers Online

Growing the value of your business

Valuation Multiples: How Can I Grow the Value of My Business?