How do you build the brand equity of pharma brands?
Kellers Brand Equity Model is very popular and was developed by Professor Kevin Lane Keller and published in his mighty book, Strategic Brand Management.
And what can be the dream of a pharma brand manager? Her doctors or patients should become her brands advocates!
Is this possible? Yes! the Sinek-Keller Brand Equity Model can be the guide.
PharmaState Academy seamlessly blends the great thoughts of Simon Sinek and Kevin Keller to give you Sinek-Keller Model. This model too is in the form of a pyramid To achieve your dream of doctors and patients becoming your brand advocates, the pyramid needs a robust foundation. And the foundation of this pyramid is the WHY?
Step 1: The WHY of your brand
This the most important step in building your brand. The foundation of your brand should have a powerful why. Why does your brand exist? What is the purpose of your brand. And that purpose has to be communicated to touch the hearts and the feelings of the doctors and patients.
If the WHY is communicated successfully, your brand can get noticed and identified. Or it is likely to fall by the wayside.
Step 2: Who are you: Your brand identity
This step is to create “brand salience,” or brand awareness – in other words, you need to make sure that your brand stands out amongst tens or sometimes even hundreds of competitors. Doctors should recognize and distinguish it from competition.
You also need to ensure that perceptions of your brand match with what you are communicating and are “correct” at key stage – when the doctor writes a prescription.
Start building your identity when doctors are unaware of your product. Seduce them with both online and offline campaigns using the classical concept of segmentation, targeting and positioning.
Step 3: What are you?
Once doctors become aware of your brand, they’ll want to know more about your product. They may ask for evidence of its efficacy and safety. They may like to compare it with their current choices. Will your brand meet his wants? Will your brand support patients?
Are you using the patient-centric approach. Will your patient-centric approach reduce the burden on him?
What are the experiences of other doctors?
Step 4: What about you?
In this step you will want to know what are the doctors feels and emotions towards your brand. The responses to your brand fall into two categories: “judgments” and “feelings.” These are the two building blocks in this step.
Judgement can be on be on its perceived quality, credibility, and relevance to the needs of the doctors and their patients.
They can also respond to your brand according to how it makes them feel. Keller says that there are six positive brand feelings: warmth, fun, excitement, security, social approval, and self-respect.
You need to respond to judgments and build positive feelings about the brand once know what your brand is.
Step 5: Brand Resonance – How much of a connection would I like to have with you?
Brand “resonance” sits at the top of the brand equity pyramid because it’s the most difficult – and the most desirable – level to reach. You have achieved brand resonance when your doctors feel a deep, psychological bond with your brand.
The doctor may even become your brand advocate. How do you measure the resonance. It is using Net Promoter Score that asks one simple question: “Will you recommend my brand to a peer or a senior”.
The Sinek Keller model is beautiful in its simplicity. Building customer-based brand equity is, a long and hard road. When you start at the bottom with a great ‘Why’ for the brand doctors develop positive emotions towards your brand you’ll create a brand that doctors and patients will like, trust and ultimately be successful.