Business brand purpose is a term that we use in various contexts, but its most common usage refer to the promotion of products or services. Branding purpose determination and positioning can help you determine which elements are crucial to your company’s success. It can also help you identify potential weaknesses. But most importantly, it shields your company’s motivation from accusations of greed and profit by providing transparency beyond what is assumed.
Sole profit focus causes paralysis in empathy. This is the assumption all business have to face. In some industries, they embrace it. In the biotech industry (as in healthcare), people treat the drive for profit with suspicion, distaste, and even contempt. We all run businesses and share the same pressure to make a profit. You also know that there is more to patients and their caregivers than the profit margin to the company. We assume that you got into this business to help people. Therefore, we need to clearly communicate your company’s purpose.
The purpose of branding is to establish a differentiating assumed identity for your company in the marketplace. A strong brand creates distinction between your company and others in your industry, which may make it easier for people to remember you, engage with you, and invest in you.
Develop a unique and differentiated Brand position
The branding of a company is what defines its purpose and makes the company different from industry assumptions. A purpose that is not unique and differentiated will not be valuable to the customer and will be hard to stand out.
Biotech companies should develop a unique and differentiated branding position to maximize their value proposition and increase their competitive advantage in the market. They can do this by understanding what sets them apart from other biotech companies and creating an identity which communicates this message effectively to clients, investors, employees, etc.
It’s the time for brands to take their responsibility to the next level. Brands are aware that they have a huge responsibility in society, and they want to use their power for good.
They are starting to communicate their conviction, care, and credibility through each of their touchpoints so that customers can see what they stand for. It is not just about the product anymore but about all the other things that brands do.
Beyond your brand position, find your company’s purpose.
Your job as a biotech company is to not only build a strong brand but also to communicate the value of that brand to its customers. This task is especially difficult when dealing with our industry, where trust is paramount. Brands are being asked to put their money where their mouth is; prove that they are fully committed to the social good.
Professionals in this industry have an opportunity to help create better health outcomes for society. Doing this by taking on a greater responsibility for what they say and do. What this means is we need to be more than just being transparent about their own business practices. We need to ensure all our marketing efforts focus on building customer loyalty and communicate in terms of care, credibility, and conviction.
Add Value to the lives of patients and caregivers
Your Business is taking an entirely empathy-centric approach to how they create and market their products. You believe that it’s important for your brand to recognize the customer’s values as if they were their own. In order to do this, you make sure to communicate a greater purpose in design, marketing and operations.
Your business is not just about profit. Your business is driven by purpose. Purpose defined; your business creates something that solves challenges for their customers and communicates an empathetic message. You embrace and advocate the power to change lives and make things better.
We understand that customers are becoming more informed and want brands to be more transparent about their practices. Customers care about a company’s greater purpose.
The Secret: Your Biotech Business Brand Purpose
I have a secret. The power of this secret can be consequential. Therefore, I’ll leave it up to you to do with it how you see fit. Ready? If you position your brand beyond the assumption of profit, society will still assume a sole profit drive from your competitors. Your competitors have the same challenge. The same assumptions. This is assumed because your competitors don’t know how to say otherwise or aren’t paying attention. So, the assumption stands for them.
It is assumed; your competitors focus on the single-minded drive for the bottom-line revenue, they have lost sight of the greater good, and they no longer know what the customer values or what’s important to them.
Your purpose clearly communicates what the patients and care-givers value. They value—they demand—to be more than just profits. They want brands that care about them to help them. Not brands that care just about the money they can extract from them. And it’s your company that will provide this attention to their human needs.
How Business Owners Can Apply the Best Brand Purpose for their Biotech Brand
Marketing is a complicated and oftentimes delicate undertaking in this industry. Not having a brand purpose can make it even worse.
There are many aspects that come into play when creating a successful company. You need to have a strong product or service, remain focused on the end goal, and keep your eye on your competitors. Yet it is paramount to discover and market your company’s purpose to patients, caregivers, and all of society. Because they are watching and already have their assumptions.
Learn more about HIARKI DESIGN Co.
We have covered how and why to give your brand purpose. Contact HIARKI DESIGN Co. at hello@hiarki.com when you’re ready to discuss the next steps for your brand.