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Best Practices in Building Your Corporate Value Proposition

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A corporate brand is a single, clear promise that a company makes and fulfills for its stakeholders. …

A corporate brand is a single, clear promise that a company makes and fulfills for its stakeholders.
Branding is the strategic process of establishing both the tangible and intangible attributes to differentiate your company and give it focus to consumers and others. Therefore, it is imperative for companies to define their value proposition by showcasing their products and/ or services unique from others to gain competitive edge.

If not, then customers may default to the most basic option of differentiation -- price. Unlikey, for pharma companies - the low-price game is a lose-lose proposition irrespective of making sales.

Best Practices, LLC undertook this study to help corporate leadership understand the importance of a corporate brand. Branding is the strategic process of establishing both the tangible and intangible attributes to differentiate your company and give it focus to consumers and others.

Published in: Health & Medicine, Business

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  • 1. Best Practices in Building Your Corporate Value Proposition Research Findings from Best Practices, LLC
  • 2. Building a Corporate Value Proposition Overview This presentation was compiled from various primary and secondary research conducted by Best Practices, LLC. Study Objective & Methodology 1. Companies that are defining their value proposition understand that this is the first step in clearly identifying how their products and/or services are different from the competition – in essence what sets them apart. Key Topic Areas • Understanding Corporate Value • J&J Case Study: Origin on Trust • G.E. Healthcare’s Healthymagination • Eli Lilly Case Study on Social Responsibility • Corporate Brand Planning Processes • Why Focus on Customer Loyalty? • Achieving the Corporate Value Proposition If a company cannot define some unique feature or benefit that makes it stand out, then customers may default to the most basic option of differentiation -- price. For pharma companies, playing the low-price game is a lose-lose proposition -- even when they make sales. Copyright© Best Practices®, LLC 2 BEST PRACTICES, ® LLC
  • 3. Understanding the Corporate Value Landscape A corporate brand is a single, clear promise that a company makes and fulfills for its stakeholders. Branding is the strategic process of establishing both the tangible and intangible attributes to differentiate your company and give it focus to consumers and others. Brand Story Provides inspiration and motivation for customers, employees and stakeholders. Ued in corporate identity articles, special events and new product launches. Tagline Traditionally referred to as the corporate "slogan". Examples: Federal Express- The World On Time; Saturn- A Different Kind of Car Company. Copyright© Best Practices®, LLC Vision Core Identity Concepts Expresses the philosophy driving the organization – your destination in the next 3 to 5 years. Aligns the associations you want to create and maintain. Look to resonate with customers and differentiate brand. Should be easy to communicate and consistent for all products. Building Your Corporate Brand Brand Promise Distills what the customer will receive. Drives the value proposition and provides differentiation. The Value Proposition Represents the functional and emotional benefits customers expect to receive from your company. Reflects a balance between the aspirations and reality of what you can deliver. 3 BEST PRACTICES, ® LLC
  • 4. What is a Brand? • A brand is a promise. – Promises must be believable and consistent through time – Promises must be delivered upon – A promise helps cement the relationship between the company, product or service and its customers “The reason we brand is to 'own' a piece of our customers’ gray matter…we want our product to be differentiated in our customers’ minds” Copyright© Best Practices®, LLC 4 BEST PRACTICES, ® LLC
  • 5. Provide Info at a Corporate and Product Level Pharmaceutical companies can no longer just focus on individual brands when discussing their pharmaceutical products. Physicians, patients and pharmacists are wanting to see linkage between the corporate brand and product brand. – Traditionally in our industry, product brands have functioned alone, without a corporate brand. – Today, research shows customers prefer to see a link between a corporate brand and product brands. 100 100% 97% 94% 80 60 40 Product only 20 Product/corporate link 4% 1% Don’t know 3% 0 Source: Landor Copyright© Best Practices®, LLC Consumers Physicians Pharmacists 5 BEST PRACTICES, ® LLC
  • 6. Origins of Trust: A Case Study of J&J J&J has established a level of trust with its stakeholders through the last 120-plus years. Its Credo was established in 1943 and is part of the daily fabric or the organization. It calls the value it places on trust its “TRUSTMARK.” • During the Civil War, 75% of wounded soldiers died from infection • 1886: Johnson brothers (Robert Wood, James Wood, Edward Mead) embraced concepts of antisepsis – began manufacturing sterile gauze and cotton • Begin publishing “how-to” medical guides • Medicinal plasters CREDO • Statement of Business Ethics • Responsibility to: – doctors, nurses, patients, mothers, fathers – employees – communities in which we live and work – shareholders • Truly a guide; used daily Copyright© Best Practices®, LLC 6 BEST PRACTICES, ® LLC
  • 7. Adopt Organic Organizational Structures • Organic • Mechanistic - Open Channels of Communication support the free flow of information in the organization - Structured Forms of Interaction - Restricted Operating Styles - Open Operating Styles - allowed to vary freely - Formal Authority and Chain of Command for Decisionmaking - Autonomous and Distributed Decision-making - based on expertise - Reluctant Adaptation - captive of history and SOPs - Emphasis on Accomplishment – as opposed to formal procedures - Emphasis on Procedures - “Collective Intelligence” of the organization engaged in decisionmaking process - Tight Control - Senior Leadership and Managers make decisions absent involvement of subordinates Copyright© Best Practices®, LLC 7 BEST PRACTICES, ® LLC
  • 8. Corporate Citizenship at Novartis Novartis focuses some of its corporate citizenship to supporting the eradication of AIDS in Africa. AIDS orphans are a key target of Novartis, starting with its pilot program in Tanzania and has moved to 12 other countries. “Our corporate citizenship policy reflects our commitment to the 10 principles of the United Nations Global Compact.” “Our corporate citizenship policy reflects our commitment to the 10 principles of the United Nations Global Compact.” “The Novartis Code of Conduct sets out the standards of ethical behavior that we expect from Ethical business our associates and underpins all that we do.” Throughout the world, Novartis country organizations are active in corporate citizenship. To learn more about Novartis’ program for AIDS in Africa Click Here Copyright© Best Practices®, LLC “We endeavor to ensure the livelihoods of our people while being a good neighbor.” “Our purpose is caring and curing for patients, one reason why we are expanding access to healthcare around the world.” 8 BEST PRACTICES, ® LLC
  • 9. Why Focus on Customer Loyalty? • Customer satisfaction is not enough • Assists growth targets by keeping the business we already have • Growing new customers costs significantly more than maintaining the ones we have • Addressing loyalty drivers wins Dow account share • Vital to employee morale and satisfaction Copyright© Best Practices®, LLC 9 BEST PRACTICES, ® LLC
  • 10. Establish Marketing Points of Connection with Customers and Business Functions A World Wide Marketing division can play a key role in driving product development by researching and identifying customer needs and working with internal business functions to create and launch new products. Marketing’s Role in a Market-Driven Business Model Identify Need • Strategic Marketing identifies user need. Copyright© Best Practices®, LLC Assess Market Potential • Marketing Programs conducts market research to assess potential. Generate Product • Partnership • Marketing evaluates partner synergies. • If no synergies available, R&D creates new product. 10 Launch Product Marketing Programs conducts a multi-stage product launch process. Sell • Marketing Programs provides sales collateral. BEST PRACTICES, ® LLC
  • 11. About Best Practices, LLC Best Practices, LLC is a research and consulting firm that conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies. Best Practices, LLC 6350 Quadrangle Drive, Suite 200, Chapel Hill, NC 27517 919-403-0251 www3.best-in-class.com Copyright© Best Practices®, LLC 11 BEST PRACTICES, ® LLC