Consumers have become the driving force of commerce, and businesses have learned to listen and deliver what they want. Competition in the market puts consumers in control, and brand equity is a determining factor in what brands they consider purchasing from during the customer journey. Brand equity is built in the minds of the consumer and is a long-term strategy that propels the growth of businesses. It’s comprised of all the experiences that consumers have encountered with a brand and emotions associated with it. When brand equity is thought of in the traditional sense, it usually refers to products or services and isn’t generally related to healthcare. Healthcare was an industry that had always been commanded by need. Patients didn’t shop for providers or hospitals. The insurance company’s dictated, which facilities and Doctors were in their network, and patients chose off the shortlist. However, in recent years the healthcare industry has changed and adjusted and has become more customer-centric, focusing on pleasant customer experiences, like updated technology and facilities. Positive positioning in the minds of patients can lead to word of mouth referrals, patient reviews, and ultimately attracting top medical experts to work for the hospitals. For example, the Mayo Clinic is ranked the number one hospital in the US and holds substantial brand equity with the public. Its positive image draws patients from around the world who seek premium care from industry-leading specialists. A hospital’s brand equity gives its patients confidence that they are entrusting the right people with their lives.
Take a moment and reflect on how customer opinions can affect your practice and start developing a strategy to build long-term brand equity. Position yourself as an expert in your specialty and the go-to healthcare provider in your local community. If you haven’t yet- check out my last blog Artificial Intelligence Taking Over.