Why you should measure your company's reputation!
By Stefan Gijssels, expert-trainer of Improve Reputation for Better Results in Pharma.
Here are the facts from research:
- Having the preferred product brand is essential to drive prescriptions … BUT … if your company also has the best reputation, you will add 50% more patient-share! (see slide below)
- A good reputation is the strongest driver of company loyalty and it remains constant throughout the product life cycle.
- For innovative pharmaceutical companies, a good reputation among specialists stands for 10% more sales.
These are the result of thorough and repeated analyses. Is this surprising? No, it shouldn’t be. We all intuitively know, and experience the value of reputation. Yet it’s rarely been properly quantified. And these are results among specialists prescribing medicines with high medical value. For many other stakeholders, the impact is even higher, yet less easy to quantify, because the interaction is more qualitative in nature.
Stefan Gijssels, former VP Public Affairs with Janssen, says:
“A good reputation makes every company engagement with stakeholders easier, faster, cheaper and better.”
“A good reputation generates top-line and bottom-line results.”
“A good reputation makes you sail with a strong tailwind, whereas a bad reputation is like sailing against the wind, and with the anchor out.”
The good news is that you can measure reputation, and manage it.
A pharma company’s reputation can be defined as the overall appreciation all stakeholders - external and internal - have of the company based on their expectations. You can improve the way all your stakeholders think of your company based on a toolbox of analytics. The results of these perception analyses will have to be linked to the company’s long term strategy in order to develop a reputation action plan. This plan will try to identify how to improve the key drivers and attributes of reputation, while at the same time differentiating from competition, and identifying which leadership positions can be taken in the external environment. The reputation plan will look at business practices, business initiatives, outreach plans, communications and company branding. It is the result of thorough internal cross-functional discussions and leadership decisions.
When company strategy and reputation expectations are matched, the best and most sustainable business results will be achieved.
Last update: March 2017