The health care field is seeing lots of rebranding. That shouldn’t be surprising because the market landscape of the field is changing, along with the marketing fundamentals. The value chain—and all the roles in the field—are shifting. Competitive advantage, both in getting consumer referrals and in signing preferred contracts with health plans, is being defined on different factors.

“Brand” can seem to be a bit of an elusive concept, but it is fundamental to marketing and revenue growth. For a working definition, our team at OPEN MINDS considers branding to be the act of controlling how your customers perceive you in your market (see Changing Best Practices In Positioning & Branding: Keys To Competing For Consumers & Referrals).

The question for most executive teams is how to decide if rebranding is a good investment. That is an important consideration because rebranding is not inexpensive. Smaller organizations can expect to invest $100,000 to $180,000 and two or three quarters to transform their brand. Larger organizations can spend hundreds of thousands of dollars, if not seven figures. Costs are only increased with service lines, signs, internal environments, and multiple locations (see Are You Rebrand Ready? 6 Unexpected Things To Know About The Rebranding Process).

There are a few key reasons to consider rebranding. Your current name/brand detracts from your current market positioning. Your organization has expanded its service lines in a way that is not adequately reflected by the brand. An affiliation or partnership offers new public image potential. Future revenues would be improved with a new brand name. And we see all of these reasons reflected in recent rebranding announcements:

• MENTOR Network Rebrands As Sevita, Launches Integrated Whole Health Joint Venture
• Cigna Rebranding Health Services Division As Evernorth
• I/DD Provider Organization Caregiver Inc. Announces New Logo & Brand Identity
• Florida Behavioral Health Rebranding As LifeStance Health
• Hospice Of Orleans In New York State Rebrands As Supportive Care Of Orleans
• Direct Primary Care Provider Organization Paladina Health Rebrands As Everside Health
• Phoenix House Mid-Atlantic Rebrands As National Capital Treatment & Recovery
• Treehouse Addiction Campuses Rebrands As Vertava Health
• Phoenix Care Systems Rebrands To Broadstep Behavioral Health
• AspenPointe Is Now Diversus Health

Where to start with evaluating your brand? First, a solid strategic plan—and a marketing plan in sync with that strategy—is a fundamental. You need to know what your objectives are—and where you are going—in order to make an informed decision. From there, OPEN MINDS Vice President Emily Korns recommends a “brand ‘check-up’.” She said, “A brand check-up is as important to the health of your organization as your annual check-up is to your personal health,” she said. “When we’re inside of an organization, we can lose perspective on our brand and positioning in the mind of our clients and stakeholders. We hold on to old stories and perceptions about our reputation that may not match the current reality. Don’t let your brand identity is work against you.”

Her advice—conducting a brand awareness and reputation audit at regular intervals is definitely a best practice. A strong brand positively impacts all aspects of your business, from revenue generation to staff recruitment and retention. For a preliminary assessment, answer these three questions:

• How do “your publics” perceive your organization?
• What is your current and future market positioning and services lines—and is your brand image consistent with those plans?
• Does your brand and its use in your promotional efforts strengthen your market positioning?

The answers to these questions could trigger an executive team’s interest in a brand awareness and reputation audit—and possibly in considering rebranding.

For more on aligning your strategy with a branding mindset, check out these great resources from the OPEN MINDS Industry Library:

• Do You Need A New Look? A Roundtable Discussion On Re-Branding Your Organization
• Why Branding As Strategy Matters More
• Changing Best Practices In Positioning & Branding: Keys To Competing For Consumers & Referrals
• Positioning > Branding > Marketing > Revenue
• Branding & Positioning & Innovation – Organizational Strategy “Remakes” In A Shifting Health Care Market
• Better Branding & Successful Marketing Requires Service ‘Usability’
• New Thinking On Non-Profit Branding
• Health Care Branding Has Evolved – Be A Golden Brand
• The Goal: Be A Golden Brand
• How Are You Positioning Your Organization For The Changing Market?

For more on marketing your brand, be sure to join Ms. Korns on February 17 at The 2022 OPEN MINDS Performance Management Institute when she and OPEN MINDS Chief Marketing Officer Tim Snyder will present, How To Develop A Successful Marketing Plan: The OPEN MINDS Seminar On Marketing Strategy.