Show notes
In my recent conversation with Larry Koplow, we talked about brand strategy in the life sciences, why, when and how.Defining Brand StrategyWe kicked off the discussion with Larry describing the danger of not having a strategy. In a world overloaded with information, a brand has to cut through the noise and make its value clear. Even if a company has groundbreaking technology, it’s easy to be overlooked if the brand strategy isn’t aligned with the audience's needs. People—whether researchers, investors, healthcare professionals, or patients—are primarily concerned with their own interests.A brand is the sum of all associations that audiences have about a company. This definition, which he credited to Uli Applebaum, highlights that every touchpoint, from sales calls to investor decks, contributes to building these associations. As a result, a deliberate and intentional strategy is crucial for creating consistent and meaningful connections with the audience.Simplifying the Brand MessageLarry argued that while nuances might change, the core brand message should remain consistent. He likened it to owning a space in the audience's mind—when they think of your company, they should think of one defining characteristic. This consistency makes it easier for the audience to remember and relate to the brand.Here is a real-world example. Thermo Fisher faced the challenge of convincing diverse audiences to switch from traditional methods to mass spectrometry in toxicology. By identifying two primary audience groups—those looking to grow their business and those pushing the boundaries of research—they could tailor their brand message to resonate broadly. This approach allowed them to lead with a brand-focused message about pushing toxicology forward, which connected with all their target audiences. It took doing some homework to get there. This involves understanding the audience's motivations, barriers, and pain points. Larry shared another example from a different company in the medication management space in hospitals. The initial tech-focused message wasn't resonating. Hospitals were resistant to new technology because new tech often means a lot of work. By shifting the narrative to focus on patient and hospital safety, they aligned their message with what was truly important to their audience. This not only made the brand message more relevant but also helped position the technology with respect to existing budgets for safety initiatives.Personality Archetypes for Commoditized ProductsBrand personality archetypes can differentiate a company in a commoditized market by mirroring what's important to them or by representing something they aspire to be. For instance, McDonald's uses the "Innocent" archetype, creating a sense of happiness and nostalgia. In contrast, Burger King has struggled with consistency, resulting in a less impactful brand presence. As I look at it, BK is focused on the burger, McDonald’s is focused on the experience.Crafting a Long-Term Brand Vision for InvestorsIf we think about smaller biotech firms, even prior to commercialization, crafting a long-term brand vision is crucial, especially when communicating with investors. Larry noted that investors are people too, influenced by compelling narratives. Investors looking for long-term returns want to see a cohesive brand strategy that promises sustainable growth and market relevance. A strong brand story in the investor deck can be as important as the technical details. The other lesson here is knowing what kind of investor you have or are looking for.Brand Architecture - Balancing Messages Across Different LevelsWe wrapped up the conversation by discussing how to balance messages across different levels—company brand, technology, and specific applications. Larry differentiated between brand architecture and communication structure. Brand architecture involves categorizing and integrating different brands, especially post-acquisitions, whereas communication structure focuses on maintaining a consistent brand story across various touchpoints.He highlighted the importance of having a comprehensive brand position that can be communicated at all levels, from the high-level mission and vision to the detailed technical aspects. This consistency not only strengthens the brand but also adds credibility and value over the long term.Final ThoughtsLarry’s insights were a masterclass in brand strategy, particularly for the life sciences sector. His emphasis on consistency, relevance, and the importance of doing the homework provides a clear roadmap for any company looking to strengthen its brand. For me, the takeaway was clear: a well-defined and consistently communicated brand strategy is essential for cutting through the noise and making a lasting impact. And for those in the biotech space, understanding and addressing the needs of all your audiences, including investors, is key to building a strong, sustainable brand.Your deepest insights are your best branding. I’d love to help you share them. Chat with me about custom content for your life science brand. Or visit my website. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit cclifescience.substack.com