Can Interior Branding Help Fight A Recession?
Even those that don’t spend time watching the financial markets will be hard pressed not to have heard about the turbulent state of the markets recently. Regardless of the causes such uncertainty is never a good thing for consumer confidence and spending. Given this, how can one protect and possibly even expand one’s practice during times of uncertainty?
The key to protecting one’s practice or even increasing it is to invest in one’s brand. According to Blackett, Liddle, and Swystun at Interbrand, “[b]rands are valuable because they represent a relationship of trust. Traditionally this has been defined in the context of the consumer, where brands stimulate demand and help secure future earnings through increased loyalty.”
Many dentists I talk with struggle with the notion that they even have a brand, but all businesses have one whether they realize it or not. A brand is that emotional response or memory a patient or consumer has about a company. This may be from first hand experience, advertising, or reputation.
“But,” you argue, “I just can’t afford to invest in updating my office and training my staff right now!” According to Nigel Hollis, Chief Global Analyst for Millward Brown, “Reduced noise during a recession provides opportunities.” Hollis goes on to say, “A new product launch may actually have greater impact during a recession than at other times….” So, making that investment in the Color, Light, and Texture portion of the brand and holding an open house to show it off may not bring the new patients in the door right away, but will accelerate the process as the economy improves. Hollis goes on to say that, “…competing in a recession is like running a marathon. A smart frontrunner will seize the lead and work to increase it while others are flagging. If the other runners allow the gap to widen, it will be really tough for them to regain the lost ground when the pace picks up again.”
The objective of an interior branding message is to design the five elements (Color, Light, & Texture; Human Interaction; Ergonomics; Application of Technology; and The Defining Touch) so they work in concert to create that emotional impact that builds patient trust and loyalty. Thus, the brand becomes valuable to the practice because it delivers patient retention and referrals through the bad times as well as the good.
