Branding Your Company — Right from the Start Executives of emerging biotech companies face myriad challenges. While they may certainly understand the value of branding and marketing, those functions may command less of their attention during the early stages of company development than the challenges of nursing the science while raising capital. Nevertheless, it is very important to establish the company’s long-term marketing objectives, develop a plan, and set a strong and consistent foundation right from the start. Failing to do so can create problems from which it will take years to recover. Doing it properly from a company’s inception is as important as setting up an accounting system or protecting your company’s intellectual property. Starting the Branding Process Early In fact, branding must start before the business plan is completed. Why should anyone care about your company or product? That’s what early branding can begin to answer and continue to answer. Understandably, an emerging biotech company will be so focused on developing its product or technique or science that addressing this question may be a very low priority. Nevertheless, business cards need to be created, a Website needs to be launched, and a “quick and dirty” brochure needs to be developed. Yet, everything that touches a customer, no matter at what point in the company’s development, creates a perception about a product, service, or company. This is true whether it is a pharmaceutical giant or a small company in its first Phase III trial. Finding the Right Partner For financial success, an emerging firm must have sophisticated and long-term branding and positioning for its products. Executives will want to control the company’s message, but they may not be ready or able to proceed with a comprehensive advertising, promotion, and education campaign. Most emerging companies do not have adequate in-house advertising or marketing staffs, nor can they afford a full-service agency’s marketing communications program at the onset. Often, large agencies are seen as offering logos, corporate identity, marketing and related services in one big expensive bundle. Alternatively, emerging companies often turn to small “project shops,” which can produce each needed item on an individual basis — but without regard for a consistent view of the company’s look and feel. It doesn’t have to work that way. An emerging company does not have to limit itself to project shops. A larger agency can offer unbundled services with the promise of a long-term partnership that can grow as the company grows. There is so much promise in an emerging company that if it can begin to set a strong branding foundation and unique look and feel that emphasizes its main point of difference right from the beginning, the company has more of an opportunity to have impact as it grows. So executives shouldn’t rule out every full-service agency. There are agencies that recognize the specific needs of emerging companies and tailor the way they work for them. A simple inquiry will determine if an agency is willing to work on a project-by-project basis to meet current needs while ensuring that what the company communicates today is part of a coherent, long-term branding strategy. The agency will let you know if it’s interested in unbundling its services to grow with your company as an investment in a long-term partnership. That way, your company will not be paying huge fees up front to have access to a full-service agency. At the same time, you will still be able to receive top-notch professional advice in areas such as development of a logo, presentation templates, market research, corporate positioning and branding initiatives, investor relations, print collateral, and trade show graphics. Keep in mind that the seemingly small initiatives taken today are, in fact, the building blocks of your brand’s future. Patricia Malone Principal, Creative Services Susan Hempstead Principal, Account Services Paul Harris Principal, Creative Services There is so much promise in an emerging company that if it can begin to set a strong branding foundation and unique look and feel that emphasizes its main point of difference right from the beginning, the company has more of an opportunity to have impact as it grows. Stratagem Healthcare Communications LLC, San Francisco, is an independent, full-service advertising agency with a division tailored to the marketing communications and corporate identity requirements of emerging biotechnology, biopharmaceutical, and medical technology companies. For more information, visit stratagem-hc.com. May 2005 VIEW on Biotechnology BRANDING
