Hospital Branding: 5 Steps to Allocate Your Budget to Support Your Brand Launch

Hospital Branding: 5 Steps to Allocate Your Budget to Support Your Brand Launch

You have a new name, an exciting new brand platform, and a breakthrough idea for an ad campaign.  You’re ready for launch!  Then budgeting reality hits and now you feel like a NASA astronaut stuck on the launch pad, grounded by a weather delay or mechanical issue.  Dollars spent on the up-front planning phase have greatly reduced what’s available on the back-end.  Or, senior leadership has determined that operational issues need to be in place prior to launch and these costs are coming out of your budget. With countless branding initiatives taking place among hospitals throughout the U.S., balancing budget issues with effective brand launch plans might have you seeing stars, and not from light years away. A new brand strategy is more than just the promotional component.  It’s actually a 5-step process that includes developmental, operational, inspirational, promotional, and cultural elements – all competing for marketing launch dollars.  So, given limited resources, how do you best determine where to put your dollars and how much to allocate for each stage?  Sticking with the space analogy, there are different boosters that require fuel budgeting based on their role in the flight mission.  Just imagine what percentage of the total budget is required just to leave earth’s atmosphere! For all of us who aren’t rocket scientists, here’s a breakdown of each “booster” stage in the brand strategy process and how the budgeting process can be allocated based on a budget of $1 Million (not including departmental costs such as overhead, etc.). Developmental – 15% Dollars invested in the development of your brand strategy are essential.  It’s the starting point of your...
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