Duncan Mackenzie-Reid, our Head of Corporate, and Simon Grist, Associate Director in our Pharma team, discuss the powerful asset that is corporate reputation.
An intangible asset, invisible to most auditors, but with the potential to have a very real impact on bottom line – reputation. The reputation of a business will likely outlive all but the most successful of its product brand and will help it to weather a crisis.
The pharma and biotech industry is no stranger to the value of corporate reputation, but it’s also only too aware that it isn’t easy to implement.
Demonstrating the critical importance of reputation, in recent years, Pfizer shifted its focus and marketing spend towards its corporate brand, which generated significant results. For every one-point increase in Pfizer’s reputation index, a 2.2 per cent sales increase was observed, along with a 2 per cent increase in patients asking for Pfizer medicines, and an increase in market capitalisation of 0.022 per cent.
So where to start when thinking about company reputation? The first step, is to identify values and mission – what do you stand for? With this foundation in place, building the brand structure follows much easier. Next is considering the narrative you use to convey your corporate story.
Ultimately, the end result of investment in corporate reputation can be the creation of an organisation that is trusted and respected – a result which, in health especially, is surely worth pursuing and defending?
You can read the full article ‘Products come and go, but a pharma company’s most valuable, durable asset is its reputation’ on PM Live here.
 SOURCE: Case Study: Using Consumer Engagement to Improve Corporate Reputation. Brenda Robinson, Director, Global Reputation, Digital, Content and Media Strategy, Pfizer. Presentation at the Social Media Strategies Summit, https://www.slideshare.net/SMSSummit/case-study-using-consumer-engagement-to-improve-corporate-reputation