Positioned for Upsets
March 11, 2008
While watching the #1 North Carolina Tarhills fend off the #6 Duke Blue Devils this weekend in college basketball I got to thinking about the ranking system. Teams work so hard to get to #1. They train all off-season to prepare. They work hard throughout the season. Never give-up. Take one competitor at a time. And slowly rise to the top if they continue to do those things. And win of course.
But once they get to the top they are the easiest target for an upset. And all of a sudden … now that you’re #1 in the world at what you do … you have people rooting for you to screw up and fall apart. They can’t believe that hard work and talent can get you that far. It must be luck.
Is it like that in business? Do people root for Under Armor a little bit more because they know Nike is the 800lb beast? Does that local coffee shop get a little more business then Starbucks just because they’re #2 or #3?
Or do companies fall under pressure like many #1 teams? Do they like being #2 or #3 because it means they can sit back and coast a little bit more? Do companies get tired and beat up as the #1 seed for weeks, months, years? Do business like to remain the underdog?
Just like with sports, building a good brand requires a lot of work. It’s a constant day-to-day grind. You have to always improve. Take each day as a new day that requires your full attention. And remember the reasons why you want to be at the top. Hopefully is has something to do with creating a Heroic Brand. Otherwise it’s going to be a hard battle and you will lose lots of people in the process.
Marketing in a Recession
March 8, 2008
Here is a good article from Harvard Business on marketing during a recession. I especially like point #8.
How to Market in a Recession - Harvard Business Online’s John Quelch
tags: harvard, marketing, recession
Brain Drain
March 7, 2008
I believe that one of the leading indicators of a potential 1000 Year Brand is employee turn-over. Or maybe it is better to say that companies that have high turn-over are very likely NOT 1000 Year Brands. The obvious negative is high turn-over at the management level, but the real affect is felt at the rank-and-file level. This is especially true if there is turn-over of the people that deal with customers. I believe a lot of this comes from the wear-and-tear on one’s soul from dealing with angry customers. While some business models (like McDonald’s) have inherently transitional jobs, most business that have high turn-over simply have something wrong.
In most cases, this is a core issue - internal strife, ethical issues, greed - all of the things that kill a company. Except in this day and age of accelerated word-of-mouth, unhappy employees can hurt a brand just as much as any negative press coverage.
This is closely related to a common theme amongst 1000 Year Brands; the desire to make a difference. This often starts with creating a cultural of empowerment with employees. This is reflected in giving authority to employees to control the customer experience, but also includes education programs, promotions, etc.
Covey probably said it best … “treat your employees like your best customers”. Or another way to say it … if your employees don’t like you, your customers probably don’t either.
March 6, 2008
Promises are still powerful. So powerful, in fact, that when a promise is actually delivered it is unexpected; a surprise. On the flip-side, the disappointment generated by a broken promise may be even more powerful. When a promise is delivered, it reinforces your Brand Core. When a promise is broken, it creates a gap that no amount of advertising can fix. In either scenario, the consumer is empowered (if they so choose) to talk to 1000s.
This is why the details matter so much; why your “brand” really boils down to the interaction between your marketing promises and your actual customer experience.
1000 Year Brand Ripple
March 5, 2008
Over the last 2 months we have introduced the concept of the 1000 Year Brand to a few of the friends of Tricycle and people in the community that have “been there, done that.” One of the common questions that we get is “What brands have actually been around for 1000 years?”
Although I can see where they are coming from and understand their question they are completely missing the point.
Literal examples of a 1000 Year Brand might be hard to find, but it’s not the number of years that a company exists that qualifies you for a 1000 Year Brand. It’s the long-term effect of your effort that should last 1000 years. The chain of events that happen because your company sought out to do something heroic. It’s the ripple of your business’ intention.
Your company might only be around for 5, 10, 100 years. But the brand ripple from those years can carry on even when the company is long gone. Or sold off. Your brand has the potential to have lasting effects for 1000 years. It’s something that is often taken for granted and underestimated. But you are a business owner and started this business for a reason. Take that power and knowledge and do something positive with it. Something that lasts. Even if your brand name isn’t tied to the end results that the ripple touches.
Does Your Logo Match?
March 3, 2008
Are you starting to think that you need a new look and feel? That you’re old logo, that was created in-house or by a family member at the start, might not fit your business today? Are you constantly trying to defend your logo with the statement “we’ve had this logo for ___ years”?
If any of these thoughts have entered your mind recently then you should continue reading. Especially if you are on the fence on the subject and are not sure whether or not changing your identity is a good move or a bad one.
First off I think it’s important to answer this question:
When is the right time to consider changing and upgrading your identity?
The simple answer is: when it doesn’t match your business any longer. An identity is meant to visually support, enhance, and most important represent your business accurately. The size, emotion, character, differentiators, industry, etc. all might need to be displayed accurately. Many times companies create their logo when they first start and are afraid to change it as they grow. This can be damaging to the brand because it doesn’t reflect the new growth, changed size, and relay the success to the audience.
There are several things you might be hearing that are key indicators that it might be time to fine tune that logo a little bit. You might be hearing people say … “oh I didn’t know that’s what you guys did!” or “wow … I didn’t realize you guys were that big.” Another popular one that I’ve heard is “they might not look good, but they really know what they are doing.”
If you’ve started to hear these things from outside perspectives it might be time to consider changing. Don’t be scared to improve your look and feel to represent your success. It’s expected. And many times your clients and fans want to be proud to show you off. So give them something exciting and professional for show and tell.
So once you think you are ready for a new identity the following question can steer you in the right direction:
What things do you need before starting the process of creating a new identity?
Often times when companies decide to upgrade their identity they start looking for a designer or design firm to work with. They assume that the better the designer or firm the better the logo will turn out. They choose someone to work with and rely on the talent to accurately represent the brand in a “fresh” new look.
Although good designers can create awesome looking identities, they are usually horrible at identifying the business messages that need to be represented in the logo. They will create something that has people saying “wow” and “cool,” but shortly after the same people will say “so what is it you do?”
So here is a list of things that you need to have identified to help create an identity that represents your brand correctly:
- What makes you different?
- Who is your audience?
- What emotions do they experience thru your service?
- What brands do they associate with other than yours?
- What are the first three words that come into your mind when you think about your business?
- How about the first three words from your customers?
- What are the standards in your industry that people recognize quickly?
By answering these questions and doing a little homework you can give a designer (with talent) the things they need to create an identity that matches. And remember two important things. One … it’s good to change and improve your logo as you grow! Two … when you see that logo that represents the items above you will know it. It will resonate with you. With your employees. And your audience!
Brand Leadership
March 2, 2008
Valeria Maltoni has an excellent post on her “Conversation Agent” blog called “Leading Brands Lead”. She breaks down 3 areas that truly make “brand leaders”. I’ll add my two cents to what in means to be a brand leader:
- Listen - not just analyze data.
- Start on the inside - a common trait of almost every brand leader is happy, excited employees.
- Be transparent - this is rapidly becoming a cliche, but it still is important to have a culture of openness.
Bottom line: leadership is a characteristic of greatness - including great brands.
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