|
by Richard W. Hayes, CEO, Digital
Lightbridge, LLC
Is "branding" more
than a buzzword? Is it an executable business
strategy? Can it be a practical tactic for business?
Can the brand live in the day-to-day actions of your
employees? Does branding create real opportunities
for organizations?
The answer to each of these questions is an
undeniable "yes." Consider the history of the
automobile industry. In the early 1900s Americans
realized they needed mass-produced and affordable
automobiles. Henry Ford started with the basics: four
wheels, an engine, transmission, seats, chassis,
steering mechanism, black paint, and some other vital
parts to get us from the city or farm to our favorite
vacation destinations.
Fast-forward to today, just over one hundred years
later. Within the new passenger vehicle category
alone, we have nearly 350 choices, ranging in price
from about $15,000 to over $100,000. Within
comparable models, the price difference is closer,
albeit dramatic. Why do we Americans need so many
car models? Why are the choices so important to us?
The answer can be summed up in one word: Branding.
The Power of a Brand
Most marketing professionals would agree
that the brand is the "perception of your product and
service in the minds of your current or prospective
customers." Branding is the promise of a total and
consistent experience. Brands differentiate our
products and services from our competitors', thereby
increasing preference and loyalty.
Brands can even become synonymous with the
product itself. For example, overnight package
delivery is FedEx®, tissues are Kleenex®,
photocopying is Xerox®, soda is Coke®, sticky-notes
are Post-it®, fabric protection is ScotchGuard®, and
so on. Superbly executed brand strategies result in
the brand becoming the
category.
Donald Trump with Digital
Lightbridge's Media Director, Cindy Sharpe, and CEO,
Richard Hayes. Digital Lightbridge implemented the
marketing strategy for Trump Tower Tampa earlier
this year.
Of course, being first to market is a major advantage
in branding, but shrewd positioning can create
tremendous opportunities within almost any category.
Consider branding within the coffee industry. With all
things being relatively equal, coffee is simply hot
water filtered through ground coffee beans.
Convenience stores such as 7-Eleven® have coffee
in dozens of fine varieties at far lower prices than
Starbucks®. In large part, the reason we pay up to
five times more for Komodo Dragon Blend®
(Starbucks) than Big Brew(tm) (7-Eleven) is the
Starbucks brand's promise of a consistent and
preferred experience.
|
