Alan Weiss’s Monday Morning Memo® – 2/06/2023
The definition of a “brand” is that of a particular identity or image, usually representing uniform quality in the market place. There are good brands and poor brands. People once said, “We’re the Cadillac of our market.” That was worth a kijillion dollars for Cadillac. But no one says that any more. Even “the Mercedes of our market” is diminishing. Bentley is the auto symbol of excellence in most cases.
One of my buddies, who drives a Porsche, was upset and I asked him why. “My barber just bought a Porsche!” he lamented. For him, the exclusivity of that brand diminished (and one problem is that it’s hard to tell expensive Mercedes and Porsches from more inexpensive ones).
My definition of a brand is that “it’s how people think about you when you’re not around.” When your name comes immediately to mind for certain needs, that’s a strong brand. No one goes into McDonald’s to browse. That buying decision is made long before entering the store.
If people don’t refer you to others, don’t speak well of you, don’t return for continuing business, you don’t have an effective brand. You might have a nice logo and a clever company name (I’ve always believed your name is your strongest brand—“Get me Alan Weiss”), but a brand is supposed to be the gravity that attracts people to you, not a forgettable interlude.
You should determine your value, identify your ideal buyer, create the means for you to reach them, and they you, seriatim. Strong brands provide zero cost of acquisition for a business. And brands create emotional attachments. (Logic makes you think, but emotions urge you to act.)
How would people describe your brand, professionally and/or personally?
You’ll notice this is Alan Weiss’s Monday Morning Memo®.
A lot of brands, you can’t touch them. When you’re dealing with Snoop Dogg, he brings you closer to the brand and it feels like it’s a part of you. —Snoop Dogg
Suppliers and especially manufacturers have market power because they have information about a product or a service that the customers do not and cannot have, and do not need if they can trust the brand. This explains the profitability of brands. —Peter Drucker
A brand is about how people think of you when you’re not around. —Alan Weiss
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