Value of brands - article from Business Week

This if right in line from my previous post. Note this particular excerpt.

What Does Your Brand Stand For?
Ask yourself, what does my brand stand for? Try to answer it in one sentence without using the name of the product your company sells. Legendary entrepreneur Richard Branson was once asked, "What does Virgin stand for?" He could have answered "a great music store" or "a great airline," but instead he answered with one word—"fun." By focusing on fun from his earliest days as an entrepreneur, Branson's vision allowed him the flexibility to move beyond a single product. Today the Virgin empire spans some 360 companies. Branson instinctively knew how to differentiate his brand. Branson was able to adapt, change, and take advantage of new opportunities because he sold an experience.

Notice that having an aspirational brand core purpose and values can open thinking up to many business opportunities outside of your current industry.

How to Sell More Than a Product (full article)
In a coffee showdown with McDonald's, Starbucks' tried—and—true strategy has a lesson for entrepreneurs: Don't sell products. Sell an "experience"
By Carmine Gallo


Anonymous said...

Figuring out what you stand for is hard stuff. Your previous post goes into a great process that can help discover it, though. One other technique, when you're just stuck, is to think about what you just won't stand for! Looking at what you won't put up with can illuminate who you are. It's a bit negative, but it can work. I bet Branson hates boredom and just won't allow it. Hence, fun.

Mike Behr said...

Thanks Paul - great insight!