What Do We Mean When We Talk About Brand? #BrandBuilderPodcast
Capitalism.com with Ryan Daniel Moran
Capitalism.com
4.8 • 793 Ratings
🗓️ 4 June 2019
⏱️ 20 minutes
🧾️ Download transcript
Summary
Because you asked: today, we diverge from the usual interview and Max breaks down the very concept of ‘brand’ into easily digestible parts.
So is it just a logo?
Key Takeaways
[2:49] Max asked the community what it is you would like to see on the Brand Builder Podcast and you responded!
Over the next few weeks and months, he’ll be covering a lot of the questions raised but for today:
What do we mean when we talk about brand?
[5:15] A lot people think of brand as logos, palettes, packaging, marketing funnels and copy... All of those things are important aspects, but they are not enough.
Your brand is the collective emotional response to your product or service, and that includes your customer's expectations, memories, stories and relationship with regards to your company.
[6:32] In a perfect world, you are not selling someone something the one time, you are entering in a relationship that will last and spans months, years or even a lifetime.
That relationship is built on three principles:
1. Brand promise — the guarantee, quality and efficacy of your product
2. Meaningful differentiation — how are you different in answering your customer’s wants and needs
3. Elevating your customer — help them be the hero in their own story
[9:42] Your brand is the only thing that will keep your customers with you when the competition pops up.
[11:22] So brand is something you have do across every single touch point with your customer, and each of those points is an opportunity to strengthen or weaken that relationship.
Reinforcing that relationship requires two things:
1. Agreement on brand direction — you need to know where you are headed
2. Consistently strong communication — everytime someone gets something from you is an opportunity
[15:00] The best brands in the world are built with a specific customer in mind, a singular message that resonates with that customer and they communicate that message consistently across all channels.
That is how you build the equity that makes your brand valuable.
[16:30] Max recaps and invites listeners to share their comments, questions and suggestions with the Capitalism.com community.
Thanks for listening! Visit capitalism.com/events for upcoming events and additional content.
If you have feedback, guest ideas or topics to explore for this podcast, email max Kerwick at [email protected]
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Mentioned in this episode
Transcript
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| 0:00.0 | There is a whole body of research out there, a whole field of research that shows that people form relationships with brands that are almost identical to the relationships that they form with other people. |
| 0:16.0 | Welcome to the Brand Builder podcast presented by capitalism.com. |
| 0:19.2 | I'm Max Kerwick and I advise physical product brands to find their story. |
| 0:22.9 | I'm Ryan Daniel Moran and I invest in physical products brands. |
| 0:27.4 | A physical products brand is arguably the most predictable path to a seven-figure business. |
| 0:32.6 | And we advise them, build them, buy them, and sell them. |
| 0:36.2 | This show goes behind them, tracks their success and hands you the keys to what's working. |
| 0:40.2 | Let's dive in. |
| 0:43.0 | Hey, real quick, I'm doing a test in my business right now that I think you'll be interested in. |
| 0:48.5 | We have a training called Million Dollar Brands, and it helps business owners and entrepreneurs get clear on those first three to five |
| 0:57.6 | products that they're going to build that will get to 25 sales a day at 25 to 30 dollars and thus be a |
| 1:05.5 | million dollar business and we sell that for 297 dollars and I recently had the idea of what if at the end of that training, when somebody completed it, |
| 1:18.2 | and they filled out a form saying they know what their three products are going to be, |
| 1:22.2 | they know how they're going to launch the products, let's refund them the cost of the training. |
| 1:27.4 | Let's incentivize the action of actually |
| 1:29.6 | making some decisions in your business and getting clear on your business. And I did this because |
| 1:35.1 | someone challenged me with the thought of what would I change in my business if I only cared |
| 1:40.7 | about my customer's results and I didn't care about profitability. And I immediately said, |
| 1:47.2 | let's incentivize action. And then I said, well, would I really spend however many thousands of dollars |
| 1:53.6 | a month I spend on Facebook ads? Or would I take some of that money and put it into a scholarship |
| 1:59.5 | fund and then fund some of the cool |
| 2:03.9 | ideas that came from my training and it was like this whole world of creativity opened up for me so |
... |
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