Billionaire Brand Wisdom #1

No, I am not a billionaire, nor have I ever aspired to be one, but I thought it would be interesting to look at brand through their eyes.

Love ‘em or hate ‘em, billionaires didn’t become billionaires by accident.

Drive, commitment, vision, genius, borderline (or actual) criminality, lax ethics…take your pick of the reasons for their success. But one unifying factor, it seems to me, is that either from the outset or somewhere along their journey, they all understood the power of brand.

And they’re always good for a pithy quote on branding.

Let’s start with this one from everyone's favourite convicted felon:

“If your business is not a brand, it is a commodity”

OK, so he might have plagiarised Philip Kotler, but whoever first said it, there is a fundamental truth to the statement. Without brand, you are undifferentiated. Without something that has resonance with people beyond what you make or sell, you are no different than all the other companies that make or sell the same things.

Take the travel industry as a brilliant example. I have done a lot of work in this sector over the years, helping travel businesses to stand out and have a distinct positioning in the market. And boy do they need help.

The Donald has also said “a brand is two words: the ‘Promise’ you telegraph, and the ‘Experience’ you deliver.”

But what if that promise is the same as everyone else’s?

How many travel businesses promise ‘The Holiday of a lifetime’? Or ‘Once in a lifetime experiences’? Or ‘Precious memories’?

And what if everyone delivers ‘Exceptional customer service’ or ‘Outstanding value’? Or indeed, ‘The Holiday of a lifetime’?

What makes one travel company different to another? It could be a set of rational differences, based on provable criteria of quality or specialisation. But in my experience it is the emotional response that drives brand differentiation. How do people feel about company they travel with? Does the brand have personality? Is it relatable in some way? What behaviours drive that perception?

Let’s end with another of The Donald’s quotes:

“Building a brand might be more important than building a business.”

Well, at the very least, make sure your business HAS a brand.