Billionaire Brand Wisdom #2

Sir Richard Branson knows a thing or two about branding, I think we can all agree.

He asserts that “your brand name is only as good as your reputation.”

I think I would go further and say that your brand IS your reputation. There are many versions of this statement from business owners and branding specialists, not least Marty Neumeier’s view that “your brand is not what you say it is, it’s what they say it is.” In other words, your brand is a set of perceptions and expectations that exist in the mind of the customer.

So far so good, but how do you form and then maintain this brand in the consumer consciousness?

Sir Richard has an answer to that:

“Branding demands commitment; commitment to continual re-invention; striking chords with people to stir their emotions; and commitment to imagination.”

Successful businesses, as we know, never stand still in striving to meet their customers’ needs. Successful brands work on building some form of emotional connection with people, and find ways of keeping this fresh, relatable and above all, distinct. In the noisy, crowded and undifferentiated marketplace where businesses are battling it out, sometimes it’s the “texture” and “character” of their brands that sets them apart.

A loud personality, real attitude and almost obligatory irreverence characterise Virgin’s brand presence pretty much everywhere, so that even when the reality of product or service delivery is inferior to that of their competitors, brand preference remains strong. Their values are actual behaviours and they serve to set a standard across the entire group (even if they don’t always quite live up to it). And as part of Sir Richard’s demonstrable “commitment” to creating a world of Virgin brands, every new business has had the benefit of the master brand blueprint.

What about businesses that have grown organically and operate at a more modest level, not necessarily doing anything radically different to their competitors, and not benefitting from billionaire budgets?

Well, I am not a huge fan of the phrase ‘go big or go home’. Some of the best brands out there are not huge advertisers. They are good brands because they are clear about their promise, they deliver on it and they connect at a personal, human level with their customers.

Let’s end with one of Sir Richard’s favourite quotes from Geoffrey Zakarian, chef & restauranteur:

“Determine who you are and what your brand is, and what you’re not. The rest of it is just a lot of noise.”