Featured Coaching Training: The Importance of Branding
In today’s fast-paced world, it is more important than ever to promote recognition of a product or service. Branding is a vital part of a business, and it should be incorporated into many key aspects and areas. On this exciting course, learn the key elements to obtain a world-class brand for your business!
Featured Coaching Excerpt - Notes & Transcript, Part 1
Lesson Nugget: Branding determines perception and value.
Cheesecake Factory Cheesecake Assortment: Average is $6.25 per slice.
Godiva Chocolatier: Godiva was founded in Belgium in 1926.
Godiva owns and operates more than 600 retail boutiques and shops in the United States, Canada, Europe, and Asia and is available via over 10,000 speciality retailers.
Lesson Nugget: Knowing your customers, things like their age, gender, location, language, profession, and interests is vital when considering what shapes your brand perception.
Lesson Nugget: Brand perception is owned by consumers, not brands. Regardless of your message, whatever people are thinking and saying about your brand, that is your brand.
Lesson Nugget: Knowing who your customers are, what they think of your brand, and what else they are passionate about is important branding information. It gives you the power you need to harness the power of word of mouth and influencers to take control of brand perception.
Lesson Nugget: Portray the image that you want to have before you have it.
Lesson Nugget: Every aspect of your branding must be first-class in order to have success in business.
- OK so the next thing about branding the importance of branding is that branding determines perception and value. Perception and value. Clay, can you tell me what does that really mean? The perception. We heard the Elon Musk quote. What is this point talking about?
- Cheesecake Factory.
- [Man with Brown Hair] I've not been there recently.
- Have you ever been to the Cheesecake Factory?
- I have not.
- Really? Well they sell slices of cheesecake at massive prices. If you go to Godiva they sell unbelievably expensive chocolate. And guess what both of them have? Way over the top, crazy, awesome branding. What allows them to sell it? Is the product good? Yes. Is the branding better? I would argue the branding is better than the product for both of those. I would literally argue that the branding is better than the product. As good as the products are. It just creates that expectation that hey it's OK to spend seven dollars on a piece of cheesecake because you know the atmosphere, the branding, the decor. On a subconscious level this was so hard for me as a consultant. I didn't get it. I didn't get it cause it's a subconscious thing but I nailed it as a consultant. And once I figured this out it changed the game. I was meeting with brides and grooms and I used to not wear a tie. And I used to wear a blue shirt. It was a dress shirt. A blue dress shirt. I didn't wear a tie. And I didn't not have any intentional reason for anything in my office. I had a picture that I liked from college. I had a picture that I liked of a music artist. I had pictures of things I liked. I started deep diving into branding. Really talking to some mentors about branding and it was pointed out to me if I wanted to triple my prices I needed to be intentional about building a brand that brides to be would love. So I went out and bought a desk. It was very ornate, very detailed. It looked like something you'd find at a wedding venue. I changed the music overhead to match the whole. Micheal Buble was just coming onto the scene at the time. Harry Connick Jr., Frank Sinatra, The Rat Pack. I made that atmosphere. I put images up that women would like of wedding related images and I put that all up there. I put the 1955 classic chrome plated Elvis microphone in every one of our systems. This microphone replaced the handheld mics in every DJ system. I went out and bought one of these for every system. Like six different mics. I bought linens to put on the tables we set up our DJ systems on instead of just putting them on a plastic table. We used to have plastic white table. I bought linens. I changed our business cards to make them solid. I went in and made our website. I increased the look of the website. And when it was all said and done I literally tripled sales doing the same activities. The same activities. I was doing the same activities. I didn't change anything about how I marketed at all. I just did everything better because of my branding. Tripled. That was within like a year.
- So branding affects the perception, the immediate, how you perceive something, what proceeds the actual product.
- Oh they walk in and they go oh you must be successful. That's what they're thinking subconsciously. OK well I will buy your book then. Oh you must be successful. I mean you look like you know what you're doing so I guess I will buy your book. If it's like you like life is stressful. You look like you're in the toliet of life. I don't know if I wanna buy your book. You look like your office. You're office just smells like cat pee. I don't know whether I wanna buy from you. You don't want to. You have to look successful. It's something called fake it til you make it. That's pretty accurate. You wanna really make sure you protray the image that you wanna have before you have it.
- And so we're gonna get into the elements of branding in the next episode so make sure that you stay tuned for that. But the perception is basically what is creating the decisions and the value in the customer's mind before they even interact with you or they buy the product. Before they get to that point they are immediately whether they step through the front door, whether they go to the website, whatever they're interacting with they're making decisions and evaluations based on that.
- Anything that their senses. We talk about the senses. The sight, smell, all these different, anything that the customer sees, feels, experiences, and experiences related to your product has to be first class. If you're gonna make a print piece make it great. If not, don't make it. If you're gonna have a website make a great. If not it's better not to have a website than to have a third class website. I mean everything just needs to be awesome if you're gonna have any success in the world of business.
- Does that make sense, Sean? Do you have any questions about the perception and value that branding creates?
- I think I get it. My father was a really good guy that could give you a perceived value on something way above what you thought it was worth.
- [Clay] Yeah, yeah.
- He had a knack for that.
- Is your dad like selling you lie a log as a Christmas gift?
- He's like son, there's so much you can do with the log. It's big, it's heavy, it's wood. You can you know. Was your dad a sales guy?
- No. Well yes and no. I mean he was a self made entrepreneur I mean.
- [Clay] Oh really?
- Yeah. He was known as a land man at one time. And people came to him and he'd buy a piece of land and everybody was like why'd you buy that? And the next thing you know he'd sell it months later and he was tripling his money. And they were like wow. I need to do that.
- [Clay] Unbelievable. Your dad had that vision. That's awesome.
- He did.
- OK so branding hugely important for creating the perceived value. The perception and value for your product, business, or service. OK?