Question: Before revolutionising the vacuum, what was James Dyson originally looking to reinvent?
For those that make it all the way to end, the answer will be revealed!
I recently read “Branding: In Five and a Half Steps” by Michael Johnson.
“Give, and it will be given to you.”
Don’t worry — this isn’t a sermon.
But this passage — like so many from The Bible and other ancient texts — does speak to a fundamental human truth.
In the field of psychology, it’s known as “The Law of Reciprocity”. And it can be summarised like this.
The deep-rooted urge we all feel to return a favour that someone has done for us.
Mundane though it may sound, this principle is the cornerstone of successful relationships, both in life and business.
Businesses rise and fall — it’s the natural progression of things. Many companies once considered great have long either collapsed or been overtaken by a fresh-faced challenger.
But, in spite of this, there are some businesses that continue to endure and thrive. They seem almost immune from the cut and thrust of competition. They are survivors.
So, why is that?
The business book that has had the most profound impact on me is “Zero to One” by Peter Thiel. The basic premise of that book is that great businesses are singular, unique and monopolistic.
These companies are almost impossible to…
“The consequences of our actions are always so complicated, so diverse, that predicting the future is a very difficult business indeed.”
J.K. Rowling, Harry Potter and the Prisoner of Azkaban
Pollsters, economists, modellers — they continue to get it wrong, over and over. No one is able, with any level of consistency, to predict the future.
Yet, as humans, we seem hardwired to believe those who claim they can. And, in business, this claim is usually made via an impressive-looking presentation. 31 slides. Version 14. 10 working days to create.
But, for all that effort, we’re really still…
The opportunity to develop a brand doesn’t come around very often. For most businesses, this is an exercise so seldom undertaken that it can be difficult to know where to start (or, indeed, end).
And, yet, this really isn’t something you can afford to mess up. A brand, by its nature, is a long-term asset. And if your brand is off from the outset, there’s simply no easy way to backtrack.
But, fear not. Help is at hand.
For those looking to get their brand in order, here are six key questions you’ll need to answer.
If you already have…
2020 hit the travel industry hard. The impact of Covid-19 forced Airbnb to make what, at the time, must have been a gut-wrenching decision.
Airbnb’s annual report shows that the company slashed its marketing spend by 58% in 2020 when compared to the previous year, equating to a $662m total reduction. Of this, the overwhelming majority of the cuts were made to its performance marketing channels.
But, far from this leading to disaster, it actually spawned an incredible discovery, as Brain Chesky, CEO of Airbnb, explained in the company’s latest earnings call.
“In 2019, we had elevated spending of performance…
A brand. Every business has one. All companies will, at some point, have to invest at least a little bit of time in it (if only to create a name and logo). But what is branding for? Why is it even necessary?
Here’s a short case for branding.
Firstly, let’s kick off with an explanation of what branding is.
A quick Google search of the term “brand” yields the following definition.
“The promotion of a particular product or company by means of advertising and distinctive design.”
Hmm. I guess so. But that doesn’t get us very far.
Here’s my preferred…
The business world has a newly developed fetish — the fetish of failure.
Try to guess the number of times each week that you see or hear phrases like this:
“Embrace your failures.”
“Wear your failures with pride.”
“Failure is success if you learn from it.”
These memes are rife!
Now, I’ve no doubt that, at its inception, this seemingly radical reframing of failure probably felt quite fresh and liberating. Suffice to say, it has long since made its home in the land of business clichés.
But, aside from it being totally yawn-inducing, is it even true?
I’ve cause to…
Branding is a long-term play — you’ve heard this before. And it’s true. Differentiating yourself from the competition takes time. The consequences of overlooking this can be fatal for your business.
I’ve written before about a brand’s role as a guru (an analogy I’ll continue to run with here). Building a relationship of this kind with your customers often takes years of incremental work.
But many businesses, particularly smaller ones, do not have the luxury of time. The resources they allocate need to deliver results — and fast!
In this article, I’m going to lay out five quick wins that…
Books — I read a stack of them this year. I plan to work my way through another stack next year. They’re wonderful.
But, despite the thousands of pages I’ve turned, there is, alas, only so much a brain can hold onto. And it’s so often the quote — a repeatable little gem of wisdom — that offers the stickiness one needs to capture and retain an idea.
And, so, in the spirit of giving back, here are seven brand-related quotes that have resonated with me in 2020.
On the power of branding:
“With an explosion of choice, consumers need…
Branding for the better | Published in “The Startup” & “Better Marketing”