Lecture on Branding and Making Money

Jul 6, 2024

Lecture on Branding and Making Money

Introduction

  • Speaker's Achievement: Made more money than CEOs of several major companies combined as a young individual.
  • Audience: Presentation designed for those inspired by success, aiming to learn about branding.

Goals of the Presentation

  1. Charge Premium Prices: Learn to charge more than the competition, like Yeti.
  2. Customer Loyalty: Develop a loyal customer base, like Harley-Davidson.
  3. Guaranteed Sales: Ensure continuous sales, like Apple.

What is Branding?

  • Confusion and Misunderstanding: Many popular definitions exist, but they are often vague and unhelpful.
  • Personal Definition: Branding is a deliberate pairing of actions or products to achieve an outcome.
  • Example: Coca-Cola pairs the action of drinking with the outcome of enjoyment (yum).

Good vs. Bad Branding

  • Good Branding: Positive pairings that attract ideal customers (e.g., Coca-Cola and enjoyment, Bud Light and UFC).
  • Bad Branding: Negative pairings that repel customers (e.g., Bud Light and Dylan Mulvaney ad consequence).

Tactical Branding Steps

  1. Weak Brand Start: Begin with a brand that means nothing and pair it with liked elements (e.g., Nike with sports champions).
  2. Brand Growth: Pairing makes the brand stronger and more valuable, transforming generic products into premium offerings.
  3. Customer Association: Customers buy products to associate with the brand's perceived values.

Influence of Brand on Behavior

  • Historical Context: Livestock branding showed ownership and influenced behavior.
  • Modern Applications: Brands influence customer behavior through deliberate pairings.

Measuring Branding Success

  • Influence: How likely it is to change someone's behavior.
  • Direction: Whether the change is towards or away from the desired outcome.
  • Reach: Number of people affected by the brand.

Building and Growing a Brand

  1. Pairing with Liked Elements: Assemble brand elements that resonate with the audience (like gathering flowers for a bouquet).
  2. Managing Mistakes: Overwhelm negative pairings with more positive pairings to recover.
  3. Consistency: Consistent positive pairings strengthen the brand.

Practical Branding Examples

  • Dolce & Gabbana: Collaborated with Kim Kardashian, appealing to customers seeking fame and luxury.
  • Nike: Uses champions (LeBron, Tiger) to symbolize winning and achievement.

Brand Metrics

  1. Influence: The change in behavior when the brand is encountered.
  2. Direction: The positive or negative response to the brand.
  3. Reach: The number of people who recognize and react to the brand.

Final Advice

  • Risk and Reward: New pairings risk existing audience but can gain a larger, ideal audience if successful.
  • Deliberate Growth: Pair things your audience likes; take calculated risks to expand reach and influence.

Additional Resources

  • Offer: Free video courses and podcasts on business growth and branding.
  • Platform: School.com for tools, training, and community support for starting brands.

Conclusion

  • Recap: Covered what branding is, why it makes money, and how to start/grow a brand.
  • Call to Action: Access the resources provided to apply these principles and grow your business.

Resources:

  • Acquisition.com/training
  • School.com/games