Innovation with a Brand Twist, EO Huddle, 6/11/13, NYC
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We reviewed the role of brand in creating business value as well as best practices from Virgin in bringing your brand promise to life at every touch point. Then we did an interactive "Brand Fan" exercise leveraging strategies from successful brands and twisting them to create new ideas for EO businesses.
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Innovation with a Brand Twist, EO Huddle, 6/11/13, NYC
- 1. INNOVATION WITH A BRAND TWIST Julie Cottineau CEO and Founder, BrandTwist @jcottin June 10, 2013 Copyright 2013 BrandTwist LLC
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- 6. "Everyone who's ever taken a shower has had an idea. It's the person who gets out of the shower, dries off and does something about it who makes a difference.” -- Nolan Bushnell, founder of Atari, Inc. 6
- 7. FEAR OF THE IDEA 7
- 8. INNOVATION DIAGNOSTIC Which of these are common roadblocks apply to you? 1. Every brainstorming comes up with the same thing. 2. Why bother, competition will probably beat us to it. 3. Seems interesting, but we need more data to be sure. 4. Could be risky and we can’t afford to fail 5. Why hasn’t it been done before? What’s the catch? 6. Where will we find the resources to execute? 7. We are all over the place, where should we focus? 8. We make things because we can, but are they needed? 8
- 10. Name Logo Ad WHAT IS A BRAND? 10
- 12. • a value exchange or contract – The brand owner provides distinctive tangible & intangible benefits their key constituents value – In turn, the brand’s constituents return value to its owner (revenue, loyalty, forgiveness, word-of- mouth recommendations) A BRAND IS… = 12
- 13. CREATE TANGIBLE VALUEOur definition of Brand Value Brand value measures the current and future earnings 13
- 14. Brand Social Media/ Viral/ Web Advertising/ PR Secondary elements Name Identity / logo People & HR Products & Support Investor Relations Corporate Communications Environments Promotional Material EVERYTHING YOU DO DEFINES YOUR BRAND Customer Service 14
- 15. A STRONG BRAND is an entrepreneur’s SECRET WEAPON
- 16. MAKE SMARTER, QUICKER DECISIONS
- 17. WHAT CUSTOMERS CAN DO GREAT BRANDS AIM HIGHER WHAT YOU OFFER HOW THEY FEEL WHAT THIS ENABLES
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- 22. VISION ALONE IS NOT ENOUGH… YOU NEED TO DELIVER 22
- 23. $21 billion
- 24. “ Whenever I see people getting a bad deal, I want to step in and do something about it. I look for opportunities where we can offer something better, fresher and more valuable. ”
- 28. HOW DID AIR TRAVEL BECOME SO BLOODY AWFUL? First, they took away the meals. Then, the pretzels. And then, the peanuts. All seven of them. Then, suddenly, those paper pillows got smaller. Along with those “comfort- resistant” blankets. Then, poof, they were gone……That’s not how flying used to be. Flying used to be special. Not long ago people used to get gussied up…..Flying should make you feel like you are a virgin again. (Flying-wise of course.) It should feel new. And on Virgin Atlantic Airways it always will.”
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- 36. EXAMPLE
- 37. Step 2: Get Inspired TWITTER@JCOTTIN
- 40. BRAND FAN INNOVATION EXERCISE Step 1: Focus on your Top business challenge (5 min) Step 2: Pick an Inspirational brand to Twist with (5 min) Step 3: Discuss what makes that brand strong (5 min) Step 4: Twist with your brand (15 min) Step 5: Flesh out 1 idea to share with the group (15 min) Step 6: Repeat steps 4 & 5 on partner’s brand (15 min)
- 42. SETTING PRIORITIES Table Stakes Win/Win Wasteland Stage 2 Feasibility Impact
- 43. TWITTER/JCOTTIN BRANDSCHOOL.BRANDTWIST.COM 13 TIPS FOR IMPROVING YOUR BRAND IN 2013
- 44. THANK YOU FOR TWISTING! Julie@BrandTwist.com twitter: @jcottin www.BrandTwist.com www.BrandSchoolOnline.com https://Facebook/BrandTwist
Editor's Notes
- My background, been in marketing/branding in one form or another since 1987, been fortunate to work with some great companies on some great product, service and corporate brands. Every experience is different, not a one size all approach, but there are some common themes. Like to share today and see if these can be helpful for RSA.
- Great ideas come from solving issues and gaps that are personally relevant to us. Here’s an example from my own life. There’s me in 1974 at 8 years old with my Mom in Marblehead Massachusetts where I grew up. I was living a pretty nice life. Loving family, nice friends etc. but one thing was missing...a pet.While my parents were open to the idea in theory, the truth was my older brother Greg was very allergic to any kind of pet fur.
- So there’s my obstacle. MY GAP IN THE MARKETPLACE. So what did I do? Well like most 8 year olds, I did not take no for an answer.I went into my backyard, I picked out the prettiest rock I could find. I put it in a cool whip container, I added a few blades of grass (for nourishment or as a bed I am not quite sure), and I poked a few holes in the top of a cool whip container (so the rock could breath)…and voila.My pet rock.My parents were bemused, if not a bit concerned about my mental health, but in general happy that THE PET CRISIS WAS RESOLVED for now.
- Now remember this was 1974A year later on the other side of the country in San Francisco, Gary Dahl an advertising copy writer was at a bar with some colleagues after work listening to them talk about how much they loved their pets, but also moaning about how much work they were to take care of.This gave him the idea for the perfect "pet": a rock.[1] A rock would not need to be fed, walked, bathed, groomed and would not die, become sick, or be disobedient. He said they were to be the perfect pets, and joked about it with his friends.[2] However, he eventually took the idea seriously, and drafted an "instruction manual" for a pet rock. It was full of puns, gags and plays on words that referred to the rock as an actual petHE LAUNCHED THE PRODUCT. AND YES, WHILE IT WAS ONLY A “FAD” THAT LASTED A SHORT WHILE. DAHL SOLD 1.5 MILLION PET ROCKS AND BECAME A MILLIONAIRE.But my point is that this idea for the pet rock came to both Gary and myself out of a desire to solve a real problem in the marketplace. One that was affecting real people (me and his colleagues in the bar).The difference? HE DID SOMETHING ABOUT HIS IDEA.Ok in my defense I was only 8 and did not have the marketing resources I now have at my disposal….
- How many of you, have this reaction when you think of a new idea?I know I often do.I love coming up with new ideas it gives me a certain thrill…I can literally feel my brain and body buzzing-but it’s what comes next that can be the hard part.In some ways IDENTIFYING the game changing idea is the easy part. The hard part is having the skills and the resources to BRING THAT IDEA TO MARKET.And over time this gap between the excitement of the idea and the confusion about what to do next…and the frustration of now knowing how to move forward…can lead to a disease that I call the FEAR OF THE IDEA.So that little by little our entrepreneurial spirit seems to get bred out of us and we lose some of that original steam.Every brainstorming session comes up with the same thing. ☐ Worried about how the idea will get approved ☐Why bother, competition will probably beat us to it.☐Seems interesting, but we need more data to be sure.☐Could be risky and we can’t afford to fail☐Why hasn’t it been done before? What’s the catch?☐Where will we find the resources to execute?☐We are all over the place, where should we focus?☐We make things because we can, but are they needed?
- This fear can be quite paralyzing, but like most obstacles it becomes easier to deal with if we BREAK IT DOWN.In fact let’s get a quick read on how you fare in relation to some common issues that we have seen with moving ideas into action.In the packet in front of you there is a quick diagnostic. Take a moment to check any and all of these statements that apply to you.How are we going to get this approved in the organization?We’re not fast, our competition will probably beat us to it.Seems interesting , but maybe we need more data.This sounds exciting, but very risky. Can we afford to fail?Why hasn’t it been done before? What’s the catch? The irony is that quite often this last one is a result of the 4 points before it.If at least 1 or 2 of these applied to you then perhaps the following 5 success strategies will give you some food for thought.
- Why do we pay so much more for the coffee on the right? BRAND!a value exchangeThe brand ownerprovides distinctive tangible & intangible benefits which their key constituents value In turn, thebrand’s constituentsreturn value to its owner (revenue, premiums, loyalty, word-of-mouth, trial of new products, forgiveness )
- How many of you in this room would define yourself as an entrepreneur? Show of hands. Ok here’s another question. How many of you would say that on a fairly regular basis (let’s say a couple times a month) you find yourself in a situation (personal or professional) where you think “there’s got to be a better way?” You see some sort of gap between the way things are and they way they could or should be and your mind starts thinking about how to close that gap.Show of hands.
- 1 in 10 new products are still in the market three years later. Source Copernicus marketing
- And getting back to the famous entrepreneur Richard Branson, my mentor and former boss. This is the whole philosophy behind Virgin one of the world’s most successful and beloved brandsIn his own words:“ Whenever I see people gettinga bad deal, I want to step in anddo something about it. I look foropportunities where we canoffer something better, fresherand more valuable. ”And this is what Richard and the people at Virgin do, they go in and SHAKE UP INDUSTRIES where the consumer is underserved- getting a raw deal or not enough choice or the industry has become complacent (like airlines and recently financial services) THE RESULT? After 40+ years? This passion to provide something better in music, aviation, wellness, financial services, trains, mobile phones etc. has driven Virgin to over $20 BILLION in revenue, 300 branded companies in 30 countries, 50,000 employees and and 60 MILLION CUSTOMERS WORLDWIDE. THAT’S ONE NEW CUSTOMER EVERY 6 SECONDS. And it all started with a personal passion. You have all heard the Virgin story, and know In Richard’s case were a passion TO RE-INVENT THE MUSIC EXPERIENCE which he did first with student magazine, then virgin records, then Virgin mega-stores. In fact this life long passion resulted in a President’s award from the Grammy’s just last month. AND THEN TO RE-INVENT THE AVIATION EXPERIENCE MAKING IT MORE FUN- MORE ENTERTAINING.
- Here are just a few brands that are “winning” in their markets by focusing on usefulness.For examples, Zappos.com which was originally founded by Tony Hsieh as an online shoe company, and was purchased by Amazon in 2009 for $900million has a policy of helping customers find the exact shoes they want even if it means helping them find them on other competitive sites. This total dedication to usefulness has created a legion of passionate zappos fans and brand ambassadors.There has been an explosion of buzz about Pinterest the virtual pin boards site in the news very recently. According to comScore, Pinterest drew 11.7 million unique monthly visitors in January, making it the third-fastest-growing website since December. By comScore's measurement methods, Pinterest became the fastest independent website ever to hit 10 million unique monthly visitors.Personally, I am a newbie, still playing around. But loyal users compare it to Google and say that is more USEFUL than Facebook because it allows them to find and share items that are extremely targeted in a very fun and easy way. Consumers and brands are discovering new uses for it every day.