Having a quality brand is very much like having a good reputation.
Being a well known and well respected brand name is the end result of strategy tenacity and a clear vision.I knew when i started out in real estate i wanted to build the best buildings possible.Every detail mattered . It didnt take long for the name Trump to become acclaimed.
We were having a discussion about the Trump brand,and all of us agree that it has to represent the highest quality available,no matter what the enterprise might be .If i build a golf course,it has to be the best...a sky scrapper ..it has to be the best..i am very thorough when it comes to things relating to my brand..namely everything...you need to get somewhere worth going.
Branding is central to marketing. People feel very confident in the Trump brand. Thats why my buildings are so successful.Because of the Trump Brand, my customers know the buildings going to be the highest quality,the best architecture,best management,best location.
A STRONG BRAND GIVES CUSTOMERS CONFIDENCE - AND LEADS TO HIGHER PRICE AND HIGHER DEMAND.
2. Why Branding Is Critical To Every Business
Brands are the foundation of most organizations.Brands are what you stand for-in the minds of your customers and in the minds of your investors. If your reputation is negative,then you will have difficulty achieving your business objectives.If your reputation is positive,then you will see impact on your cash flow.
Most measures in business tell you where you ve been -backward control.Understanding brands and making smart branding decisions give you forward control of your business.They allow you to maximize your revenue,profits,cash flows.
In some organization,top managers understand how brands work,and in some organization,they dont.It is especially important that the owner or CEO understands what brands do for their organization.If they dont understand the relationship between their brands and their financial performance,their brands will wither and eventually their organizations fail.
In this segment, you will explore central role that brands play in business success.
Airlines.
Pan Am and TWA at one time were well known and successful airlines.Pan Am circled the globe,TWA seemed everywhere.But today, neither is in operation.
What Happened. Many factors led to their demise but among them was the erosion of the brands.People knew their names ..their brand awareness was high, but as their corporate lives ended,potential customers did not seem to associate much that was positive with them.As these airlines descended into failure,they had less cash available,which meant they undercut further their customer service which in turn further weakened their brand and on and on in a vicious spiral.
In stark contrast,Continental Airlines was turned around with smart and adroit brand building.Continental was known for ite tardiness..often their passengers would miss connecting flights as a result.A new management, thus reigned, headed by Gordon Betrhune,studied the market and talked to customers and decided to focus on improving their on time performance.The first time that Continental placed in the top five of US airlines for on time performance, management presented each employee with a USD65 and they did this in person.The former President of Continental told me this was really like a self liquidating premium because they saved more from on time performance than the bonuses paid the employees.The result: a strong brand and customer base.
In difficult times,it is tempting for companies to cut small expenditures from their service offerings.Recently,on a business class trip to Shanghai,i asked a flight attendant of a major airline for a few more cashews.She said they had run out because a decision had been made to cut back.However, what she said next twas very telling.
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