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Discover Your Brand's ''Pivot Point'' to Power Future Growthby Phillip Davis Send Feedback to Phillip Davis strategic brandingMore Details about strategic branding here.
Rationally it would make more sense that Rolex would extend itself further in the watch category. But Rolex really isn't in the watch business; it's in the prestige business. That's the pivot point, or position, it owns in the customer's mind. To create a cheap, widely available watch would seem more like a betrayal than a brand extension. It's obvious once you really think about it, but how many times do companies believe they are in the business of the product they make?
Since I've positioned Tungsten Marketing as a source for brilliant branding, it would be more acceptable if I next offered brilliant public relations vs. a bottom-of-the- pile discount-naming warehouse. If I were to do that, I would need to create a whole new brand or identity so as not to cloud my current positioning...one of providing clarity and brilliance.
A client of mine was at a loss on how to grow his tuxedo business. It was post 9-11 and the mood was anything but festive. When I asked him what business he was in, he was flabbergasted, "Tuxedos of course!" In fact he was the second generation of tuxedo sellers. But then I prodded him again. "Do men really want to wear heavy, tight-fitting, expensive tuxedos?" He thought for a moment and finally replied no. As he sat confused, I asked him again, "What business are you really in? What do you do that makes customers love you?" His eyes widened and he replied, "We make men look good!"
He had discovered his "pivot point."
Making men look good brought with it all kinds of new possibilities. He could gather his customers' email addresses while they shopped for tuxedos, and then send them thoughtful reminders before loved ones’ birthdays and anniversaries, with recommendations on the perfect jewelry, flowers or chocolates. He could make a commission on these products all while making his male customers "look good." He could extend his product line to include business suits, since he would no longer be just a "tuxedo" shop but a place where men could come to look good in the eyes of others. See how important that subtle distinction can be? Instead of being stuck in a dead-end industry, the world was suddenly full of possibilities. That's powerful stuff.
So in looking at your business, what is your pivot point? What is it about your business that makes your core customers love it, use it, and spread the word about it? It's probably not the goods themselves but the way in which you deliver them. And that's what customers are truly buying. That's your pivot point. Find it and you can move your business in entirely new, and profitable, directions!
Phillip Davis is President of Tungsten Branding. Phil’s life goal of “creating environments where people thrive” reflects his desire to assist in personal, professional and business growth. Phil founded and ran a full service ad agency for over 17 years and now works full time as a company naming consultant. Phil resides with wife Michelle and four energetic offspring outside Asheville, North Carolina
Website: http://PureTungsten.com
Keywords: strategic branding, brand positioning, strategic branding, brand strategy, naming and branding This article has been viewed 1865 time(s).
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