Branding for Entrepreneurs

1. It will sell itself!
Presented by
Tom Fulcher
Maricopa Community Colleges SBDC

2. A little on my background:
BrandMgr, Product Mgr, Marketing Director, VP-Marketing, VP-
New Bus/Int’l, CEO, Consultant
Heinz, Colgate-Palmolive, Knudsen, Farnam, Equine.com
Teach Planning, entrepreneurship, business development and
marketing at Entrepreneurship Program at ASU College of Law
and at Thunderbird School of Global Management
Board – American Marketing Association, Phoenix Chapter
Consultant –Maricopa SBDC, The Idea Gardener LLC, ADOT
Loves dogs

3. television advertising radio advertising
coupons public relations twitter seo facebook
myspace linkedin newspaper advertising
trade magazines consumer magazines bus
shelters billboards events affiliate programs
websites microsites giveaways forecast
promotional products personal selling
newsletters public speaking celebrity
endorsements sports sponsorships special
event signage memberships on package
offers points programs surveys focus groups
logos

5.  Defining Marketing
 Targeting
 Market Analysis
 Branding
 Messaging
 Persuasion
 Basics of a Marketing Plan

6. What is it and Why Bother?

7. Defined
 Advertising
 Creating a Brand Image
 the act of buying or selling in a market
 Half art – Half science
 Pushing a product on the public
 A sales support function
 A job field for people who like to lie and tell stories

8. Marketing Defined
An integrated process through which companies
create value for customers and build strong
customer relationships in order to capture value
from customers in return.
Value = Getting something you want at a price you
are willing to pay for it!

9. Branding Defined
 a mark made by burning or otherwise, to indicate kind,
grade, make, ownership, etc.
 a mark formerly put upon criminals with a hot iron.
 any mark of disgrace; stigma.
 A distinguishing symbol, mark, logo, name, word,
sentence, or a combination of these items that
companies use to distinguish their product from others
in the market.

10. But So Much More!
 a "name, term, sign, symbol or design, or a combination of
them intended to identify the goods and services of one seller
or group of sellers and to differentiate them from those of
other sellers
 Once a brand has created positive sentiment amongst the
target audience, the firm is said to have built brand equity
 Ultimately, your brand resides within the hearts and minds of
customers, clients, employees and prospects. It is the sum
total of their experiences and perceptions, some of which you
can influence, and some that you cannot. Differentiate your
cow!

11. BRANDING – Why should you care?
 A solid base from which to develop marketing and product
development strategy
 Creates hurdles for competition
 Assures the value proposition is met reducing price
pressures
 Strong brands deliver better profitability
 Better ability to extend into new arenas
 Makes you the desirable partner
 Makes the company more valuable

12. What does SWOT stand for?

13. Hand Out #1

14. What
Strengths (int) – attributes helpful
Weaknesses (int) – attributes harmful
Opportunities (ext) – Conditions helpful/attractive
Threats (ext) – Conditions damaging
Why
 How can we capitalize on strengths?
 How can we address/minimize weaknesses?
 How can we exploit opportunities?
 How can we defend against, avoid or insulate against threats?
Customer-centric

15. Helpful Harmful
Internal Strengths Weaknesses
Do well Must fix
Unique resources Fewer resources
Advantages disadvantages
External Opportunities Threats
Trends Competitive activities
Gaps Regulatory
New Technologies Financial

16. 1. Be realistic about the strengths and weaknesses of your organization-
Lying or exaggerating only hurts you
2. Differentiate between where your company is today, and where it might
be in the future.
3. Be specific (Avoid gray areas)
4. Always analyze in relation to your competition i.e. better than or worse
than your competition
5. Keep your SWOT short and simple – but length should be determined by
your purpose for the analysis
6. Avoid unnecessary complexity and over analysis (paralysis by analysis)
7. Don’t necessarily list an Opportunity (O) if the same opportunity is
available to competitors – depends on your purpose and organizational
readiness
8. Don’t necessarily list Strengths (S) if your competitors have the same

17. strengths weaknesses
opportunities threats
Prioritize available actions based on a selected factor

18. 10 minutes to start on
your own
Your SBDC Counselor at your location can help!

19. Brand Positioning Statement
Who are you?
Pain-killer or
supplement?
Target Brand
audience Benefit!
Category/Set P.O.D.
Features

20. Hand Out #2

21. Market Analysis – Pain or Opportunity Based
What market are you in and how big is it?
Research is a four-letter word!
WORK
Define your category or competitive set (where else might your
customer spend their dollar?)
Take a realistic view of how big it is (or isn’t) using your targeting
Investigate the competition (SWOT them?)
“We have 9 markets we can penetrate!”

22. Market Analysis
What type of product do you offer?/How does your category behave?

23. Market Analysis
 Google-Bing-Yahoo
 Twitter-Facebook-Linkedin
 Competitive websites
 Adword research
 Professional consultants
 Friends/associates
 Library, Reference USA, Census, Optimus
 Online reports and depositories
 Corporate filings
 JJ Hill library
 University resources
 Non-Profit and Government
◦ SBDC – SCORE- Other?

24. Targeting
Understanding your market is key to success.
A profound question asked by an investor:
What do you do particularly well and why does it particularly
matter?
I’ll add one more:
To whom does it particularly matter?

25. Targeting
Your success is about your customers. Effective marketing is customer-
centric! How well can you define your audiences?
 Demographics
[age, gender, HHI, etc]
 Geographics
[local, regional, national, international]
 Pyschographics
[personality, attitudes, values, interests, lifestyles]
 Diffusion of Innovation
[sort of a sub-set of pyschographics]

26. Targeting
Diffusion of Innovation
So – How big is your market really?

27. Your Brand Name
What do you have to say? – How do you say it?
 Descriptive – communicates well, but easy to imitate
 Invented – stands out, but can I remember it and spelling
 Out of Context – do qualities suggested by word cross over category?
Legal and other considerations
 Is it trademarkable?
 Is the URL available?
 Are social media slots available?
 Is it easily circumvented (funny spelling, surname, etc)
 Is it restrictive (geography)

28. Category or Competitive Set
Get over yourself – You have competition!
Simply put – where else might your target client spend
their dollars to satisfy the need you are addressing?
•Is Coke a soda, cola, beverage or…
•Are the Phoenix Suns pro basketball, basketball, sports
or entertainment?
•Based on the uniqueness of your product/service, your
target audience, your sales goals and your other
marketing strategies, with whom do you wish to
compete?

29. Unique Selling Proposition or Point of Difference
Simple Competitive Mapping
“Quadrant Analysis” – simple concept/funny name
Axes: Price, features, “hip”, what else?
Why? – find the gaps

30. Unique Selling Proposition
What do you have to say? – How do you say it? This is not intended as your tagline!
Strive for a benefit statement and emotional appeal
Singular is best if strong, combined can be carefully crafted

31. Reasons to Believe
Why should your target audience believe you?
 Features
 Recognitions
 Tests/Studies
 Imagery

32. This is not the same as your brand position – but is complementary
This is a business or marketing statement that summarizes why a
consumer should buy a product or use a service. It convinces the
consumer that your product adds more value or better solves a problem.
It conveys the greater position is time-bound (“today”) and may be different
audience to audience while a positioning statement is timeless and
conveys the core of the brand

33. Value Proposition
Setting up your messaging points
Brand Positioning = To/For-Who/We-Is-That/Which
Value Proposition re-statement:
UnlikeCompetitor Name/categories
Our Brand (insert name)
Key differentiator
Because of “key reasons to believe”

34. Ten Commonly Accepted Value Propositions
1. Newness
2. Performance
3. Customization
4. “Getting the job done” (helping get it done: eg Hubspot)
5. Design & Usability
6. Price
7. Reducing cost
8. Reducing risk
9. Accessibility & Convenience
10. Brand or Status
I’ll add two more: Green, Relationship

35. Analyze-Target-Position-Communicate-Influence
What do you have to say? – How do you say it?
Creating a Click-Whirr using the Principles of Ethical Influence*
Turkey – Polecat example
 Reciprocation – Honored Network of Obligation (give first)
 Commitment & Consistency – Start small and build (public, voluntary)
 Social Proof (Consensus) – Wisdom of the group (ambiguity, uncertainty)
 Liking – Make friends (positive, sincere)
 Authority – Showing knowing (trustworthy, honest)
 Scarcity – the Rule of the rare (why do you answer the phone during mtg?)
*Source – Robert Cialdini, PhD

36. Messaging
Appeal to core values
 Achievement
 Family/Social circle
 Fun
 Wellness/Health
 Security
 Better world
Consistency of brand contact

37. Consistency of Brand Contact Throughout Tactics
 Price = The total paid for your product or service and the options
associated therewith
 Product = The total bundle: features, appearance, functionality, support,
experience, intangibles and benefits
 Place = Where and how your product is sold and delivered?
 Promotion = How you promote yourself and what you say and incentives
you offer? What’s in a name, logo, color, etc.?
Don’t forget the 5th ‘P’
 People = Who is your customer and what is the common factor(s) that
ties your customers together?

38. The Sales & Marketing Funnel – Brand Impact

39. The Sales & Marketing Funnel
Leads Research/Planning
Suspects Exposure/Awareness
dd
Prospects Marketing/Trial
Customers Loyalty/Customer Service

40. Tactics
 The Customer Recruitment Cycle
1. Awareness
2. Interest
3. Desire
4. Action
5. Evangelize
How do you relate the elements of your brand positioning statement?

41. Tactics
 Price = Can you lead or do you follow? Discount v “free with”
 Product = the total customer experience
 Place = Retail, online, licensing, etc
 Promotion = make sure to be true to your brand. Where do you say
what?
Don’t forget the 5th ‘P’
 People = How do they benefit?
Consistency of Brand Contact

42. Tactics
 Marketing Communication Evolution (new tools)
Monologue Dialogue Conversation
Traditional Ads E-mail Social Media
PPC Direct Response Mobile
PR SEO
Discounts Trade shows
Talk at Talk to Talk with/listen
These all still play a role, marketing communications has many
entry points
 Media choices to match brand

43. Free Resources (just a few)
 Social Networking - Blog, Micro Blog, Community
◦ Use free tools too like Ping.fm and Seesmic.com, socialmediabible.com, mashable.com
 SEO
◦ Spyfu, Keyword Spy, Word Tracker trial, Google tool, watsonaddy.com
 Research
◦ Esribis.com, Census, e-how.com, SBDC, libraryspot.com, Google alerts
 Web stuff
◦ Alexa, Quantcast, chrisguillebeau.com, technocrati.com, Draze.com, Google analytics,
constant contact, ducttapemarketing.com
 Directories
◦ Google local, Merchant circle, etc
 Small business
◦ SBDC, ASU IAP, SCORE, igottatellyou.com/blog, freeconferencecall.com

44. 10 Books to Consider
 Seth Godin – The Purple Cow (among others)
 Robert Cialdini – Persuasion (The Principles of Ethical Influence)
 Malcom Gladwell – Blink
 Jim Collins – Good to Great
 Guy Kawasaki – The Art of the Start
 Michael Porter – Competitive Strategy
 Tom Peters – The Pursuit of Wow
 Al Ries – 22 Immutable Laws of Branding
 Chris Murray – The Marketing Gurus
 Group’s faves
By the way – Many free at the library!

45. Vision
BHAG – Anyone know what this is? (Big Hairy Audacious Goal)
Then– A personal computer on every desk
Now – Software that works on any computer
What will your business look like in 5 years.
Over the next five years, we will grow The Idea Gardener into a $2 Million consulting business selectively
providing business development, strategic marketing, executive support and training services to the
most innovative entrepreneurs in Arizona and the world.
Choosy Entrepreneurs choose The Idea Gardener!

46. Planning
The Plans: a few examples
Business Plan
Marketing Plan
Research Plan
Media Plan
Web Plan
New Products Plan
Operations Plan
Personnel Plan
Financial Plan

47. The Business Plan (The long View - Strategy)
 Should you even go into the business?
 Estimate start-up costs
 Estimate loan/capital needs
 Set leading indicators/Goal setting
 Identify personnel needs
 Plan for cash
 Seeking support from lenders or investors
 Sell your business
 Make money!

48. The Marketing Plan (One Year- Strategy + Tactics)
 Situation Analysis
 Brand positioning statement/value proposition
 Current SWOT
 Financial/Business Objectives
 Product
 Pricing
 Media Mix
 Public Relations
 Consumer Promotion
 Web-based Plans
 Sales Support Programs
 Customer Service
 Sales Forecast and Budget
 Keys to Success
How does your brand position influence each section?

49. The Marketing Plan (One Year- Strategy + Tactics)
Other things that might need to be worked in:
 -event marketing
 -co-branding
 -strategic partnerships
 -brand identity work
 -market research plans
 -Hiring plans
 -Agency partner plans
 -influence principles
 -Achievement modeling
 -Innovation diffusion
 -Porters Five Forces
 -Gap Analysis

50. Hand Out #3

51. Product Place
What are your products and Where will these be sold?
configurations?
Price Promotion
What are the various price What are some key ways
factors and your strategy? you will promote?
Re-think this now with your branding in mind!

52. Tom’s Ten Rules
 Break some rules (notice I offer 12 rules – sorta like The Big Ten Conference)
 Have a vision and goals
 Be honest (with yourself, your team and your customers)
 Define your target audience and market - focus
 Be bold
 Research, Test and Measure – do the work
 Deliver on your promise/Deliver value consistently within brand framework
 Listen first, especially to your customers
 Everyone on your team is a “brand champion” – equip and empower them
 Appreciate your competition
 Challenge paradigms (including your own)
 Remember - Tactics follow strategy
 Aim high, have fun – or why do it at all!

53. A Sampling of the 22 laws
1. Law of Expansion – Expanding or extending a brand can diminish brand value
2. Law of Publicity – Start with publicity strategy and then extend to….
3. Law of Advertising – Once born a brand needs advertising to stay healthy
4. Law of the Word – A brand should strive to own a word in the mind of its target audience
5. Law of Credentials – a crucial ingredient to the success of any brand is its claim to
authenticity
6. Law of Quality – Quality is important, but so is perception of quality
7. Law of the Category – A leading brand promotes the category, not just the brand
8. Law of the Company – There is a difference between a company name and a brand
name
9. Law of Borders – There are no barriers to global branding
10. Tom’s – Consistency of brand contact throughout entire customer experience

54. Questions
Thomas.Fulcher@domail.maricopa.edu
602-787-7342
www.Marcopasbdc.com