The Power of a Great Brand
While I've never believed the idea that brands are dead - like some people in certain circles like to maintain - there are those that believe every new little saying and fad, and then take actions according to those beliefs. The result is they don't even try to brand their companies or products and are endlessly struggling to keep the company out of financial trouble.
In contrast, Richard Branson and others completely believe in branding; and have had a great past, and will also have a great future if they remain true to the brand.
Let's look at the brand that Richard Branson built: Virgin.
He made this comment one time about the company that helps understand what the power of the Virgin brand means: "Around the world were looking at taking the brand into a number of different industries."
The first part of his comment speaks volumes. Virgin is now known around the world. That means that whatever is attempted has something that immediately comes to mind when Virgin wants to enter into a certain field of interest; no matter where in the world it wants to be done. If you don't think that's power, you don't understand how a brand can open up doors for you.
Branson one time said if you can run one business you could run any business. The point he was making is that the same principles apply no matter what you're getting into. The only question is if you want to get into it.
The criterion for applying the power of the Virgin brand to a specific product or business Branson said were these: "...will it fulfill the Virgin yardstick of being good value for the money? Will it enhance the brand by bringing great quality? Will we have fun doing it and can we make it profitable?"
What is Branson saying? He has core values and a purpose. If those all line up with what they're looking at getting into, they'll brand it with the Virgin name. Again, that's the tremendous value of building a quality brand.
Other Branson Sources:
Richard Branson conquered the world. Now he wants to fly you to space.
OPEN LETTER TO GEOFF DIXON FROM RICHARD BRANSON
Richard Branson's: Losing My Virginity
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