Ask any Chief Marketing Officer and they will argue vehemently that for a business to maximize profits and retain customers, it must build a brand that resonates with the targeted consumers.  But ask any Chief Operations Officer and they will vow that a business delivering a truly top-notch product or service needn’t worry about branding, advertising or promotions.  The product or service will sell itself through word of mouth, referrals and repeat business generated by raving fans.  Both arguments are compelling.  But they can’t both be right.  While it can be argued that both quality product/service and compelling brand matter, they aren’t equally important.  One matters more.  Which one?

Clarify Messaging to get to the Essence

Pick a product or service and compare their messaging.   Quality.  Speed.  Service.  Blah Blah Blah.  It often feels like all websites for a given product or industry “sound” the same?  The words they use and the points they make sound the same.  And yet, when it comes to hiring a vendor to provide a service or buying a product from a retailer, it turns out they are typically very, very different.  That may explain why the average return rate for products to Amazon is 5-15% and with certain product categories, such as jewelry and electronics, the return rate can go as high as 40%.  The messaging is so similar that it’s hard to differentiate a gem from junk.  While vendors may all say the same things, they definitely don’t all perform the same.  That’s because most messaging doesn’t do a good job of differentiating mastery from mediocrity.  To maximize sales, the first step is to hone the messaging. 

Don’t Fall for ‘Product Delusion’

Every business is selling something… a product or service (or both).  And how that brand speaks to consumers about their products or services typically determines how effective they are at selling. 

Some brands spend a lot of time and money talking about the features or benefits of their products or services.  They believe that superior products or services win the market by default. Companies with this mindset pour resources into crafting the “best” product or service offering, assuming features and benefits translate directly to sales. We see that kind of advertising in everything from software to cell phones and from financial services to Internet Service Providers.  One look at the tag lines, ads, and commercials and it’s clear that their sales and marketing efforts are focused on promoting the quality and elements of the product or how it benefits the buyer. 

Self-Confidence

There are many ingredients in the recipe for success: talent, hard work, support system, intelligence, charisma, a little bit of luck. While many ingredients contribute to a successful life – especially determination and perseverance — few are as crucial as self-confidence. Self-Confidence is rocket fuel for success.  This key element is often overlooked but critically important. Believing in oneself, even in the face of doubts, naysayers and seemingly insurmountable odds, is a powerful propellant that can push anyone to achieve goals.

Perseverance

History is littered with moments of seemingly “impossible” tasks made possible…  undertakings destined to remain beyond the realm of the achievable until they are suddenly accomplished.  Mountains deemed unscalable were eventually summited.  Incurable diseases were eradicated.  Far off places in the solar system were reached.  Societal barriers were shattered.  Unattainable feats of endurance were achieved.  What fuels the human spirit to try to realize such feats and make the impossible possible?  The answer lies in a powerful triumvirate of traits: perseverance, determination, and self-confidence.

Determination

There are few people who have achieved as much success in the sport of auto racing as racecar driver Mario Andretti.  A member of the International Motorsports Hall of Fame, Mario Andretti is one of the most successful Americans in the history of racing. He is one of only two drivers to have won races in FormulaOne, Daytona 500, Indy Car, the World Sportscar Championship and NASCAR. He also won Formula 5000.  In all, Andretti had 109 wins across all major circuits. So, he knew a thing or two about what it took to succeed.  When discussing success, Andretti once said, “Desire is the key to motivation, but it’s determination and commitment to an unrelenting pursuit of your goal – a commitment to excellence – that will enable you to attain the success you seek.”

The Power of a Well-Chosen Name

In today’s crowded marketplace, where countless products vie for attention, a brand name is more than just an identifier or even a fancy label. It’s the first salesperson, albeit one that is subtle and speaks softly, whispering promises, shaping customer perception, and influencing purchasing decisions.  If the question is whether a brand name really matters, the answer is a resounding yes. 

A strong brand name acts as a mental shortcut for consumers.  A well-chosen name instantly conveys brand values, product category, and emotional associations.  Consider Dove, the personal care brand (not the candy and ice cream maker).  As it relates to skin care, the name evokes feelings of purity, gentleness, and tranquility.  It aligns perfectly with the product line and the target audience: primarily women.  Bolt instantly ignites an association with speed and energy, perfectly aligning with the product’s purpose. This is the power of a memorable name. It acts as a mental shortcut, sparking associations and influencing buying decisions.

The Evolving Name Game – When (and When Not) to Change Your Brand Identity

A brand name is a cornerstone of a company’s identity.  It’s part and parcel of how it is known legally, financially, and publicly.  It is typically the legal identity of the organization.  A company’s name appears on everything.  From small items — like business cards and letterhead — to important items — like deeds, patents, and incorporation papers — the company name plays a pivotal role.  In marketing, the name is usually on sales and promotional items from the domain name to the signage on the door or building.  It also appears on every financial document from bank accounts and checks to the IRS’ Employee ID number and tax returns.  Indeed, for a business, the company name is an intricate part of everything from brand to balance sheet.  Given that, the question arises: should a company ever consider changing its established name?

How Brand Names Shape Perception and Drive Sales

A brand name is not just a silent salesperson, it’s the first salesperson.  Before an ad, website, brochure, or a customer review says anything about a company, the name itself whispers promises, shapes customer perception, and influences purchasing decisions.  Most would agree that it transcends mere identification.  But just how much does a brand name shape perception?  Does it drive sales in a measurable way?  Does it affect other things besides sales?  Just what is scientifically proven about the so-called transcendent power of a brand name? 

In business, some argue that diversification is the solution to competition.  Do a little of everything and the company will always be busy and safe from being unemployed or out of business.  But, some argue, dabbling is not career insurance.  In fact, it often has the opposite effect.  Dabblers make up the majority of current society.  Today’s culture rewards professional experimentation and career variation.  The problem is that such people are caught up in the excitement of “the next big thing” syndrome.  They are invariably lured and distracted by the shiny object, and pursue that for a while, until the next big thing surfaces.