A great brand delivers a lot, not just to lovers of the brand but also to its owner. Consider Apple’s price premiums and multiple brand extensions beyond its initial MAC computers. GE Health, through its R&D and savvy acquisitions, built a compelling brand with huge scale versus niche competitors. Service, sales and pricing advantages result. Its scale buys market protection as well, as many start-ups exit with a GE acquisition. And who, as a TOM’s Shoes employee, wouldn’t feel proud, loyal and excited to go to work? But how do we measure a great brand and compare brands’ relative strengths? What levers must those who manage brands move through their actions and investments? Deborah Macinnis of USC described three factors creating brand admiration in her webinar for Marketing Science Institute. The talk introduced Macinnis’ new book Brand Admiration: Building a Business People Love….
Lessons on scaling a business
You’ve started your business and survived. Now, what? How do you move from struggling to established to growing consistently and profitably? The answer is scaling, a concept very different from lean thinking. The latter pulls out costs that do not add value. Scaling allows you to reduce the costs of processes that do add value thereby sustaining competitiveness and enhancing profitability. Here’s one man’s story, that of Barry Fleck, CEO of Patterson Precast Concrete Supplies with whom I recently caught up. Fleck joined Patterson in 1982 when it was largely a manufacturers’ representative organization for manufacturers serving the precast-prestressed concrete industry. This industry designs builds and erects huge Lego-like structures for commercial buildings and concrete sidings that mimic real stone. Years back, I worked with 40 CEOs in this industry, Fleck included. Fleck acquired the company in 2004 and has since increased its…