BRAND VALUE

Here is the latest edition of BRAND NEWs. You know, when I started in the promotional marketing business in the UK many years ago I always thought that "Brand Value" was the amount money that the brand was worth to the company or corporation that owned the brand.....I WAS WRONG!

Brand Value is all about the "Perception of Value' that the customer or client has when doing business with you. And that is what can positively or negatively affect your bottom line.

If you are serious about creating "Brand Value I suggest that you start by asking yourself "What is the "Perception of Value that you are creating in your business so that people will go out of their way to do business with you, and pay a premium price for the privilege"?

You have probably gone to a Starbucks and paid $4.50 for a latte and felt really good about it haven't you? It's good tasting coffee isn't it? The thing is while the coffee is good, is it worth paying 3 times the amount you would pay if you bought a cup of java from your favorite deli? Think about it....3 times the price, there has to be something else going on here and there is!

It's about the emotional connection that Starbucks has made with you over time. They have delivered a great product. They have done it in an environment that you enjoy and feel comfortable in. For instance they won't throw you out if you sit there all day! They have people who are trained and are incredibly knowledgeable about the products that they serve. They really are a great company and they intend to stay that way, especially if Howard Schultz has anything to do with it. He recently said in effect, that the company was slipping a little and they had to get back on track. These folks are incredibly aware of what they are doing, or not doing to please and keep their customers. I am so very impressed, that's why they are the brand leaders.

How you feel when you have that cup of Starbucks in your hand when you are walking down the street. That's what the brand means to you, it just makes you feel good, it says to the rest of the world "I have great taste in coffee. I am worth paying 3 times as much for a cup of coffee, I am special and I can afford it".

Yes it is far more than a cup of coffee, it's an attitude and you are in your own way using the "Borrowed Equity" of Starbucks to make you feel great.

What are you doing to make your customers or the people that you work with feel great about doing business with you?  What are you bringing to the party that will give them a comfort level and get them to tell other people about you or your product?

Your "Brand Value" is far more than the product itself. For instance I realize that I do have a somewhat recognizable accent, but it is always special when I call my consulting client Durasol and Joanna always recognizes me when I start to speak. I feel really special. It's just like the time you go into your local pub and just like the song in "Cheers" everybody knows your name! 

It makes you feel great and at home immediately

This type of detail does not only happen in small companies.  One of the biggest Brands in the hotel world, Ritz Carlton is famous for it. They train their people so well that each of them knows the hotel guests name. This is just one way that they deliver value and there are many others. For instance did you know that every single employee has a specific amount of money that they are allocated that they can use to make a possible negative experience into a positive one for the customer!   

I was recently staying at the Ritz Carlton in Orlando; the client who booked me to speak was looking after me very well. I asked the Bellman who brought the bags to the room about the "allowance" to fix a problem; in fact I specifically asked him what his allowance was. His response blew me away, $3000!!!!!       Can you imagine $3000 to fix a potential customer problem? By the way this is per incident, not just a one time thing?

The Ritz Carlton experience is legendary and as a "Road Warrior" I can tell you that it is really special when a client books me to stay in one of their hotels.  But one of the things that Ritz Carlton does not do, is spend a lot of money on their advertising and promotion. They would rather put the time into their product and making the "Brand Value" way above what any other hotel can deliver. Reality however is of course that we pay about a 1/3rd more to stay at a Ritz Carlton, we know it and we pay it because we know we will get value!

In fact, their employee and management training programs are so good that they have actually made them become a revenue source. You can now sign up and pay to attend their training program and learn how to get your company to deliver the same quality of customer service and brand value that they do for their customers.

CATCHING CONCH FOR DINNER!

Yes this is me holding one of the 6 Conch that my wife Kathi caught while she was snorkeling within 20 feet of our beach last weekend. They not only look good but they were great to eat too. She prepared a Conch Salad using a whole variety of herbs spices and stuff that I have no knowledge of. All I do know is that it tasted great!

We are incredibly lucky to be able to catch them so easily! On the other hand getting them out of their shells is something else. By the way if you are interested in finding out how to do just that, send me an e-mail.                                  Just by way of information the correct pronunciation for Conch is "Conk", the "H" is silent

Also as a point of interest, the Island where we live has the world's only Conch Farm. So if you have the opportunity to visit Providenciales, make sure that you put a visit to the Conch Farm on your list of things to do.

Teaching Golf

This summer, I will be achieving another milestone in my life, between speaking I will be teaching golf at the New Windsor, New York, Golf Facility. Golf really has been one of the loves of my life. After I sold my business a number of years ago, I decided to try to qualify through the "United States Golf Teaching Federation" School. I was successful and managed to qualify That process is a really interesting story, which I sometimes use in my speaking sessions. Until now, I have only used the qualifications to teach children in a mentor program and several friends where I live. But this will be different. I will be the only golf pro teaching at the facility and I am truly excited.... so wish me luck.

By the way, on a separate note I have been thinking about the correlation between golf and business and there are many. For instance, most of the really successful businesses that I have known, or been involved with, have been built on a strong foundation. It's the same in golf. A great golf swing is built on a good foundation. In fact, 80% of a good golf swing is in the set-up. There are many other areas too, like visualization, strategy, planning, the people you surround yourself with etc. So I have developed a business growth speech that combines the disciplines of golf and business for groups who have golf tournaments in conjunction with their conferences. In addition, I will have the opportunity to give a clinic or maybe play with every team that comes through on a certain hole during the tournament etc.

Does this seem like a good idea? If it is something that you would consider for your next event? Please e-mail me at info@jacksims.com  with your input. All comments will be greatly appreciated!

Some of you may know the Beatles song "When I'm 64". Well this is what my son Adam sang to me on Tuesday. You know, when I was a kid, a 64 year old man was virtually ancient! I must tell you that today, there are no excuses. We can eat better, look after our minds and bodies better. If you read earlier BRAND NEWs letters you will have seen a picture of me completing a Half Marathon and I will do it again this year. "NO EXCUSES"!      I feel great and honestly, I am having a blast with speaking, teaching golf and of course, writing these BRAND NEWs letters.                                  

I hope you enjoy getting them!