It's 10pm, Do You Know Where Your Brand Is?

I've been working on a new logo for my Mogulette Blog (coming soon!) which has led me to think a lot about my brand and what direction to take it. I get so confused by all the different aspects of my business and how they're changing and how (or if) to connect them to one another. So I checked in with my branding guru, the very talented Romana Mirza (who is founder of her own firm, Studio Pinpoint) to shine some light on these matters. Her recommendation for entrepreneurs that are still testing their product/service mix is to start out by making a list of words. Here's what she had to say:

There’s a 3-dimensional perspective that all visionary leaders need to have when building their brands. First you review the strengths of your competitors, then your own and finally those of brands outside of your industry.

1. Competitive landscape: Know what your competitors are offering. Not just the factual details like price, selection, service delivery, etc. but also the language they use - “fastest”, “best quality”, “luxury”, “softest”, “tastiest” – whatever it is. You will find that all your competitors speak the same way. Note these similar phrases and descriptive words. If you don’t have a competitor then fast forward to a time when you become really successful and try to figure out which companies will want to jump into your space and become your competitors, and summarize their language and common phrases.

2. Look inside: Define your character, your personality, what’s unique or quirky about you – how are you are different from the next person. This is hard to do and that’s where working with a brand strategist really helps. Ask your friends, your colleagues, your partners. Make sure to get them to tell you what is unique about you in all the different areas of your life: family, work, business partners, friends, acquaintances, etc. Note the differences, the unique attributes. I really liked Strengths Finder 2.0 by Tom Rath - it's a great way to get an objective view of your strengths.

3. Benchmark: Look for your favorite brands in industries outside of your business. For instance I was hired to do the brand repositioning for a very large office furniture manufacturer. This company appealed to the masses and offered nice design, so I looked for an established brand that had those same qualities to see how they went to market with their designs and how they targeted their customers. Kenneth Cole, which was in a totally different field, ended up being my benchmark. Study your favorite brands, whether it's a tennis racquet manufacturer, clothing designer, a soap company or a car company. Look at their websites, note the language they use to speak to customers, figure out what you like about how they present themselves to you and take note.

Once you complete noting the three dimensions, lay out what you found in front of you. This is where you'll see your brand coming together. Your business may be in flux, your distribution model may change or your financing methods may vary but one thing is certain - no matter how many structural or operational changes you make, your brand should always remain consistent. This is the most important part. The brand must reflect who you are, your core values, the core culture of the company you are building. In the early stages the three-dimensional perspective will give you that.

I then asked Romana for guidance in helping "slashers" like myself (people with multiple slashes in their job titles) to create our brands. Specifically I wanted to know if it was better to tie in the different roles we play into one single brand, or create separate ones for each. Here's what she said:

Develop a brand strategy. This is where you create an “organizational chart” of your different areas of expertise. If in doing this exercise one emerges as the “parent skill” then your other slashes will become subsets of that. If they truly emerge as individual silos then your brand effort may also have to be individualized. Write your strategy - it will determine your “go to market” approach.

Romana says there millions of dollars spent on marketing and brand strategies that don’t work. "Most of the time campaigns are so out of touch from the intent and culture of their organization they don’t even make it to market. Then a company has to invest even more money to try to get it right, but by that point they are so fatigued they just launch whatever comes next. We need to change that," she adds.

Here's her list of 4 branding pitfalls to watch out for:

1. Avoid “standard industry language”. If everyone is talking about luxury, quality and craftsmanship then you should use other words like elite or best-in-class, care, attention-to-detail, and skill.

2. Don’t be something you’re not. Some new companies take on a persona, a brand personality that is not a reflection of who they truly are. People will want to be seen as “worldly and exciting” when they are really “approachable and skilled”. Don’t get caught in the ad agency ‘fast talk’ and adopt an ad campaign or look that doesn’t reflect who you are.

3. Don’t go in blindly. It shocks me how little knowledge entrepreneurs have of their competitive marketplace. Everyone starts a business thinking they have the most unique product. If that is the case then study those companies that are going to come after your market share once they see how successful you’ve become.

4. Be strategic. Throwing an identity and company name together without understanding the strategic implications of how the business is going to grow and what it is going to look like when you get there feels like you are accomplishing a lot in the moment. But then once you get there - to your future state - you realize all the mistakes you made. I work with many, many entrepreneurs – all in their 50’s - who didn’t focus on long term strategy in their 20’s, 30’s or 40’s when they launched their businesses so now they have to do everything all over again.

Branding takes a lot of soul searching and self-analysis and may be the last thing you want to do when there's so many other pressing matters to take care of for your business, but all that precious time spent in careful thought and planning will definitely be worth it.

What are your favorite brands, and why? Please share!

Springboard Luncheon with Christie Hefner

Did you know that 3 out of 4 companies are started by women, but only 10% of venture capital funding goes to women-owned businesses? That's pretty sad. Here's another one: women own more than 50% of the wealth in the U.S., but only 8% of those funds are allocated to investing in start-up companies. If you're a small business looking for alternative ways to finance your growth, funding from private investors, aka angel investors or venture capitalists, could be an option for you.

Traditionally this segment of the market has been dominated by men, but an organization called Springboard Enterprises is changing that. For eight years this nonprofit, which was founded by Kay Koplovitz, has been helping female entrepreneurs get access to money through the equity markets, while at the same time encouraging women to invest in women-led companies.

I was lucky to have been invited to a recent luncheon sponsored by Springboard, and the key note speaker was Christie Hefner, CEO of Playboy Enterprises (below left), who gave us a fascinating account of how she got started in business. She studied law and journalism in college back in the 60's when it was all about anti-establishment, so the last thing on her mind was going into the corporate world. However, after working as a journalist for some time her dad, Hugh Hefner, urged her to move to Chicago and join his company, where she would start from the ground up. There were a great many high caliber journalists that contributed to Playboy, and the young Ms. Hefner was very much attracted to the intellectual challenges the magazine presented, so she signed on.

A few years later, during the 80's, Playboy went into financial trouble, and after a management shake-up Ms. Hefner, then just 29 years old, suggested she become president and work alongside the CEO, whom she admired greatly. Soon after taking the post, they started dumping losing lines of business and focusing on "managing for cash", keeping track of cash on a weekly basis, as opposed to quarterly as had been done in the past.

Some time later she got a call from Michael Milken, the "junk bond king", who invited her to meet with him in his offices. After asking her a few questions about the magazine, he announced he could raise half a million dollars from her. Ms. Hefner was dubious at first, concerned about taking on a heavy debt load, and not knowing exactly what to do with all that money. Milken's response: "First raise the money, then figure out what to do with it!"

That she did, first of all by seizing an opportunity in cable TV, realizing that channels could become a destination in and of themselves, as opposed to just tuning in to watch a particular show. To this day Playboy TV, which she says is targeted to couples, is in 100 million homes and is their biggest profit center. Ms. Hefner pointed out that magazines need brands and content that live beyond its pages, and they have been one of the few able to successfully take a brand into a whole new medium. Case in point: they have Playboy the magazine and Playboy the channel, unlike Time Magazine and CNN.

In 1992-93 she met Jim Clark, who had created Mosaic, which would later evolve into Netscape. Those were the early days of new media and Ms. Hefner was trying to figure out what the world wide web meant for Playboy, so she asked Jim for help. He suggested she build a site and put Playboy on the web. Playboy.com is now their fastest growing profit center, and where they monetize traffic in a variety of ways: e-commerce, international deals, social networking, etc. The internet, she says, is a transformative technology, and she quoted a few stats: 15% of newlyweds met online, and more text messages are sent and received every day than there are people on the planet.

For the future? She sees a move toward more user-generated content, which is why they've launched PlayboyU, a college-only, no nudity social network.

It was quite insightful to see how Ms. Hefner, by asking experts for help, was able to take her company to places she might not have ever envisioned. That's a big lesson for someone like me, who often thinks I can do everything myself!

That help is what Springboard's founder, Kay Koplovitz (that's me next to her on the right), offers. By putting together a team of investors for female-owned startups, Ms. Koplovitz, along with the company's president Amy Millman, has made many a dream come true for women launching their own businesses. Sounds like a familiar theme - I definitely want to follow in their mogul-ific footsteps!

Branding Strategies for Your Business

Here's a question every inquiring Mogulette mind wants to know: How do I make my product or service stand out? Well, according to branding expert Romana Mirza, it all begins with you (that's her in the pictures, giving the Mogulettes a presentation). She says that a company's image is a reflection of it's owner, so one way to start is by asking yourself, what words describe me, and my business?

Take a look at Target, for example. Webster's definition of the word is "something aimed or fired at" or, "a desired goal". Brilliant! When I go shopping, I want to be able to find what I'm looking for, or "target" the products I want. The metaphor of the red bull's eye is also pretty effective, and quite unforgettable. I guess that's what branding is to me, having my product or service leave a lasting impression. Remember the old Blackglama fur ads? Glamorous women like Liz Taylor, Jane Fonda, and Carol Channing - naked, except for the black mink coat - with a caption that read "What makes a legend most?". Sexy, and fabulous. In the same way, the "Got milk" ads made drinking milk sexy, and Nike's "Just do it" made sweating sexy, and definitely unforgettable.

But for our brands to become this memorable, it takes some deep soul searching along with a heavy dose of investigative work. That's what Romana does at her recently launched brand strategy firm, Studio Pinpoint - help clients bring out what's unique about their company. She suggests focusing on three areas:

First, your work. Ask yourself: What do you do differently? What do you offer that others don't? What is your personal and unique contribution to your work? What do you want your company to stand for?

Then, your clients. Ask them: What do you think I'm about? What special qualities do I bring to the process/outcome? What did you like about our experience together?

And finally, research your competition: What's their brand positioning? Key messages? Product presentation?

Armed with this information you can then pass it along to those helping you with your marketing: logo designer, copywriter, web designer, so they can come up with a message that clearly and accurately portrays you and your product/service - to make it....memorable!

How I got on the NY Times

Great news! I was mentioned in a New York Times article this week, which was quite a thrill for me. According to the latest numbers, since it was published the traffic on my blog is up by 55%! I thought I'd share my story, for all those Mogulettes looking to spread the word about their fabulous but still unknown products and services. So here's how it happened: A while back, one of my friends sent me a link to a NY Times article which I found very interesting, so I emailed the author, Marci Alboher (that's her on the right), to compliment her on it. That gave way to further correspondence between us, and the timing couldn't have been better. It just so happened she was in the midst of writing an article about how blogs are useful in job transitions for her column, Shifting Careers, so she asked to interview me for the piece. Of course I said yes (I was ecstatic!). Blogging Your Way to Business was published this week and I've been busy telling everyone that I know in the whole wide world about it since then.

Living the "slash" life
Marci writes about entrepreneurship and career transitions in her column as well as her blog, although the latter is more focused on her life as a "slash" - one in which she juggles multiple career tracks (in her case it's author/journalist/speaker). She talks more about it in her book One Person, Multiple Careers. The "slash" life fits in very well with the Mogulette concept. I'm shooting for writer/startup coach/speaker. What kind of slasher are you, or would you like to be? Tell me about it!

Mind your T's

Your friends do, it, your family members do it, your boss does it, babies do it, nuns do it, in fact, everyone in the world does it. Does what, you ask? Wear T-shirts!

People spend six billion dollars a year on T-shirts, that's according to a handout I got at a recent Learning Annex class entitled, quite plainly, 'How to Start your own T-shirt Line'. Needing a little help to get on the right track with my new "Mogulette Collection", I attended this 2 1/2 hour session along with another 80 or so hopefuls, and according to our teacher that evening - a fast-talking, bleached blond 30-something that launched his line two years ago from scratch - this is one of the Annex's most popular classes. The session delivered on its promises - it was jam-packed with details on the design, production, marketing and advertising of these ubiquitous tops, and the speaker certainly "walks the walk" - he was wearing one of his own designs, a basic staple of his daily wardrobe since day one, he says, and prompted us to do the same. Here's some links of interest I got from him:

Legalzoom.com - Has low cost legal forms to form corporations or LLCs, and register copyrights, trademarks and patents

USweb.com - An online marketing site. If you visit their blog you'll find articles on internet and search engine marketing in the "Categories" section.

Websitepros.com - For a low monthly fee they will place your website in all the major search engines.

prweb.com - Online public relations. They'll distribute your press release to media outlets instantly.

www.highschoolads.org - T-shirts and teens go hand in hand! This site offers ad placements in hundreds of high school newspapers.

5000fonts.com - If you plan to do your own graphic designs.

I could go on and on. My brain was in overload by the time it was over but it was well worth it. One thing I found out is that apparently my products are terribly under-priced, so it looks like I'll have to hike up my prices soon (hint, hint...buy now before they're marked up!!).

I'll be back soon, but til then, live mogulisiously!!