This is such a great summary of Warren Buffett’s philosophy on the power of branding.
If you’re a founder, investor, or startup operator, you likely see these principles in action every single day.
In my experience, it isn’t a catchy slogan, a pretty website, or expensive advertising that makes for a good “Brand”.
At the end of the day, the success of a business is determined entirely by relationships and trust.
- Does your business have a great relationship with its customers?
- Do those customers have a great relationship with the product?
- Do your customers trust your business to deliver on its promises?
The foundation of any business, like every other human interaction, is trust.
A “brand” is the combination of dozens of factors that make a business trustworthy:
- The product quality
- The customer service
- The marketing/messaging
- The pain point being solved
- The relationship between the customer and the business
“Brand” is about how a company/product makes the person *feel*. And, that kind of trust can’t be undermined by a competitor with large advertising budgets or a cheap, copycat product.
Remember: Brand isn’t just a tool. It’s a moat.
https://www.linkedin.com/posts/prestonr_3-minutes-and-3-seconds-thats-all-it-takes-activity-7225500158313029632-nEBI?utm_source=share&utm_medium=member_desktop