What's in a Name?
Naming a company is no easy feat, and few know that better than the people that craft some of the world's best-known brands. Robert Jordan, author of book and website How They Did It, recently spoke to our president Brannon Cashion, who gave some helpful tips on what to consider when creating one of the most important features of your company. Listen below!
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Contributed by Allison Meeks
What Is Your Branding Strategy?
CAUTION: Developing your own branding strategy may cause extreme frustration, which is hazardous to your health. Do not attempt unsupervised!
Maybe hazardous to your health is a slight exaggeration, but a branding strategy is something every brand needs. Successful brands are built on a foundation of meaningful strategy that provides the framework for a brand's meaning. Is your challenge creating a new brand? Merging brands? Or maybe refreshing your brand? Regardless of your branding challenge, our branding experts have created a list of key questions to ask yourself when developing your branding strategy...that is if you're still brave enough to go it alone.
Do you think we missed something important? Share your own branding tips and questions
Lady Gaga: Branded this Way
Though she's been topping the charts with hits like "Bad Romance" and "Born this Way," Lady Gaga has claimed the #1 spot on a new list: The Forbes Celebrity 100. The 25-year-old pop sensation pushed Oprah to the #2 spot after earning $90 million in the last year. Oprah has been ranked No. 1 four times over the past seven years.
Whether you think she's a musical genius or a Madonna rip-off, you must admit that Lady Gaga has a strong personal brand. The mere mention of her name is instantly recognized by fans and critics alike. Lady Gaga has managed to be so successful and stand out from a slew of artists and singers by creating a personal brand that resonates with consumers. She embraces her strangest qualities and presents herself as the "Mother Monster" who is too fierce to let criticism bring her down.
And her numbers reflect this. Lady Gaga's concerts grossed $170 million and she sold an estimated 15 million albums worldwide. Her new album Born This Way hits stores later this month, but the title track is already the fastest-selling song in iTunes history, hitting one million downloads in just five days. And her "Little Monsters" (Lady Gaga fans) aren't the only ones with deep pockets. Lady Gaga's endorsement deals include Polaroid, Virgin Mobile, Monster Cable, Viva Glam, PlentyOfFish.com and a recent partnership with Starbucks.
Lady Gaga's brand is about embracing the outcasts who are teased, just like she was. Anyone who doesn't belong has a safe haven in Lady Gaga. She sings her personal story on stage, giving a voice to the socially disenfranchised. Lady Gaga knows her core values and plays to her strengths. She has created a unique personal brand that sets her apart from others in the music industry.
Lady Gaga made $200 million less than Oprah last year. What put her on the top was something money can’t buy: 32 million Facebook fans and over 10 million Twitter followers. Her social-media savvy is key to her success and building brand loyalty. Lady Gaga connects with her fans by tweeting all the time. It’s an important part of who she is and why she’s so famous. In the social media space, Lady Gaga trumps all celebrities, even Oprah with nearly 5.9 million Twitter followers.
With a strong personal brand, loyal fanbase and chart-topping social media presence, this monstrous brand is here to stay.
Method to the Madness
College basketball season might be over but for the NCAA, March Madness is just beginning.
Last October, the NCAA secured exclusive rights to the term "March Madness" from sports and entertainment marketer Intersport. Many in college athletics weren't even aware of the eight-figure settlement until USA TODAY reported the news in May.
According to USA TODAY, Intersport had retained usage rights to "March Madness" through an agreement with the Illinois High School Association in the early '90s. The IHSA and NCAA once shared the trademark. The IHSA gave up its ownership several years ago, but still kept use of the term in connection with high school basketball championships. However the NCAA considered any other use "detrimental to the trademark."
When asked if $17 million-plus may was too hefty a price tag, Randall Scott--Senior Vice President at Addison Whitney--questioned if an equally profitable alternative name even existed for the basketball tournament. "If you called it something else, would it have the same cachet and familiarity?" he asked.
USA TODAY reports that CBS and Turner are paying $10.8 billion over 14 years to carry the the Division I men's basketball tournament, making it NCAA's most critical source of income.
"Is it worth it?" Scott asked. "Absolutely. The real question is if $17 million was the right number."
Tag, You're It!
Facebook recently introduced a subtle change and for once it won't change the appearance of your news feed. Facebook introduced a new feature that allows users to identify people or objects that have their own Facebook Pages.
Previously, users could only tag their friends. Now users can tag celebrities or public figures they meet or tag the brands and products they use. For example, if I posted a photo of myself running in Nike sneakers, I could label the shoes with a tag that links to Nike's official Facebook Page.
For now, this tagging feature is limited to Pages for people or brands and products, although Facebook plans to expand these categories.
If it catches on, this new feature could be great for brands looking to go viral and spread awareness about their products. Companies will no doubt run contests, forcing participants to tag products. It is essentially free advertising on one the coolest and most popular websites today. At least for now.
The new tagging feature could also be an opportunity for Facebook to monetize the site's photo service, perhaps adding sponsored tags.
After all, nothing evokes fond family memories like that tagged bottle of soda in the background!
McMakeover
McDonald's has introduced subtle changes over the past few years such as healthier menu options and new coffee drinks. Now, the fast food chain is undergoing a $1billion dollar makeover. According to USA TODAY, McDonald's hopes to have the majority of America's 14,000 locations revamped by 2015.
Expect to sit at wooden tables or on faux leather chairs. Bright red and yellow interiors are being traded for muted yellow, orange and green palettes. Though designs vary by location, recent makeovers of select stores have included: Flat-screen TVs, adding second drive-through windows and lounge areas for diners looking to stay a while.
Another new feature seen in some locations: the golden semi-swoosh. McDonald's calls it the yellow "brow" — or half of a golden arch. Maintaining the familiar yellow design, the brow might be a sleeker, more modern approach to the famous arches.
It is unclear how consumers will react to the renovation. The new look and feel will certainly be familiar to Panera or Starbucks customers, but many Americans grew up with the classic look and could feel alienated by the drastic changes. For now, all eyes are on McDonald's. America's largest chain restaurant is redefining itself which could mean big changes in the future for other fast, casual dining competitors.
AW Helping Hands: Birthday Blessing
Through AW Helping Hands, a company-wide volunteer initiative, Addison Whitney employees jump started the month of May by throwing a birthday party at the Salvation Army Center of Hope in uptown Charlotte . Bright Blessings is a non-profit that operates projects for thousands of homeless children across the Charlotte region. Its core program “Bless-A-Birthday,” is a monthly birthday party given at a homeless shelter to enliven the spirits, and celebrate the birthdays of the shelter's children.
Many Addison Whitney employees volunteered to attend the party at the Center of Hope, home for women and children. The team assembled goody bags and transformed the home into an energetic party scene. The party included tables for crafts & coloring, game spots, and of course, cupcakes! Volunteers and kids alike spent the evening enjoying their time together playing games, mini-bowling, competing for prizes, and to see who could walk away the most candy.
As the 50 children sang a rousing rendition of "Happy Birthday" to this month's guests of honor it was especially touching to see the grateful and happy smiles projected from every mother's face. Judging by the happy parents and chocolate covered faces of the children the party was a huge success! We at Addison Whitney are so glad we got to celebrate the May birthdays with the children, and look forward to the next opportunity to lend a helping hand to our community.
Contributed by: Emily Hassell
Marketing Mexican History
Just as we tuck away our green shirts from St. Patrick's Day, May arrives bringing us a new celebratory holiday. And consumers aren't the only ones celebrating.
A minor holiday in Mexico, celebrating a victory over the French at the Battle Of Puebla, Cinco de Mayo gained popularity in the 1950's and 1960's because of the Good Neighbor policy, an effort to build a better relationship between The United States and Mexico, according to National Geographic.
The commercialization of Cinco de Mayo began in the 1980s. American corporations were eager to appeal to the expanding Hispanic population in the U.S. and saw Cinco de Mayo as vehicle to tap into that market. Anheuser-Busch and Miller Company created Hispanic Marketing departments and began sponsoring Cinco de Mayo celebrations. Thanks to widespread marketing efforts, the holiday has evolved into a drinking holiday for many people. Cinco de Mayo has become to beer companies what Valentine's Day is to greeting card and candy companies.
So enjoy the discounts at your local Mexican restaurant, especially the chips and brand salsa!
Naming PRECISE
Whether a result of intense physical activity or a rough night of sleep, any sort of joint stiffness or muscle pain is uncomfortable and inconvenient. My pain happens at the worst times: When I need the endurance to stand at a concert for several hours or when an afternoon of shoe shopping requires heavy lifting (Like I said, intense physical activity). When you suffer from muscle pain, joint aches, tension or stiffness, it's not uncommon to take TYLENOL® for relief. For more targeted pain relief, the Makers of TYLENOL have introduced PRECISE™, a new line of products that deliver relief exactly where it hurts, activating sensory receptors that help block pain signals.
Nerve fibers that react to pain are small and nerve fibers that react to touch are much larger. Applying the topical creams and patches to the skin stimulates these large nerve fibers and sends signals racing to your brain that block the sensation of pain.
Addison Whitney health assisted McNeil in the creation the name PRECISE to best reflect how accurately the topical creams and patches target pain. We also did additional linguistics assessments in a variety of languages to ensure the PRECISE brand was internationally understood and effective.
Read the full case study for PRECISE here.
Alive After Five
Tonight marks the kick off of Charlotte's biggest summer happy hour – Alive After Five. This weekly celebration allows corporate America to roll out from their cubicles, crawl down their concrete towers, and indulge in post-office beverages, laughs and feel good music. Not particularly kid-friendly, unless you want 'you-have-a-baby-in-a-bar' stares, this outdoor festivity has increased in popularity over the past several years, especially among young adults.
During the month of April and to help celebrate its 10th anniversary, AA5 will warm up its concert series at Wachovia Plaza on Tryon Street. This is where the excitement began back in 2001 and has since grown massively in reputation and size. Beginning May 5, the party will relocate to its latest three-story home of the EpiCentre, a newly instated icon of Uptown, only a few blocks over on College Street. The party will remain at this self-proclaimed Mecca of social gathering for the remainder of the summer.
Though the drink specials are anything but 'special', the bands are anything but spectacular, and cash is king at this weekly event, it's a wonderful place to unwind with coworkers and friends. Also, if Thursday is the new Friday, it's good to note that the AA5 wrist band offers admission into any designated after party bar sans a cover charge.
If it rains? No worries, the EpiCentre location has instituted a new "When it Rains, We Pour" promotion by purchasing two large tents and promising discounted drink specials during inclement weather. (Wachovia Plaza better hope for a dry April.)
The festivities begin at 5pm tonight and host Liquid Pleasure, a North Carolina-based band versed with an upbeat R&B and Motown vibe that has proven to be an AA5 favorite.
For more information or a list of performances at both the Wachovia Plaza and the EpiCentre, please check out their website.
The AA5 season spans every Thursday afternoon at 5pm from April 7th to September 15th in Uptown.
Contributed by Keri Lynch