In An Introduction to Personal Branding, William Arruda points to some of the benefits corporations derive from their brands. Strong brands enable them to:
Charge a premium for their products and services. Ever think about why you’re paying so much for a Starbucks coffee, when the coffee shop next door charges about half the price?
Increase their market valuation. Only 10% of Coca-Cola’s market valuation derives from the company’s physical assets. The strength of its brand accounts for almost 90%.
Extend their product or service lines. Marriott has used its strong brand name to create new chains of hotels (e.g., Marriott Courtyard) for a different target market (in this case, business travelers who wanted a more home-like experience, or families traveling with children).
Thrive during an economic downturn. Strong brands survive difficult times. Consider who made it through the dot-com bust alive. It’s the strong technology brands with enduring customer relationships—such as IBM and Sun Microsystems—that have succeeded in the e-business arena.
Attract and retain quality employees and partners. Do you know anyone who would rather work for or with a struggling, unknown company than for a strong brand? We all want our resumes or CVs to boast lengthy experience with strong brand names. When we associate ourselves with these brands, our own professional reputations shine.
Do you see the parallels for a strong personal brand?
A strong personal brand will allow you to command greater compensation. More on this here.
A strong personal brand will facilitate new opportunities being offered to you that will expand your range of competency. The person with the stronger brand will be given the new and exciting opportunities.
A strong personal brand will help you to thrive when times are difficult in your industry. Your perceived value proposition is your greatest security in troubling times.
Other talented people will want to work with you. If people know that working with you will enhance their brand, you will have greater opportunity to work with top talent. This will only serve to strengthen your brand further.
