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Branding 101 TRUMP UNIVERSITY BRANDING 101 ffirs.indd i 8/20/08 3:14:10 PM TRUMP UNIVERSITY BRANDING 101 How to Build the Most Valuable Asset of Any Business Don Sexton John Wiley & Sons, Inc. ffirs.indd iii 8/20/08 3:14:10 PM Copyright © 2008 by Trump University. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifi cally disclaim any implied warranties of merchantability or fi tness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profi t or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com. ISBN 978-0-470-18900-9 Printed in the United States of America. 10 9 8 7 6 5 4 3 2 1 ffirs.indd iv 8/20/08 3:14:11 PM To all the members of my wonderful family, Laura, Mitra, Daniel, Jonathan, Ian, Matt, and Nan, who are always in my thoughts. ffirs.indd v 8/20/08 3:14:11 PM Contents Downloadable Forms xi Foreword to the Trump University 101 Series By Donald J. Trump xiii Acknowledgments xv PART I Fundamentals of Branding 1 CHAPTER 1 Trump on Branding 3 CHAPTER 2 Why Branding Is Critical to Every Business 9 CHAPTER 3 What Is a Brand? Not Just a Name 24 CHAPTER 4 Your Brand Positioning 39 vii ftoc.indd vii 8/20/08 3:14:41 PM CONTENTS CHAPTER 5 How Service Branding Is Different 53 PART II Managing the Brand 67 CHAPTER 6 Developing a Brand Strategy for Anything 69 CHAPTER 7 Telling People about Your Brand 91 CHAPTER 8 Choosing and Managing Your Name and Logo 105 CHAPTER 9 Making Sure Your Brands Work Together 115 CHAPTER 10 Building Your Brand from the Very Start 125 CHAPTER 11 New Lives for Old Brands 141 CHAPTER 12 Growing Your Business by Extending Your Brand 152 CHAPTER 13 When Things Go Wrong 168 CHAPTER 14 Keeping Your Brand at Peak Performance over Time 177 PART III Branding on a Small Scale 197 CHAPTER 15 Branding for Entrepreneurs 199 viii ftoc.indd viii 8/20/08 3:14:41 PM Contents CHAPTER 16 Guerrilla Branding: Branding for Small Businesses 211 CHAPTER 17 Branding the Individual: Your Personal Brand 225 PART IV Branding for Real Estate 241 CHAPTER 18 Branding Real Estate for the Small Investor 243 CHAPTER 19 Branding Real Estate for the Large Investor 257 CHAPTER 20 Managing Your Real Estate Brand 273 PART V Making Your Brand Work for You 285 CHAPTER 21 How Brands Increase the Value of a Business 287 CHAPTER 22 Constructing the Scorecard for Your Brand 296 CHAPTER 23 Your Employees and Your Brand 301 Index 311 ix ftoc.indd ix 8/20/08 3:14:41 PM Downloadable Forms Exhibit 6.2 Components of a Brand Strategy 75 Exhibit 6.4 Segment Identifi cation Chart with Real Estate Segments 82 Exhibit 6.5 Segment Selection Chart with Real Estate Segments 84 Exhibit 6.6 Positioning Description—Real Estate Example 89 Exhibit 9.1 Levels of Branding 116 Exhibit 9.3 Relative Importance of Benefi ts by Segments: Truck Example 123 Exhibit 12.3 Attributes and Opportunities Audit 160 Exhibit 18.1 Brand Plan for Real Estate 245 xi ftoc.indd xi 8/20/08 3:14:42 PM Foreword to the Trump University 101 Series eople often ask me the secret to my success, and the answer is simple: focus, hard work, and tenacity. I’ve had some lucky breaks, P but luck will only get you so far. You also need business savvy—not necessarily a degree from Wharton, but you do need the desire and discipline to educate yourself. I created Trump University to give moti- vated businesspeople the skills required to achieve lasting success. The Trump University 101 Series explains the most powerful and important ideas in business—the same concepts taught in the most respected MBA curriculums and used by the most successful compa- nies in the world, including The Trump Organization. Each book is written by a top professor, author, or entrepreneur, whose goal is to help you put these ideas to use in your business right away. If you’re not satisfi ed with the status quo in your career, read this book, pick one key idea, and implement it. I guarantee it will make you money. Donald J. Trump xiii flast.indd xiii 8/20/08 3:15:22 PM Acknowledgments any thanks to many people: Donald J. Trump for his contagious drive, unsurpassed brand - building, and ongoing support; many M executives in The Trump Organization who generously gave their time to provide suggestions and illustrations and answer questions — Ivanka Trump, Donald Trump Jr., Cathy Hoffman Glosser, Meredith McIver, Jim Petrus, Suzie Mills, Chris Devine, and Jennifer Favre; Mary Moyer at Trump Entertainment Resorts; Consuelo Remert at Millward Brown Optimor; Michael Sexton, the president of Trump University, for his matchless entrepreneurial spirit and creativity; David Highbloom and Larry Morris of Trump University for our lively discussions; brand gurus Peter Farquhar and Jim Gregory from whom I always learn; at Wiley, Richard Narramore, senior editor, and Tiffany Groglio, editorial assistant, for their much appreciated sound advice and immense patience. Thanks to all. xv flast.indd xv 8/20/08 3:15:22 PM Trump University Branding 101: How to Build the Most Valuable Asset of Any Business by Don Sexton Copyright © 2008 Trump University I Fundamentals of Branding c01.indd 1 8/20/08 2:43:16 PM Trump University Branding 101: How to Build the Most Valuable Asset of Any Business by Don Sexton Copyright © 2008 Trump University 1 Trump on Branding Donald J. Trump You can ’ t build a reputation on what you are going to do. — Henry Ford ’ ve been building the Trump brand for several decades and I ’ ve Ilearned that having a quality brand is very much like having a good reputation. It ’ s important to consider that fact, even when you are just starting out in business. Most people starting out don ’ t even realize they have a “ brand. ” The truth is, everything you say and do is impor- tant. Actions matter. You are, literally, your own brand whether you have a business yet or not. If you are serious about what you ’ re doing, taking responsibility for building your own brand starts now. Having a Quality Brand Is Very Much Like Having a Good Reputation Being a well - known and well- respected brand name is the end result of strategy, tenacity, and a clear vision. I knew when I started out in real estate that I wanted to build the best buildings possible. Every 3 c01.indd 3 8/20/08 2:43:20 PM TRUMP UNIVERSITY BRANDING 101 detail mattered. It didn ’ t take long for the name Trump to become acclaimed. There are some great benefi ts to having a recognized name, espe- cially if it connotes quality. For one thing, I can get projects going quickly now because I have a solid reputation with banks and in the construction industry. On the fl ip side, you can become an easy target, and people are eager to take shots at you. Everything I do attracts attention these days, so I expect it instead of being surprised by it. We were having a discussion about the Trump brand, and all of us agreed that it has to represent the highest quality available, no matter what the enterprise might be. If I build a golf course, it has to the best. If I build a skyscraper, it has to be the best. If I have a line of suits, they ’ d better be terrifi c. I am very thorough when it comes to things relating to my brand — namely, everything. You need to be if you hope to get somewhere worth going. Branding is central to marketing.
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