TRUMP UNIVERSITY BRANDING 1O1 How to Build the Most Valuable Asset of Any Business DON SEXTON, PHD F oreword and C hapter 1 by D onald T rump
TRUMP UNIVERSITY BRANDING 101
TRUMP UNIVERSITY BRANDING 101 How to Build the Most Valuable Asset of Any Business Don Sexton John Wiley & Sons, Inc.
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 specifically disclaim any implied warranties of merchantability or fitness 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 profit 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
To all the members of my wonderful family, Laura, Mitra, Daniel, Jonathan, Ian, Matt, and Nan, who are always in my thoughts.
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 CHAPTER 3 Why Branding Is Critical to Every Business 9 What Is a Brand? Not Just a Name 24 CHAPTER 4 Your Brand Positioning 39 vii
CONTENTS CHAPTER 5 How Service Branding Is Different 53 PART II Managing the Brand 67 CHAPTER 6 CHAPTER 7 CHAPTER 8 CHAPTER 9 Developing a Brand Strategy for Anything 69 Telling People about Your Brand 91 Choosing and Managing Your Name and Logo 105 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
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
Downloadable Forms Exhibit 6.2 Components of a Brand Strategy 75 Exhibit 6.4 Segment Identification 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 Benefits by Segments: Truck Example 123 Exhibit 12.3 Attributes and Opportunities Audit 160 Exhibit 18.1 Brand Plan for Real Estate 245 xi
Foreword to the Trump University 101 Series People often ask me the secret to my success, and the answer is simple: focus, hard work, and tenacity. I ve had some lucky breaks, 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 motivated 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 companies 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 satisfied 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