E29: How To Make Billions of Dollars and Not Advertise

Guest John Moore gets his “nerd” on and talk about their brand IQpack, and what else gets their nerd hearts pumping.The Marketing SecretTIME.The dirty little secret - marketing doesn’t have to be paid to advertise because marketing can be as simple as the one-on-one experience you have with a salesperson or the look and feel of your location.Many brands have been enormously successful without spending large amounts of money on marketing because of the thing you cannot buy, time.Example Brands Trader Joe’s - Direct-from-supplier, uses funds to maintain a quality list of unique addictive products, dumps lesser performing products. The most prominent marketing they do is their flyer which is a print and online newsletter with a light quippy copy and lots of discounts. It’s a brand staple, and the only promotional materials they produce. Krispy Kreme - unique, highly visible locations, every Krispy Kreme employee attends training at Krispy Kreme University where their taught marketing. Consistent user experience. Costco - High quality “house brands,” in addition to select highly visible brands and a wide variety of categories. Frequent rotation of desirable and season products. Have industry-low turnover rates, low prices, and stocks that have nearly tripled in value, resulting in very happy investors. 90% customer renewal rate. Sriracha - Serious devotion to quality ingredients despite the cost. CEO David Tran says, “I don’t advertise, because I can’t advertise (because of commitment to ingredients).” GoPro - A brand that created its own niche. A steady stream of engaging content on social media has built a community of nearly 5 million subscribers. Tesla - Focused on disruption through innovation. Have a leader in Elon Musk who has a knack for leaving audiences wanting (and expecting) more. (In 2014 Tesla spent $48.9 million on marketing, General Motors spent $5.2 billion.)Brand VisibilityReasons vary, but common similarities appear to be: Preeminent quality Highly unique niche Membership Marketing Innovative mindset that keeps them ahead of competitorsTips for building your brand:1. Craft your brand strategy. Knowing who you are, what you’re trying to achieve, and how you’re going to do it.2. Know your voice. Find and hone your brand voice in all communication3. Share your brand story. Share how your brand was founded, or offer a view into you're manufacturing process. Bring people along for the ride.4. Uncover the stories in your data. Data is one of the best sources of content.5. Use your brand’s culture to make compelling content. Let the public look inside the curtain.6. Lead with your beliefs. People support brands with shared same values.7. Build a strong brand identity. Visual presence tells your brand story as much as your words.--- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app--- Send in a voice message: https://anchor.fm/nerdbrand/messageSupport this podcast: https://anchor.fm/nerdbrand/support