3 Critical Rule's of Branding

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In this episode Ferris gives away 3 Golden nuggets for ‘branding'. For those of you who don't know, Ferris has a net worth of $100 million and is an avid investor.

Tim Ferris Investment Portfolio

1.     Own or create a category  

“Find your 1,000 true fans”

If you are competing in a market where there is a lot of noise it is difficult to effectively communicate your superior value. However, if you own or create a category there is less noise and you have an opportunity to own this space. To do this you need to be very specific about who your target audience is. Kevin Kelly, co-founder of Wired magazine wrote an article called '1,000 true fan's'. His argument is that all you need are 1,000 true die hard fans and they will be your marketing team. Furthermore Ferris claims "Don't fall in love with your product or service, fall in love with your customer". 

Tim Ferris with Books

2. Don't make a product for everyone 

"If everyone is your market no-one is your market" 

You have restraints, which are primarily based around finances. The number one reason start ups fail? They run out of money. You won't be able to out spend big firms with big budgets, and you don't need to, but you need to be intelligent. Ferris advocates you aim for affluent customers. This gives you a higher profit margin, which makes you more cost effective. Therefore you have more wiggle room for error. Tesla used this model when they first starting manufacturing and selling their cars. This gave them the leverage to produce more affordable versions to a wider audience. 

All Tim Ferris published Books 

2.    Forget branding

“What Benefits do my company consistently create?” 

It distracts you according to Ferris. When you are doing the right thing the brand will look after itself. Does that mean you people won't complain about your brand? No of course not. However, you should be proactive and scenario plan around how your firm will communicate with your customer should anything go wrong. 

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