Podcast Summary
Thinking outside the box leads to success: Unconventional ideas like putting water in a can and marketing to a wider demographic can lead to great business success
Unconventional ideas can lead to great success. In the podcast "How I Built This," host Guy Raz interviews entrepreneurs behind the world's biggest companies, sharing their stories of doubt, failure, and eventual triumph. In a recent episode, Mike Cesario, founder of a viral water brand, discussed his approach to starting a business. Instead of focusing on creating a traditional bottled water brand, Cesario asked himself, "What is the dumbest possible idea we could have?" His answer: put water in a can and call it "liquid death." This seemingly ridiculous idea resonated with customers who didn't typically buy bottled water, and today, the brand is everywhere. Another key takeaway from the episode was the importance of marketing to the right demographic. Cesario intentionally made the cans look like cheap beer, appealing to a wider age range rather than just teens. Additionally, he drew inspiration from craft beer brand names, which often featured intriguing and memorable names, for his own branding strategy. Overall, this episode highlights the power of thinking outside the box and the importance of understanding your target audience.
Creating a memorable brand identity: Focusing on unique branding can generate organic social sharing and success, even when functional differences are minimal.
When creating a brand, particularly for a product where functional differences may not be easily distinguishable, focusing on unique and intriguing branding can be key to generating organic social sharing and success. Mike Cessarich, the founder of Liquid Death, shares how he came up with the unconventional name for his water brand, which was designed to be something people would naturally want to share on social media. Despite investors asking about the qualitative differences in the product, Cessarich emphasized the importance of branding over functional differences. He believed, and research supports, that in most cases, brands win based on their ability to create a strong and memorable identity rather than functional superiority. Nike, for example, doesn't market based on the material of their shoes lasting 37 days longer than Adidas, but rather on the emotional connection and identity their brand creates for consumers.
Brand's influence on product value: Brands add perceived value, even if functional differences are minimal. Listen to 'How I Built This' for insights into successful branding strategies.
Brand matters, even if the functional differences between high-end and budget products may be minimal. This was highlighted in the mention of a $700 Gucci t-shirt potentially being made in the same factory as a $20 Target t-shirt. However, the allure of the Gucci brand and the perception of value it brings to consumers is what justifies the higher price point. This concept of brand was further emphasized through the recommendation to listen to "How I Built This" podcast for deeper insights into successful businesses and their branding strategies. With a variety of business-focused podcasts available on Wondery, listeners can explore the intricacies of branding and its impact on businesses.
