The attention of anyone who is even vaguely interested in music and many more who wouldn’t know their crotchet from their elbow, has been drawn this week to the news that Fender, who have been making guitars for musicians around the world since 1946, is going public.
If you are thinking of taking a stake, you’ll be buying into a true icon, not just of twentieth century music, but of branding, because whatever else Fender may be, this is what a great brand looks like. What Fender have done, of course, is create that most illusive, yet essential ingredient of any brand – a community. And what a community! When I was a would-be pop star the Fender Stratocaster (or Strat to its friends) was the six-string of choice for greats like Jimmy Hendrix. The musicians around me were readily defined as either Fender or Gibson guys (although Eric Clapton somehow managed to straddle the two quite successfully for some years). But it wasn’t and isn’t just about the Fender corporate brand. What gave the business its sustainability was the way it catered for a widening range of musical genres and cultural sub-groups with a range of products that, whilst sharing the same DNA, each enjoyed its own dedicated following – Stratocaster, the original Precision (which probably was more of a revolution even than the Telecaster) and Jazz basses, catered for clearly defined musical types, giving, what could easily have become a niche brand, essential breadth. The business was also smart enough to listen to and watch its customers (Oh, how I wish a few more businesses could say the same!). Musos were increasingly customising their guitars and Fender responded by creating its custom division where pros and enthusiasts to this day can specify their unique Fender incorporating all Fender assets – the tremolo bridge, solid state, pick-ups etc. crafted for them.
The trick of broadening your appeal (and thereby both increasing your customer base and deepening the relationships you have with them) by applying your core brand values to a range of niche products is one every business needs to practice. In recent months I have been working with a perfume manufacturer and retailer where the principal equally applies. In our case the corporate brand is built on ethnicity and high quality, but each of the range of perfumes and other products if played correctly has niche appeal and personality that we are building communities around.
But while you can’t afford to be a one-trick pony these days and innovation is definitely what it’s all about, it’s equally essential to approach your product and offer development in a structured fashion. I’ve highlighted before in these pages the need for every business to not only define their brand and have a clear strategy, but to support that with a methodology that ensures every new initiative contributes rather than detracts from the objective. Businesses go off-track and waste fortunes every day on initiatives that either don’t contribute or even have a detrimental effect on their business, don’t be one of them. My Brand Discovery program me has a built-in briefing process that comes into play with every new initiative, forcing those in the driving seat to justify the project against pre-defined criteria. If you haven’t adopted a tool like this you need to get onto the programme. Get it right and in a few years you could be floating your business for $200million!