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Brands Have Meaning
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Overview Transcript Case Study Video
The retail store at the lodge is the testing area for new products for the catalog.
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The retail store at the lodge is the testing area for new products for the catalog.
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WATCH TELEVISION THAT TEACHES
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Key Ideas of this episode
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1. Put Your Own Skin In The Game
2. Admit What You Don't Know
3. Hire People Who Have Done What You Want To DoSmall Business School
4. Live, Eat, Sleep The Business
5. Use A Famous Face
6. Attach Yourself To A Cause
7. Be Thoroughly Authentic
8. Build A Brand
9. Buy and Apply Technology
10. Sell A Lifestyle, Not A Product
11. Put Plans In Writing
12. Anticipate Poor Cashflow
13. Expect To Fail
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Build A Brand. The success of the catalog started with the hit picture, "Butch Cassidy and the Sundance Kid." That film gave Robert Redford the money to purchase the land and lodge in Provo Canyon. Most of us who start a business from scratch don't have brand recognition. Harry certainly did not have brand awareness when he started his children's products catalog. When he started the Sundance catalog, the lodge already existed and soon the film festival also bore the name "Sundance." As a result, the festival helps the catalog, the catalog helps the lodge, and the lodge helps the festival. With 12 million catalogs being mailed per year, the catalog is building brand awareness for all of Mr. Redford's enterprises.

Topic for Discussion: What is the difference between a brand and a product?

Answer: A brand is a the banner under which products are sold. Therefore, when done right, a product is a specific item that in a way represents the brand. Think IBM. It is a very big brand. It has been making products for decades and some of those products have been marketplace hits and others haven't.

However, through the years, the brand of IBM continues to stand for the same thing. It stands for the biggest technology company; it stands for reliability, consistency and ethical business practices. By promoting the brand of IBM, the company then develops products that are sold under that banner, but that serve a very specific need.

Topic for Discussion: What is the Sundance brand known for?

Answer: To some people, Sundance is 6,000 acres of land with a luxurious yet rustic lodge. To others it is a film festival. To several million on the catalog list, Sundance means lovely home accessories, clothing and jewelry all designed by America artists with an eye on quality and value. Robert Redford bought the land in Provo Canyon to protect it, and then to provide a place for artists to develop their craft.

With these goals at the root of his company, the catalog taps into what he has already established: he is not just another pretty face. He is an environmentalist, an artist and an impresario. When customers order from Sundance Catalog, they are ordering products, but they also are buying into Robert Redford's dream of saving the West and cultivating good designers.

Harry says, "Sundance stands for a blend of environmental responsibility, creativity and support of the arts and responsible business. And the Sundance concept is for all of these entities to support themselves, to support the arts, to support the environment."

The brand is critical because it conjures up thoughts that turn into the action of buying or not buying. What people think of your company will make or break you, and this doesn't have anything really to do with a specific product.

You think about it: Do you think small businesses need to worry about their brand? What do you do now to build brand awareness? How do you know if that is working? If we asked your neighbors what they think of your business, what would they tell us?

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