What comes to mind when you hear the word brand? Depending on your age, background, and interests, you might think of Nike, Apple, or Starbucks.
What separates those names from other businesses in their industries? The answer is brand equity.
If you are an entrepreneur, solopreneur, or business owner, the practical question is simple: What makes your business a brand rather than just another place to buy a product or service?
On the Inner Edison Podcast with Ed Parcaut, B. Jeffrey Madoff discussed three habits entrepreneurs can use to build a brand. Madoff is the founder and CEO of Madoff Productions and the author of Creative Careers: Making a Living With Your Ideas.
For more than two decades, his creative work has helped shape iconic brands including Ralph Lauren, Victoria’s Secret, Tiffany & Co., and Godiva Chocolates. His advice comes back to three essentials: tell a compelling story, stay consistent, and market with emotion.
Why Brand Equity Matters
Businesses with brand equity can charge more for the same product or service than their competitors. That is why the difference between a business and a brand matters beyond a name or a product.
Madoff puts that distinction plainly:
“If you’re not a brand, you're a commodity.”
His point is worth considering before you plan your next marketing message. Are you giving people a reason to connect with your business, or are you simply telling them what you sell?
Madoff’s approach gives entrepreneurs a way to work on that distinction through a few simple habits. You do not have to address all three at once. Start by looking carefully at the story you are asking customers to believe.
1. Tell a Compelling Story
According to Madoff, all great brands share one essential quality: a compelling story. Great companies make their products and services part of a larger story for their customers.
The product still matters. Companies must sell products people love. But in Madoff’s view, the story is what makes those products irresistible.
He believes brand equity begins there. Entrepreneurs who tell a story that reflects their values stand a strong chance of establishing a brand.
Apple: More Than Technology
Madoff describes Apple’s story as being cool and having hip technology. In his view, people do not stand in line for two days just for the technology, even when the products are great. They want to be the first to own the next cool thing.
The distinction is between what the product does and what owning it means to the customer. When reviewing your own story, consider both questions rather than stopping at a description of your offering.
Nike: The Aspirational Athlete
For Nike, Madoff points to the story of the aspirational athlete. The slogan “Just Do It” expresses that story.
Use those examples as prompts, not as stories to copy. What values do you want your business to reflect? What larger story does your product or service belong to?
Put it into practice: Write a short paragraph about your business without leading with a list of products or services. Explain what you stand for and what you want customers to connect with. Then ask whether that paragraph reflects your actual values.
2. Be Consistent With What You Stand For
A compelling story is the starting point. The next habit is consistency.
Major brands remain consistent and stand behind their values as companies. That consistency increases their brand equity. Madoff uses Ralph Lauren to illustrate the connection between a brand’s story and its decisions:
“You’ll never see Ralph Lauren sell cheap clothes. Why? Because their story centers on style, sophistication, and great taste. To do so would go against what they stand for.”
The lesson is not that every business should position itself like Ralph Lauren. It is to ask whether your decisions fit the story you have chosen to tell.
Disney: A Clear Question for Decisions
Madoff also points to Disney, whose brand story centers on family entertainment. He explains that whenever Walt Disney made a decision about the company, he would ask himself, “What would Mickey do?”
That example brings consistency down to a practical question: Does this choice fit what the brand stands for?
Entrepreneurs who create a compelling story and remain consistent are using the same habits as powerhouse brands. Keep that in mind when you review your own business. The goal is not to borrow another company’s identity. It is to stay true to yours.
Put it into practice: Review your marketing messages and the products or services you offer. For each one, ask: Does this match our story? Does it reflect our values? What would we need to change if it does not?
3. Market With Emotion
Companies with strong brand equity do more than sell products. They tap into human emotions.
When Madoff develops commercials for brands such as Victoria’s Secret, emotion is a significant selling feature. In that work, he uses models to convey the aspirational quality of feeling sexy in lingerie.
As he explains:
“What’s interesting is we never talk about the product, we only show how the product makes you feel.”
That is a useful distinction to consider in your own marketing. Look at your message and ask whether it only describes the offering or also addresses the feeling connected with it.
Return to the earlier examples. Apple’s story, as Madoff describes it, speaks to owning the next cool thing. Nike’s speaks to the aspirational athlete. In both cases, his focus is on more than the product alone.
Put it into practice: Choose one marketing message to review. Write down the feeling you want it to express. Then consider whether the message communicates that feeling while staying consistent with your story and values.
Make Brand Building a Deliberate Choice
All great brands started small. Wherever you are in your entrepreneurial journey, Madoff’s message is to treat brand equity as a choice and work on the habits behind it.
A compelling story, consistency, and an emotional connection are his three essentials for moving toward a noteworthy brand. They are practices to work on, not a promise of a particular result.
For more conversations about business and entrepreneurship, follow the Inner Edison Podcast with Ed Parcaut and listen to the conversation with Madoff.
Your next step: write down your brand story, review one business decision for consistency, and examine one marketing message for emotion. Pick one improvement to work on, and reach out to Ed to continue the conversation about building your business and authority.
