Brand is on my mind this morning. Mat Braddy, formerly CMO of Just Eat and now founder of Rock Pamper Scissors gave a great talk on building challenger brands at our FP Live last night and this morning I read OpenView’s brilliant teardown of how they re-invented their brand.
OpenView are one of my favourite venture capital funds, largely because they are one a small number of VCs globally pioneering a similar model to Forward Partners. Like us they have a bigger team than most other VCs so they can offer a better service to their portfolio companies, and, critically, they have chosen to be very focused so they can build expertise and offer better support. They are focused on expansion stage SaaS companies in the US. We are focused on idea and seed stage ecommerce and marketplace companies in the UK.
I don’t only like them because they think similarly to us, I also love their insight, rigour and clarity of thought, which shines through in the way they went about rebuilding their brand and the way they tell the story.
For me, these are the key insights from last night’s talk and the OpenView process.
- Strong brands are built from the inside out – they begin with great products and cultures
- Brands can’t be externally crafted and then applied, they must be truly aligned with what the company does and how it does it
- The goal of a brand is to articulate the company story in a clear, focused and consistent way
- A brand is both what the company stands for (mission, vision, values) and how the company is presented (messaging and visual identity)
- The brand should be informed by both inside and outside perspectives – employees, customers and partners (not just the exec team)
- The brand can lead and shape how people think about the company, but it needs to be congruent with existing perceptions
- The best companies present consistent, but different brands to customers/partners, employees, and maybe investors
- Above all, authenticity is the goal
Just Eat is a great case study for all this. In his talk last night Mat described how they made sure their brand was aligned to the core values of the product (convenience, simplicity), the culture of the company (fun and mischievous), and how they developed it with an inclusive process. Because they were a challenger they wanted to be controversial and that took them to the tagline “Don’t cook, Just Eat”, with the positioning that take-away is better than cooking. His advice to other challengers is to adopt something similarly controversial and then really commit. Just Eat pushed their commitment to the tagline and mischievous positioning as far as forming the Don’t Cook political party and putting forward a candidate in the Corby by-election (check out the jet-pack…).
OpenView followed a similar process but they’re a VC in the serious business of helping companies succeed, so they took a more serious tone. Their tagline is now “Powering Expansion”, which neatly captures what they do for the Series A and B companies they back.