Column: Your Company Has Three Brands, Not One
Spencer Rascoff is an entrepreneur and company leader who co-founded Zillow, Hotwire and dot.LA, and who served as Zillow's CEO for a decade. He is currently executive chairman of dot.LA and a board member at Zillow and TripAdvisor. In fall 2019, Spencer was a Visiting Executive Professor at Harvard Business School where he co-taught the "Managing Tech Ventures" course. In 2015, Spencer co-wrote and published his first book, the New York Times' Best Seller "Zillow Talk: Rewriting the Rules of Real Estate." Spencer is the host of "Office Hours," a monthly podcast on dot.LA featuring candid conversations between prominent executives on leadership, diversity and inclusion, and startups.
Brands are valuable, regardless of company size. That is well understood.
What is less well understood, especially among startups, is that there are as many ways to think about your brand as there are recipients on the other end of that brand positioning. I want to propose an easy framework for startups and their marketers to consider when building and marketing brands: A company's brand has different meaning to its consumers, to its business partners, and to current and future employees.
First, there is a company's brand in the eyes of the consumer. Let's look at the example of Netflix. The streaming service wants its consumers to think of it as easy to use, full of great shows, and a reasonable value for the price.
Next, there is the company's brand in the eyes of its business partners. Netflix wants its business partners (e.g., the production companies that create TV shows and films for Netflix) to think of it as a great partner, a creative company, a distribution channel that will pay top dollar for your content and also will market it successfully to its subscribers so it will be enjoyed by many people.
Finally, Netflix wants its brand as an employer to represent that it's a great place to work, full of mission-oriented and hard-working people, which pays well and creates career development opportunities for its employees.
Of course, there is overlap between these three segments, and the brand positioning therefore can sometimes combine to create an overall brand perception. Still, it's important for marketers to think about each of these three expressions of your brand, and how the combination of them creates a mosaic that people use to form an impression of your company.
Large companies are able to have separate marketing functions for each of these audiences -- frequently at large companies there is a VP of Brand Marketing (focused on consumers), a VP of Trade Marketing (focused on businesses), and sometimes someone in HR or in recruiting who focuses on employer branding.
But startups don't have that luxury — the CMO (and frequently the CEO) have to manage all aspects of brand building to the various audiences.
Once you bifurcate (trifurcate?) your brand-building exercises into these three target markets, you can then create programs for each.
For example, a company that wants to make its employer brand be more focused on engineering and tech might create a new tech blog where their engineers can write long-form posts to highlight a company's tech cred. Similarly, that company might choose to webcast its hack-week demo days, or post on its social media platforms more information about what it's like to be an engineer at the company.
A company that wants to make its brand appear more friendly to its business partners might create white papers highlighting case studies of collaboration with its long-time clients.
The more that marketers realize they are crafting their brand in different ways for different audiences, the more bespoke their tactics can be to address each audience individually.
Spencer Rascoff is an entrepreneur and company leader who co-founded Zillow, Hotwire and dot.LA, and served as Zillow's CEO for a decade.
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SpaceX launched two NASA astronauts to the International Space Station today, becoming the first company to send humans to orbit on a commercial spaceship.
The Falcon 9 rocket's liftoff from NASA's Kennedy Space Center in Florida at 3:22 p.m. ET (12:22 p.m. PT) marked a feat that America hadn't been able to perform since NASA retired its space shuttles in 2011: launching American astronauts on an American rocket from American soil.
"It is absolutely our honor to be part of this huge effort to get the United States back in the launch business," NASA astronaut Doug Hurley told SpaceX Mission Control just before liftoff. "We'll talk to you from orbit."
No technical issues arose during today's countdown, but the weather made it a nail-biter, just as it did during Wednesday's initial launch attempt.
On that day, dark clouds and the accompanying risk of lightning forced a postponement. This morning, the weather forecast was 50-50, but the skies cleared enough for Hurley and his crewmate, Bob Behnken, to ride SpaceX's Crew Dragon capsule eastward into orbit.
Ships were strategically placed in the Atlantic Ocean just in case an emergency abort and splashdown was required. Other ships were standing by to recover the Falcon 9's first-stage booster after liftoff.
Pandemic or no pandemic, thousands of spectators flocked to roadside viewing areas surrounding the launch site. Tickets to watch the liftoff from the newly reopened Kennedy Space Center Visitor Complex were sold out, and all visitors have to wear masks and undergo temperature checks.
NASA asked people to stay home and watch the webcasts instead. More than 3 million people took the advice.
The launch-day routine began with Hurley and Behnken having breakfast and suiting up. A small contingent, including the astronauts' families, cheered as they walked out from NASA's Armstrong Operations & Checkout Building for their ride to the launch pad.
In accordance with the social distancing requirements for spaceflight as well as the coronavirus pandemic, Behnken arced his arms in a "virtual hug" for his wife, astronaut Megan McArthur, and their son. "Are you going to be on good behavior?" Behnken could be heard asking his son. "Are you going to listen to Mommy and make her life easy?"
"Let's light this candle!" his son replied, echoing a phrase used by astronaut Alan Shepard just before America's first spaceflight in 1961.
Then he and Hurley headed to the pad in a Tesla Model X SUV, an update on the traditional "Astrovan" that's also a nod to SpaceX CEO Elon Musk's other company. SpaceX's team of launch pad ninjas — so named because of their black uniforms, caps and masks — strapped the astronauts into their seats and closed the hatch for launch.
Perhaps not so coincidentally, the last words that were heard from Hurley before liftoff were, "Light this candle!"
Hurley and Behnken, who are both experienced shuttle astronauts, are scheduled to rendezvous with the space station on Sunday and move in alongside its current occupants, NASA's Chris Cassidy and Russia's Anatoly Ivanishin. NASA hasn't yet decided how long the Dragon riders will spend in orbit. Their stay could be as short as six weeks, or as long as 16 weeks, depending on how the test mission proceeds.
For the return trip, Hurley and Behnken will strap themselves back inside the Dragon and descend to an Atlantic splashdown.
This whole flight serves as an initial demonstration of the Crew Dragon's capabilities with an actual crew aboard. If the mission is successful, yet another Crew Dragon will carry four different astronauts to the space station weeks after Hurley and Behnken return.
Having the Crew Dragon would free NASA from having to pay the Russians upwards of $80 million a seat for rides to and from the space station, which is the whole point of the commercial crew program.
Back in 2014, NASA pledged $4.2 billion to Boeing and $2.6 billion to SpaceX to develop spacecraft that would essentially provide taxi rides to orbit. SpaceX built an upgraded version of its robotic cargo-carrying Dragon, which has been used for space station resupply since 2012. Boeing built a whole new spaceship called the CST-100 Starliner.
The Crew Dragon flew a successful uncrewed test mission in March 2019, but the Starliner suffered glitches during its uncrewed test flight to orbit last December. Now Boeing will have to redo Starliner's robotic test, while SpaceX is on the brink of making space history (and winning a capture-the-flag contest in the process).
It's important to note that SpaceX, not NASA, owns the hardware passenger flights — just as a terrestrial taxi company owns the car. NASA has put in orders to ferry up to four astronauts at a time, but SpaceX can fly other riders as well.
In partnership with Space Adventures, the company is already offering free-flying orbital trips that would go higher than the space station. There's even talk of having Tom Cruise ride the Dragon to the space station to film a movie. That would require NASA's go-ahead, but on Wednesday, Bridenstine said he's "all for that."
"I really think, when we look into the future, we're going to see these models of doing business with public-private partnerships apply not just to low Earth orbit … but we're taking this model to the moon and even on to Mars," he said.
Amazon CEO Jeff Bezos' space venture, Blue Origin, is already heading one of the teams aiming to develop lunar landers for NASA's use. So is SpaceX, which is offering its next-generation Starship super-rocket. The next space race to watch may not be the U.S. vs. China so much as it is Bezos vs. SpaceX CEO Elon Musk.
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Lots happened in the L.A. tech and startup community this week. In a rundown of the top headlines, Chief Host and Correspondent Kelly O'Grady takes you through the key stories:
- President Trump's Executive Social Media Order Could Mean Trouble for Snap, TikTok
- Startups: Furniture Rental Servie Fernish Raises $10M Series A, Bird Could Thrive Post-COVID
- Media: HBO Max Launches, Esports Giant FaZe Clan Plans Expansion
- dot.LA Convenes -- Challenges Women Face with Confidence in a Virtual World
- Catch Up With This Week's Startup News in Our Weekly Video Recap ›
- Los Angeles Tech and Startup Week in Review - dot.LA ›
- Catch Up With This Week's Startup News in Our Weekly Video Recap ›
Coronavirus Updates: Netflix Buys Egyptian Theatre for Post-Pandemic Premiers; TrueCar Lays Off Staff
Here are the latest headlines regarding how the novel coronavirus is impacting the Los Angeles startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for the latest updates.
- Facing twin threats, TrueCar lays off 40 percent of staff
- Netflix buys Hollywood's Egyptian Theatre to stage post-pandemic events, movie premieres
Facing twin threats, TrueCar lays off 40 percent of staff<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjgzMzYzNi9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYxMzg5MjUyMX0.Wx6LVxNhx4WbcMFiQkuylQLs5AO2G-_4iQtc61SrdRQ/img.jpg?width=980" id="dc12e" class="rm-shortcode" data-rm-shortcode-id="f06205606520be18d44ae28069fd271e" data-rm-shortcode-name="rebelmouse-image" /><p>Santa-Monice based TrueCar laid off 219 employees Thursday, which represents 40 percent of its workforce. The cuts are partly a reaction to Covid-19 and fewer people buying cars. They are also a response to the loss of a crucial partnership with USAA that expires at the end of September. That deal accounted for 29% of cars sold last year. </p><p>The cuts will save TrueCar $35 million a year, according to an analyst note from JMP Securities. </p><p>While TrueCar would seem to benefit from car shoppers wanting to have less face-to-face contact at dealerships, the company is not immune from the large pressures the industry is facing. With that said, auto sales have bounced back more quickly than analysts anticipated. </p><p>"With website traffic and purchase intent returning to pre-COVID-19 levels for the last two weeks of April and these trends continuing into May (and likely June), auto's recovery has surprised us," wrote Andrew Boone, vice-president at JMP Securities. </p>
Netflix buys Hollywood's Egyptian Theatre to stage post-pandemic events, movie premieres<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzM1NDU2NS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYwMDAzNzAxMn0.5nzkeqvFWx6-IduqjB4jCvwwfc9n2uLSieXjpOj7i-E/image.jpg?width=980" id="e09dd" class="rm-shortcode" data-rm-shortcode-id="d367203996d299149d47684f5b2122e1" data-rm-shortcode-name="rebelmouse-image" />
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- Netflix and Google Will Dominate L.A. After the Pandemic - dot.LA ›