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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Minutes into filling out my absentee ballot last week, I was momentarily distracted by my dog Seamus. A moment later, I realized in horror that I was filling in the wrong bubble — accidentally voting "no" on a ballot measure that I meant to vote "yes" on.
It was only a few ink marks, but it was noticeable enough. Trying to fix my mistake, I darkly and fully filled in the correct circle and then, as if testifying to an error on a check, put my initials next to the one I wanted.
Then I worried. As a reporter who has previously covered election security for years, I went on a mini-quest trying to understand how a small mistake can have larger repercussions.
As Los Angeles County's 5.6 million registered voters all receive ballots at home for the first time, I knew my experience could not be unique. But I wondered, would my vote count? Or would my entire ballot now be discarded?
My distractingly sweet dog, Seamus.
Photo by Tami Abdollah
GoodRx earned dot.LA's top 2020 Startup award on Wednesday, beating out the popular sneaker reseller GOAT, the meditation application Headspace, mobile gamer Scopely and viral-video app TikTok.
"GoodRx started in Los Angeles, and will always be a Los Angeles-based company," said co-CEO Doug Hirsch. "We're so excited about the support we've received over the last decade from both entrepreneurs and investors and just incredible people that make up the ecosystem here in California and specifically in Los Angeles."