Ryan Deiss understands the power of branding.
In this episode of the Freedom Fast Lane podcast, we air Ryan Deiss' speech at The Capitalism Conference (formerly Freedom Fast Lane Live).
Ryan Deiss offers an analogy for reframing your ideas about branding. Start by thinking of your customer as a vault.
Marketing has the ability to do one of two things: it can make a deposit of relational equity into that vault, or it can make a withdrawal on relational equity from that vault.
Make no mistake. Every time you ask someone to buy something, you’re making a withdrawal against relational equity.
We all have a baseline of relational equity as human kind, but when you ask for someone to buy something the question becomes, “Do I know you?”
Whether we realize it or not, this construct is true. The question every entrepreneur should be asking themselves is, am I making a deposit of relational equity, or a withdrawal?
It’s like in Gary Vaynerchuk’s book “Jab, Jab, Jab, Right Hook,” entrepreneurs must deposit, deposit, deposit, then withdraw.
This is how you develop a brand. It’s not your logo. It’s not your color scheme. Your branding is anything that makes a deposit in your customer’s relational equity vault.
Branding makes a deposit. Selling makes a withdrawal.
There are four ways to build up your customer's relational equity vault:
- Make them laugh. If you make people laugh, they'll like you.
- Make them cry. If you make people cry, they'll feel vulnerable with you.
- Make them feel like they're a part of something. If you make people feel like they're part of something, they'll feel that sense of belonging, of home.
- Deliver actual value in advance. If you give people actual value, they will seek to give you value in return.
When you’re not making a relational equity deposit for your customers, when there’s no soul in what you’re doing, then you’re just a logo.
If you’re a business looking to become an empire, it’s crucial that you consistently make deposits and withdrawals in this manner. These are the high-level thinkers we bring together for The Capitalism Conference.
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