Blog Archives

How Managing Externalities Can Help Build a More Powerful Brand

7/27/2018

Corporate Challenge: Finding new and creative ways to create value for society, before acquiring your first customer.

Ironbound Strategy: Customers are always attracted to brands that create value for their community. Positioning products to create society value attracts customers who are setting the trends for the next generation.

Ironbound Action: In 2016 Elon Musk created the Boring Company, set to build an underground highway system to increase the efficiency of travel. The byproducts of building tunnels are clay, limestone, and rocks – the ingredients of bricks. The Boring Company declared that the byproducts of boring tunnels will be used to make bricks for low income housing. When creating a new venture or start-up, figuring out how to use externalities to society’s advantage will increase your new venture’s embracement by society, and ensure future success.

* Vehicles travelling in underground tunnels will exceed 120mph. Currently it costs $1B to dig 1 mile. The Boring Company will use robotics to reduce the tunneling cost by 10x. The next phase of the company is to build vacuum shells to allow a hyperloop vehicle to travel underground at over 600mph. A lot of houses will be built in the process.

0 Comments

Maintaining Relationships with Non-Profits

7/6/2018

0 Comments

Image: Wawa

Corporate Challenge: Defining a long term vision for a company, and the brand's relationship with its surrounding community.

Ironbound Strategy: Great brands never stop creating value for customers, employees, and society. Contributing to charity is a long-term brand building strategy.

Ironbound Action: Pennsylvania based Wawa has a mission to serve their communities. Wawa ($9.1B in revenue across 750 stores) believes in service to customers with good food and service to neighbors with meaningful philanthropy. Recently, Wawa’s charitable foundation was given an award for 30 years of partnership with the Leukemia and Lymphoma Society. The accolade allowed Wawa to promote their brand, and raise more awareness for LLS. Millennials want to support brands that care about their community. Having a long term relationship with non-profits is a societal signal that a brand cares about their customers and their society.

* Wawa is one of the top 40 largest private companies in the US.

0 Comments

How Managing Externalities Can Help Build a More Powerful Brand

Maintaining Relationships with Non-Profits

#BuildABetterWorld

Archives

Categories