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Do You Own a Phrase?

Guest post by: David Carter

Article Overview: Fast growth companies continue to hire even as our economy struggles to recover. What makes these companies tick? How do they continue to prosper and grow in these economic times? Here are six timeless strategies for doing just that, courtesy of Verne Harnish, creator of MIT's Birthing of Giants program, and founder of Gazelles, Inc. This week's focus is on a strategy to highlight and communicate your brand. Do you own a phrase?

Free Download - Does your company have a coherent strategy? By David Carter

Do You Own a Phrase?

Fast growth companies continue to hire even as our economy struggles to recover. What makes these companies tick? How do they continue to prosper and grow in these economic times? Here are six timeless strategies for doing just that, courtesy of Verne Harnish, creator of MIT's Birthing of Giants program, and founder of Gazelles, Inc. Whether you run a small or midsize business or manage a department in a larger company, these strategies will work for you:

1. Get an Edge - 10 to 30 times advantage over your competition.

2. Own a Phrase - Own a word or two in the minds of your market.

3. Hyperfocus - align around a single measurable priority.

4. Control Your Cash - fuel growth without outside capital.

5. Write! - Flood the digital space aligning with the phrase you own.

6. Pulse Faster - Fast moving companies huddle daily.

This week's focus is on a strategy to highlight and communicate your brand. Do you own a phrase?

Own a Phrase

Brand is about owning a word or two in the minds of your market.

No confusion about what niche Trench Safety & Supply Inc. owns. J. Darius Bikoff, founder of Energy Brands, coined "enhanced waters" as a new multibillion-dollar beverage category. Chris Krause is focused on "athletic scholarships" for high school athletes.

Advanced Circuits guarantees the "Quick Turnaround" of custom printed circuit boards. Rackspace promises to deliver "Fanatical Support." FedEx is promising "peace of mind." Southwest Airlines has been delivering "low fares" from the very beginning. McDonalds has gone back to "speed."

And how do you know if you own the phrase? Google it and see if your company shows up!

What is the promise you're making to your customers that both really matters to them and makes you different from your competitors? What is the phrase that you own that highlights this? Would it be obvious if we went to your website or looked at your marketing materials? This is the heart of an effective strategy to differentiate your firm from the competition.

So, how do you choose the right brand promise and phrase for your organization?

Ask yourself, what is your customers' greatest need? Not their wants - they'll "want" you to bankruptcy if you let them. The key is what really matters to your customer that also demonstrably differentiates you from the competition. Your phrase clearly echoes this throughout your market.

Go to weldaloy.com and rackspace.com and study how these firms highlight, communicate, demonstrate and execute on their brand promises. They may not be the most elegant sites you'll see, but they communicate a clear message.

At David Paul Carter, LLC, we are working on owning the phrase "smarter, simpler, faster growth." Do a Google search and see what happens.

What is your phrase? Let the world know!

Stay tuned for our next installment of "Six Foolproof Ways to Make Sure Your Company Thrives" and strategy #3: Hyperfocus.

Contact David Paul Carter to learn more about how to increase the value of your fast growth firm.

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Copyright © 2010 David Paul Carter. All Rights Reserved. Concept based upon Verne Harnish Fortune Article, Best Advice for Growing Your Business, 22 March 2010.

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Article Tags: brand promise, growth companies, hyperfocus, one phrase, strategy

About the Author: David Carter
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David Paul Carter, LLC is an innovative business strategy-consulting firm focused on closely held, family managed and entrepreneurial growth companies confronted with change. We help our clients to overcome barriers to growth; and to increase the value of their company by optimizing their strategy to achieve revenue and growth, and their execution to gain more time and profit.

We use a forward-looking approach to growth strategies for today’s environment, business model design, and succession planning. Our approach is free ranging; our mission is completely client focused and not bound to any one program, philosophy or set of ideas.

Founder/President David Paul Carter draws on 30+ years of success as an experienced business executive, entrepreneur, strategist, advisor, and dedicated community leader.

His background incorporates business consulting (for the past 10 years), entrepreneurial business ownership (2 previous companies), corporate management (senior executive positions within the Thomson Corporation, Wolters Kluwer, and Ziff-Davis Publishing companies) and international business experience (US, Europe and Australasia). He brings a unique blend of clarity, insight, and different thinking to his clients.

Contact David at (215) 732-2230, or email dcarter@davidpaulcarter.com, or visit www.davidpaulcarter.com or text CARTERREPORT 22828 to subscribe.

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