Dragon’s Den and the value of a brand
Catching up with the latest episode in the den, I was surprised just how much those dragons have become branding ambassadors. Not of a specific one, but of the value of an established and thought-through brand.
Monterrey-born Marcela Flores Newburn pitched her Mexican food range but whilst she was complemented on her achievements, getting her product into Waitrose one by one they all said the dreaded words ‘I am out’.
Peter Jones summed it up just nicely – “I actually think you’ve gotta go back as a start-up again because you need that brand. So I would go back to the roots and find that name.”
Once again we are reminded of that big hurdle any blossoming SME has to jump at some point – to start to create a communication / brand strategy that will allow them to compete with the big boys and to evolve their brand identity and marketing material accordingly. Budget is usually the show stopper, which is such a shame because it means eventually they will have to invest much more than if they started perhaps with very basic brand collateral – but with a plan behind it.
I admire what Marcela has done – and I am sure after this show there will be hundreds of brand strategists and brand identity designers knocking on her door so I’ll watch this space!