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Showing posts with label romney. Show all posts
Showing posts with label romney. Show all posts

Oct 26, 2012

How Obama And Romney Each Built A "Brand Of You"

President Obama and Governor Romney aren't just politicians--they're also Jedi masters of personal branding. Here are the 3 top takeaways from the election that leaders can apply when shaping their own professional brand.

Politicians tend to be masters at personal branding, especially once they reach the presidential (or presidential-hopeful) level. In doing research for my book, I found politicians as astute at personal branding as Hollywood celebrities are. Look at the political campaign process is as a series of high-stakes, intense “job interviews” by the best of class--which is easy to do during televised debates and seemingly endless public campaign stops--and you’ll find personal branding lessons that you can apply in business.

Here are my top 3 personal branding take-aways from the 2012 presidential race:

1. Have a clear value proposition that differentiates you from others.
Personal branding is not just about defining your brand, it’s about defining the benefits of your approach and how you are different, even better, than others. In the debates, Mitt Romney built his value proposition around a pro-growth, pro-jobs agenda for middle-class Americans. And he branded President Obama as a failed leader with job-killing policies. In contrast, President Obama positioned himself as the true leader of the middle-class and branded Romney as the leader of the one percent.

Takeaway: Make sure that you can brand yourself in a sentence. Your brand sentence is your differentiator that captures the essence of your brand identity. It should describe your value proposition – the value you bring that’s different from what others bring. For example, an innovative sales executive in new media described her brand this way, “I reimagine underperforming assets across the converging worlds of Hollywood, Silicon Valley, and Wall Street.”

2. Realize that style and personality count as much as substance.
Likeability is important for politicians as well as brands. In the branding world, the Q Score is a measure of a brand’s or celebrity’s likeability, and a high Q Score gives them a pricing premium in the marketplace. Likeability is important for people too, whether you are interviewing for a job, making a sales call or interacting in a meeting. Above all, you need to project energy, openness and connection, and your body language and facial expressions can help you do all three.

In the first debate, Obama was roundly criticized for his low-energy delivery style and aloof demeanor. He seemed listless and didn’t make eye contact much with Romney or the television audience. Obama was clearly not on top of his game. Bottom line, he didn’t seem that likeable or even appear presidential, and it hurt him in the polls afterwards until he got on the offensive with an energetic, authoritative speaking and debating style that had always characterized his brand. Likewise, early in the campaign, Romney was dogged by an image of being an elitist, which made him hard for many people to like or even relate to. Yet Romney’s authoritative yet engaging style in the first debate completely changed perceptions and made him seem more likable and more presidential. And his more likable personal image propelled him forward in the polls.

Takeaway: Like it or not, style counts as much or even more than substance, particularly a likable style that people can identify with. Realize that you’re always onstage, whether it’s a small stage in a one-to-one meeting or a large stage presenting to a large group. Actors and performers not only practice through weeks of rehearsals, the do a mental rehearsal along with other preparatory exercises before they go onstage. The goal is to get in the right frame of mind to “become one with the audience.” Great actors and presenters engage the hearts and minds of an audience. So speak colloquial English. Don’t read your talk. Internalize it. Talk personally, not formally. If you are in front of a large group, select different audience members in the four quadrants of the room and look them in the eye. That way, everyone will think you are talking directly to them.

3. Carefully edit and “curate” your message.
There is so much noise and data, it’s hard to make sense of it all. Notice how smart politicians don’t numb the audience with a laundry list of points or statistics but frame their arguments with a small group of select points. They also use stories, particular personal stories to make sure the message resonates. (“Last week I meet a voter in Philadelphia…”) Stories are sticky; they are memory magnets. Of course, in telling your story, you have to make sure you phrase it right--or you end up with the viral phenomenon that Romney’s story about “binders of women” created.

Takeaway: Don’t numb your audience with too many statistics: bullet, bullet, bullet; number, number, number, pie chart, pie chart, pie chart. Focus on the important points and statistics, and above all, pepper your talk with relevant stories if you want them to be remembered. When you’re presenting options in a pitch or support an important point, three is the right number, not five or ten or twenty. One or two is too few, yet four or more will lead to confusion and a lack of decision. There are the “The Three Little Pigs,” “Three Blind Mice,” and “The Three Musketeers,” and the list goes on and on. So make it easy on your audience and stick to three. Three is often a good internal structure to use in a talk to simplify the logic around an argument or point of view. The U.S. Declaration of Independence speaks of “Life, liberty, and the pursuit of happiness.” The number three has a sense of completeness that is powerful and easy for your audience to remember.

You may not be planning to run for office any time soon, but political candidates and campaigns are filled with lessons in how to create an effective personal style that will help you be more successful no matter what you do.

Catherine Kaputa is the author of You Are a Brand: In Person and Online, How Smart People Brand Themselves for Business Success.


Source : fastcompany[dot]com

Oct 3, 2012

Amazon, iCloud, LinkedIn: Your Most Beloved Businesses Are Backed By Bain

Mitt Romney's private equity firm might be a symbol of corporate greed in a fierce political season, but Bain Capital Ventures invested early and deeply in companies you probably patronize all the time.

Here’s what you probably know about Bain Capital, the private equity company cofounded by Republican presidential candidate Mitt Romney in 1984: It buys up shares of companies like KB Toys and Dunkin’ Donuts, offering sweet bonuses to board members and loading the company up with debt in order to finance “dividend recapitalizations.” Maybe you read Rolling Stone's piece in late August about how Bain’s financial moves helped net Romney some of his fortune and left a trail of laid-off long-time employees in its wake. Even the Wall Street Journal in 2009 produced a list of 11 companies affected by dividend recaps, and Bain made the list twice as an investor in KB Toys and Warner Music Group. During tonight’s first presidential debate between Romney and President Barack Obama, you’ll probably hear the name Bain Capital often enough to fuel an energetic drinking game.

Now here’s what you probably don’t know: If you’re a fan of receiving quick shipments from Amazon, use Apple’s iCloud to store your favorite songs, or recently updated your LinkedIn profile, you’ve boosted the bottom line of Bain Capital.

Let’s connect the dots.

How do you think that box from Amazon (a Fast Company Most Innovative Company) gets outside your front door just 48 hours after you place an order--with free shipping, to boot? You’ve got Massachusetts-based Kiva Systems (another Most Innovative Company) to thank for that, and Kiva Systems has Bain Capital Ventures to thank for most of the seed money that got it off the ground. Kiva created a fulfillment model based on burly, but compact, orange robots that shuttle stacks of inventory around massive warehouses.

If you’ve recently purchased the iPhone 5 or upgraded your legacy device to iOS 6, you’re taking advantage of the software’s cloud-based music management properties developed by Lala, a company backed by BCV that was acquired by Apple (another MIC--you seeing the trend here?) in 2009. BCV led multiple financing pushes, including the Series A round in January 2005, that helped move the company’s business strategy from CD-swapping to cloud-based uploading and licensing of songs. Apple acquired the company for $80 million in December 2009 after bidding against Google.

Over half of the $103 million in venture funding LinkedIn raised from 2003 until its IPO in 2011 came in 2008 when Bain Capital Ventures and three other companies made a Series D investment. That round of funding helped the business networking service expand by nearly a factor of 10--from just over 100 employees to 1,000, and from 17 million members to 100 million.

While Bain Capital Ventures has over 100 companies in its portfolio, and each has its own story, Bain’s work with Kiva Systems from 2004-2012 seems standard enough to be educational. And it resulted in Kiva founder Mick Mountz’s fully formed company being purchased by Amazon in March for $775 million, netting BCV a hefty windfall.

Ajay Agarwal was Bain’s top venture executive on the Kiva Systems project and doesn’t want to ruffle the feathers of other companies in the portfolio, so he hesitates to rank it in the company’s top-5 all-time, saying, “We’ve been involved in a lot of successful companies, it depends on how you measure it” before rattling off BCV connections with LinkedIn, Doubleclick, Liberty Dialysis, and SolarWinds. (There’s Tennis Channel, Vonage, Princeton Review, Minute Clinic, and others, too.)

“But we were investors pre-revenue, and we were the largest shareholder, and … the absolute return on dollars was significant,” he says, unable to reveal specifics. “The limited partners and folks at our firm were thrilled about it, it was a very good outcome and an outstanding outcome for Mick and his team.”

Agarwal is being modest when he says 99% of the credit goes to Mountz and his colleagues, who wrote the code and built robot prototypes that made order fulfillment more efficient for warehouses. In fact, Bain’s long-standing connection with Staples led to an important trial run for Kiva.

“Bain’s venture capital group is a fund inside of the larger Bain Capital, and the private equity portfolio they had included companies like Toys-R-Us, Burlington Coat Factory, Michael’s, and a bunch of others,” says Mountz. “We felt as a small startup, if we were out trying to pitch our idea and get some reviews, their portfolio would serve as a natural backstop because they’d worked with so many businesses that were attractive to Kiva.”

So with funding came customer introductions but also an important vote of confidence that helped the startup allay clients’ concerns about handing over their precious warehouse inventory to robots. Even after hearing Mountz's pitches in 2005 and 2006, Agarwal says, “No one wanted to be the first guy to have this worst-case nightmare of robots running amok in their warehouse--no matter how compelling the value proposition was.” So BCV helped get Mountz an audience with Don Ralph, Staples' top executive for logistics in North America.

Once Kiva Systems proved itself with Staples, more clients like Walgreens and Diapers.com followed.


After a few years, what some potential investors saw as a $100 million risk started generating cash with just a third of that investment. Eventually it became an appealing target for Amazon.

“With a modest investment and long-term patience they were able to create a sizeable business that employs a lot of people,” says Mountz (over 300 in the Boston area), noting that Kiva also makes its robots and ships some of them to European installations. “[Bain’s] been able to create a mini jobs engine in the Boston area and a manufacturing exporter.”

In the final phase of Bain’s involvement with Kiva, it was a key advisor on hiring decisions--COO, CFO and others, something with which Mountz says he was glad to have help. And Agarwal says the Kiva timeline is a fair representation of how Bain Capital Ventures works with most companies.

“We are very active investors on the venture side,” says Agarwal. “Fifty percent of our investments are early stage, first institutional funding or Series A, and 50 percent are more growth-oriented. In both cases we tend to be the largest institutional shareholder, we tend to be the most active member on the board and the lead director on the board.”
Investments from private equity companies like Bain Capital don’t always work out, as some stories have noted and you’re likely to hear tonight. For Mountz a notable list of others, it clearly did.

“It’s another business model, like selling insurance is a business model, they all have their pros and cons,” Mountz says. “Selling hamburgers is another business model that’s killing Americans if you believe that movie [Super Size Me]. But the things private equity guys are doing inside the businesses they buy are the exact same things that good management teams inside any business are doing anyway.”

So if you do play that drinking game tonight, remember that no matter which side of the aisle you support, the shot glass you use might not have made it into your hands without Bain Capital.


Source : fastcompany[dot]com