Warren Buffet is spearheading a campaign aimed at making his brand more prominent. Buffet himself has name recognition. He is viewed as one of the wealthiest people on Planet Earth. Though this is true, Oscar Yuan a branding firm executive stated in an article in the New York Times that most people can recognize Buffet’s name, but not as many people recognize his company’s name, Berkshire Hathaway.
Accordingly, what Buffet has decided to do is to bring more brand awareness to the company, rather than himself. There are those who have been thinking about who will be Warren Buffet’s successor. As an 84-year-old, Warren Buffet is owner of a conglomerate with a stock market value worth $336 billion. It appears to be a fair question.
Buffet’s successor would be responsible for taking the brand forward. The natural thought process would be along the lines of what would that brand, then, look like? The question is intricately linked to yet another question, what does the brand look like now? Buffet sought to answer this question when he began implementing a number of efforts aimed at brand visibility.
Given Warren Buffet’s marketing strategy, comparisons have been made to that which Richard Branson employed. Billionaire entrepreneur Branson, gained brand visibility with Virgin Records, and Virgin Airlines, now practically household names.
Often business deals work behind the scenes. Currently, there are some things that Buffet is bringing to the forefront for brand awareness purposes. Buffet announced on CNBC that his company is set to acquire the Van Tuyl auto dealership, fifth in size in the nation. Buffet will re-brand the company with the name, Berkshire Hathaway Automotives. This, of course, serves Warren Buffet’s aim to make the brand more prominent.
So far, according to The Conversation, some of Warren Buffet’s re-branding include part of his insurance holdings, energy companies and within the real estate market. The Berkshire Hathaway brand name has begun to appear on real estate signs, alongside more familiar brokerage firm signs.
Being thought of as the wealthiest man on Planet Earth, has its benefits. There appears to be enthusiasm and receptivity surrounding Buffet’s re-branding. Predictably, many would like to think that whatever Buffet touches turns to gold. This may be why, as reported by the New York Times, in one instance, a homeowner stated their home suddenly felt more valuable, given the newly accessible Berkshire Hathaway brand name.
It is not certain how many people are aware of all of the companies held by Buffet. Brands such as, Dairy Queen, and Geico, though within Buffet’s holdings, will retain their already recognizable names. They will not be re-branded to Berkshire Hathaway, according to the New York Times.
It may not be practical for most people to expect to get to know Buffet personally, however, insight can be gained by reading something he has personally written. As an Op-Ed contributor in the New York Times, Buffet wrote a piece entitled, Stop Coddling the Super-Rich. This was an effort to express his beliefs in shared sacrifice, rather than untouchable tax breaks the rich are accustomed to receiving.
Now that Buffet aims to make the Berkshire Hathaway brand prominent, the public will get a better glimpse of the businesses he controls. He has already established himself as a businessman, a philanthropist and an investor. Buffet has now decided to put his reputation to work in promotion of the brand, rather than himself.
By Karen J. Dabney
Photo By Javier – Flickr
Sources:
New York Times
CNBC
The Conversation
