Legacy in the Making
by Tim Healy
Legacy in the Making
Legacy in the Making is the amazing new book from author Mark Miller. Mark’s book is all about Long-Term Brands in a Short-Term World. In business it is YOUR brand that is most important to you. That is why I want to explore why brands that have been around for decades like Toys R’ US die and others create long term brand success like The Ritz Carlton.
Mark is the founder of The Legacy Lab, a research and consulting practice that explores how to build lasting brands in a short-term world.
I am looking forward to finding out what caused the demise of brands like Blockbuster, Radio Shack and Toys R’ US despite decades of success. Hopefully these lessons can help YOU create a legacy brand of your own.
Legacy in the Making in a Short-Term World
There isn’t a shortage of entrepreneurs who want to build a valuable brand as quickly as possible and cash out for millions. However, Mark has seen that a better way to create success in the short-term is to have a firm understanding of where you want your brand to be in the future. When you know where your brand is going in the future it can help you better navigate the problems of today.
My Fascination with Failure
I asked Mark, “How did Toys R’ US fail?” It is a brand that has been around since 1948. Mark shares how Toys R’ US suffered from their short-term thinkers blind-spot. What is a brand’s blind spot? The blind spot can go one of two ways. The first is holding tight to the past way of doing things. They think if it worked in the past it will work now. The second blind-spot is to just change for the sake of change. It is a focus on doing something immediately different. Both perspectives ignore where the brand is heading in the future thus leading to inevitable failure.
Mark Miller said that the better path is adopting from both viewpoints. He reminded me again that the clearer picture you have of your brand’s future the better you will be at making short-term decisions.
Toys R’ US failed to realize that while playing is universal the way people play and shop changes from decade to decade.
Building a Long Term Brand by Doing Good
How did the iconic luxury brand, The Ritz Carlton, succeed after the recession? Mark shared how The Ritz Carlton had a clear sense of what it wanted to do over the long-term. One of the iconic phrases we hear with The Ritz Carlton is ladies and gentlemen serving ladies and gentlemen. They are in the business of creating memories that last long beyond the stay. Mark explained that the hotel admitted that they might not know what their properties will look like in 100 years. However; the manner in which they treat people should never change.
My favorite story in the interview involved The Ritz Carlton treating a toy giraffe, left behind by a family, as a real guest. For me it was an amazing story showing just how important treating each and every guest the right way is to a brand! Listen in at 19:35!!!