People sure do love golf.
According to Bloomberg, golf revenues totaled $177 billion in 2011. That’s billion, with a “B”.
And no golfing event is more highly anticipated than the Masters Tournament in Augusta, Georgia. You’ve probably heard of it- the annual tournament hosts the world’s best professional golfers, awarding the coveted Green Jacket to the winner.
But even if you don’t follow golf, and you don’t know about the Masters- there is something I can almost guarantee that you’ll recognize. The Masters logo (pictured below).
It’s a logo. But it’s also much more than just a logo.
Because the Augusta National (the name of the Masters golf course) Committee has never changed the logo, the strength of their trademark has grown exponentially over the decades. Masters patrons (the preferred term for golf fans at the tournament) have been known to wait outside the Augusta gift shop for hours, ready to purchase a stockpile of clothes, hats and keepsakes emblazoned with the distinctive icon.
Why would anyone do that? Because the logo has significance. It means something. It represents something.
That’s not to say that businesses should never redesign or reconsider their logos. Quite the opposite, logos can look dated within a few short years. But the impact of a long-standing, recognizable logo can be a game changer. Some of the most powerful logos do more than distinguish a brand. They become stylish. They represent a premium quality, some of which are associated with popular athletes or celebrities.
For example: Try selling a guy a plain white baseball cap for $5. Maybe a tough sell for a boring product. A plain white cap with a powerful logo? $20-60, if you can keep them in stock.
But how is this relevant to the vast majority of business and organizations, much smaller in both size and scope?
Because your logo can become a powerful indicator of positive outcomes and trust in the microcosm of your industry or community. Any industry. Any community.
As you build your brand and invest in your logo (through advertising, promotional products, etc.), your identity becomes more and more synonymous with all of the positive qualities you’ve decided that you want customers to associate with you.
How? Stay tuned for Part II next week!