Summary: [social align=”center”]<br> When someone says <a href="http://philmckinney.com" target="_blank">innovation</a>, most default to products or services but innovation can be applied to anything. In this weeks, show, we will take a look at <a href="http://philmckinney.com/archives/2012/01/innovating-the-brand-at-hp.html" target="_blank">innovating a brand</a>. Our guest, Michael Mendenhall, will share his thoughts and experience in successful brand innovation.<br> This Weeks Guest: Michael Mendenhall – CMO for Flextronics<br> Michael is the Chief Marketing and Chief Communications Officer at Flextronics where he most recently led the re-branding of the firm to <a href="https://www.flextronics.com/" target="_blank">Flex</a>.<br> Previously, he served as the Chief Marketing & Communications Officer and Executive Vice President of Fusion-io, Inc. From 2007 through 2011, he served as Global Chief Marketing Officer and Senior Vice President at Hewlett Packard. where his organization directed all aspects of the Fortune-10 company’s corporate marketing operations globally, including brand strategy, digital strategy, integrated design, strategic partnerships, customer intelligence, and hp.com among other responsibilities.<br> <a href="http://killerinnovations.com/oct-11th-with-michael-mendenhall/" target="_blank">Read more about Michael …</a><br> This Weeks Killer Question/Brain Hack<br> What emotional, psychological, or status benefits could people derive from using my product?<br> Do you have diamonds stashed away that you reckon you can sell if times ever get tough? Say, a family heirloom, or an engagement ring from a failed marriage? Perhaps you know how much the diamond was appraised for by a reputable seller and feel confident that you can get a reasonable return on your investment. If so, you’re in for a disappointing surprise.<br> In the late 1880s, a group of British financiers who’d invested heavily in South African diamond mines grew alarmed at the discovery of vast new supplies of the supposedly scarce gem. They realized that the value of their What—diamonds—was essentially the public’s perception of them as both extremely rare (and thus valuable), and a sign of sophistication and affluence. This belief about what the diamond merchants were selling would be irreparably damaged if the world’s markets were suddenly flooded with the gems. The financiers banded together, formed the De Beers consortium, and have managed and manipulated both the supply of diamonds and the public’s perception of them ever since.<br> In the late 1940s they coined the phrase “A diamond is forever” and persuaded young couples everywhere that the purchase of one was an essential symbol of love and devotion. In the late ’50s, they responded to a glut of tiny diamonds from the Soviet Union by creating the idea of and the market for the “eternity ring.” The eternity ring was promoted as a gift for established couples to celebrate their ongoing commitment. Rather than one large diamond, the ring was comprised of a string of tiny diamonds set in a band. Prior to the eternity ring, customers were more interested in purchasing large diamonds. De Beers was able to convince consumers that these small diamonds were equally desirable by creating the idea that the small diamonds represented the passing of the years. Smart. Even more cleverly, they realized that by marketing diamonds as both investments and emotional signifiers, customers would keep them rather than reselling them down the line. You might part with Grandma’s bond portfolio, but you were far less likely to sell her ring. This sentiment helps keep untold billions of dollars of privately owned diamonds off of the market, thereby keeping the price of “new” diamonds high. Brilliant.<br> However, the actual value of a diamond is negligible. Recently a friend took a loose diamond to a dealer. She had vague plans of buying a twin for it and making earrings...
