John demonstrates how the functional and emotional elements relate to create an overriding brand image and position. It is clear how he has worked over the years to develop his musical talents and performance skills to perfect the functional attributes of the Elton John brand. While those attributes seem difficult to master, honing the emotional elements of his brand proved to be challenging as well.

Developing Elton’s Emotional Side Before the success of Elton John, John’s career was progressing modestly. But to become a star, a master of music marketing, he needed to continue the transformation of his brand personality. John needed to look and act more like what he aspired to be-a rock star.

His first challenge was changing his look, otherwise known as design and packaging in the world of consumer products. The fact of the matter is that there aren’t many fat rock stars, and at times he was as rotund as the spectacles he wore as a child. He needed to lose weight, and did, although it has been a lifelong battle that has haunted him with bouts of bulimia.

His second challenge was developing a commanding stage presence. During his early live performances, John stood on stage or at the piano, awkwardly holding the microphone, devoid of any real personality. Clean shaven with short bangs across his forehead, this shy guy exuded anything but confidence to his audience-in fact, he appeared somewhat embarrassed to be on stage. He hadn’t mastered what superstars know-winning over audiences is easier when entertainers project self confidence. Addressing the limitations of his shy nature, John changed his appearance and his personality, with a vengeance, to become one of the best rock and roll entertainers of our time.

A brand, whether it is Elton John, Krispy Kreme, or JetBlue, is a product or a service with an identifiable set of benefits wrapped in a recognizable personality. It creates an image and an identity for a product, line of products, or a company, and makes a promise to others (customers, vendors, regulators, shareholders, and everyone else), telling them what they can expect and whether they can trust the product to fulfill those expectations. Successful brands start with a blueprint that describes the needed building blocks, where they are to be placed, and how they should fit together to create a profitable venture.

A brand strategy needs to consider both the functional and emotional elements of a brand, as seen in Figure 3.1. Functional elements may include the quality of the product or the service experience, for example. In the case of JetBlue, described later in this chapter, the BRAND Figure 3.1 Brand Functional and Emotional Elements FUNCTIONAL ELEMENTS EMOTIONAL ELEMENTS functional attributes of the brand include all of the interactions customers have with the JetBlue experience, from ease of check in and comfort of the seats to price and safety. The emotional attributes, on the other hand, include the brand image, personality, and promise that help create a connection with customers. Some functional elements, such as the design of the Volkswagen Beetle, create emotional connections with consumers, while some emotional elements, such as the Pez candy dispenser, have functional qualities that attract customers.

The process of creating one unified identity that encompasses attributes in both of the categories comprises the architecture of a brand, and Elton John provides an amazing case study in this area.

Let me start with a summary of my thesis. In the past the speculative elements of a common stock resided almost exclusively in the company itself; they were due to uncertainties, or fluctuating elements, or downright weaknesses in the industry, or the corporation’s individual setup. These elements of speculation still exist, of course; but it may be said that they have been sensibly diminished by a number of long term developments to which I shall refer. But in revenge a new and major element of speculation has been introduced into the common stock arena from outside the companies. It comes from the attitude and viewpoint of the stock buying public and their advisers-chiefly us security analysts. This attitude may be described in a phrase: primary emphasis upon future expectations.

Nothing will appear more logical and natural to this audience than the idea that a common stock should be valued and priced Appendixes 563primarily on the basis of the company’s expected future performance. Yet this simple appearing concept carries with it a number of paradoxes and pitfalls. For one thing, it obliterates a good part of the older, well established distinctions between investment and speculation. The dictionary says that “speculate” comes from the Latin “specula,” a lookout. Thus it was the speculator who looked out and saw future developments coming before other people did.