Got Milk?

Most of us are familiar with the brand slogans or taglines listed below.But not all branding involves the use of slogans, and you might be surprised at some of the branding that takes place in the world of coins. (See if you can guess which major companies the following slogans belong to. You can check your answers at the bottom of the page.)

1. "Got Milk."

2. "Just Do It."

3. "Keeps Going and Going."

4. "Have It Your Way."

5. "Enjoy."

6. "So Easy, Even a Caveman Can Do it."

All these slogans are unquestionably part of a major and successful brand, and most of us can easily recognize them. For the most part, great brands create powerful products. The U.S. Mint, for example, has created a great brand. First of all, it has consistently produced some really popular products for over 200 years. Additionally, over the years it has also created a large collector following.

The U.S. Mint, just like all other powerful brands, did not become successful overnight. Each brand had to have several significant components come together correctly in order to create a successful brand.

Below are some of those components:

1. Fulfilling a Need - Powerful brands tend to produce a product that fills a big need-this is actually a defining characteristic of powerful brands. When the U.S. Mint first produced coins, it filled a very critical need, which was to facilitate transactions from one person to another by the use of legal tender coins.

2. A Strong Foundation and Trust – If John and Joanne Smith created their coins from their home in the late 1700's, or even today, it is very unlikely that they would have succeeded. Clearly, two average individuals do not have a strong foundation in order to create a product that everyone can trust. The U.S. Mint was backed by the Government, which is obviously a very trustworthy entity with a very strong foundation.

3. Quality – A product of great quality is also very important. For example, if you removed the back casing of a watch, are the components made out of plastic, or are they made out of high quality parts, showing expert craftsmanship? A cheap imitation Rolex watch with plastic parts can cost about $100, while an original can cost about $5,000 or more. The difference is that an authentic Rolex watch will always be built with good quality parts and great craftsmanship, and in return, provide a very reliable product. The U.S. Mint is also known for implementing some of the highest quality designs and standards when producing coins. For instance, the U.S. Mint introduced sophisticated machinery that prevents most error coins from being released. Additionally, it has highly trained staff who inspect the coins throughout the minting process.

4. Benefits – What are the benefits of using a certain product? When the U.S. Mint first produced coins, it was beneficial because it allowed individuals to trade more equally or on a more level playing field. Prior to coins being used in commerce, for example, individuals would trade livestock for vegetables, and, most times, it proved to be difficult to create an equal trade. Other benefits are that it allowed individuals to trade much easier during travel, especially during long trips, as it was much easier to use coins or currency as trade rather than to carry livestock, food or other items that were difficult to transport. That's only a few of the many benefits presented by the U.S. Mint.

5. Reliability – When you use a great product like Jordan shoes, for example, you know that pair of shoes won't fall apart on your first marathon. You can trust that the product is reliable and it will get the job done. With U.S. Mint products, you can also rely on the fact that a $1 silver coin will be accepted by any major vendor or bank in the United States, even when traveling

6. Consistency – In the early years of the U.S. Mint, when you went to a bank or vendor, there was consistency in the way money was traded. For example, an ounce of gold could have had a value of $15 an ounce, and any prominent bank would trade you exactly $15 in coins or currency for $15 worth of gold, or vise-versa. The U.S. Mint might have also produced millions of coins of each denomination for each year, but it was always consistent with its denominations, allowing individuals to understand and adapt to the monetary system very easily.

7. Creativity - Another major factor that we see in popular brands is creativity. Imagine if Ford Motors produced the same car design every year. More than likely, their sales would plummet. As consumers, we always desire new and exciting looks and innovation. The U.S. Mint has definitely done just that, as it changes its coin designs, denominations, and metal compositions regularly.

8. Emotional Connection – If you look at the Nike brand, their slogan says it all: "Just Do It." There is an emotional connection with the statement and the marketing ads and commercials that they produce. Nike knows very well that most of us have challenges that are, at times, extremely difficult for us to accomplish. Yet, their slogan is a very powerful one that can instill confidence us-the consumers-as well as their product. It can make us feel as if we can jump off the recliner and sprint a 10 mile run, no matter how old or out of shape we may be. The U.S. Mint uses the same approach. The coin entity depicts coin designs of people who we look up, or features events that we share a special connection to. A great example of this connection is the commemorative coins produced from the State Quarters program, where many of us felt closely tied to the coins, as the coins honored the state we live in.

9. Presence – All successful brands have a strong presence. If you attend a sporting event, for example, strong brand presence is everywhere! It can in the form of Starter jerseys, Jordan hats or Reebok shoes, etc. The U.S. Mint also has a powerful presence. If you search online for information on newly issued coins, you will notice how the U.S. Mint has successfully placed itself on top of search engines. Similarly, a search for "invest in gold or silver" turns up many of the U.S. Mint's bullion related products. Also, the U.S. Mint is present at many major shows and conventions. And if you don't see them, you still can't miss their products or advertisements.

These are just some of the components that great brands have. I am certain there are many other reasons that make brands successful. Feel free to email me if you feel I missed any significant ones. I'd love to hear them.

Although the U.S. Mint doesn't have a set slogan that I am aware of, it still demonstrates several components that make up a great brand. Even if you compare the U.S. Mint to other World Mints, the level of trust and loyalty that the U.S. Mint has established is hard to compete with. It has millions of individuals who want and continue to obtain their products each year. So if you ever wonder why U.S. coins are so popular and have a huge collector base, it is probably because it has a great track record of over two decades for producing great products along with many of the components mentioned in this article.

Answers:

1. "Got Milk." By California Milk Processor Board

2. "Just Do It." By Nike

3. "Keeps Going and Going." By Energizer

4. "Have It Your Way." By Burger King

5. "Enjoy." by Coca Cola

6. "So Easy, Even a Caveman Can Do it." By Geiko

7. "Like a Good Neighbor, State Farm is There." By State Farm