There’s been much discussion over the last two weeks of what exactly Barack Obama’s campaign team did right to help him win the presidency of the United States.

In their November 17th Business Week column “Three Reasons Obama Won,”  Jack and Suzy Welch focus on lessons business leaders can take from McCain’s loss and Obama’s win. They make three points which they say business leaders can learn from:

• Start with a clear, consistent vision.
• Execute well.
• Have friends in high places.

While I agree that all three of these are true, they’ve missed something critical: in a very short time, Obama built a strong, powerful personal brand–basically from scratch.

I teach Branding Strategies at San Francisco State. I ask my students to tell us their favorite brands. We get the usual favorites: Apple, Nike, Target, Trader Joes, Coke, etc. In October, however, several students said their favorite brand was Barack Obama.

How interesting. For the last 18 months, I’ve had my students evaluate each of the candidates brands, tell me what they stand for and how well they are doing in delivering on their brand promise. This was a fascinating exercise in the early primary season when we had a varied cast of characters from Hillary Clinton to Rudi Guiliani, Mike Hucklebee to Mitt Romney, not to mention McCain and Obama.

In the early days, the candidates were often defined by their demographics (female, African-American, Mormon, ex-POW, divorced Catholic, etc.). But as time went on, it became clear that Barack Obama had done a tremendous job building a strong brand, based on change, hope, inclusion and making a difference for America. He did this using a combination of grass roots efforts, traditional media, and an outstanding use of new media, from websites and blogs to Facebook, MySpace and Twitter, from personalized donation emails to brightly colored logowear that was hot and hard to find.

As opposed to McCain, Obama did this by focusing on the future, on the potential for good, and on the positive–not by knocking the competition, shouting and screaming, or defending the current situation.  In doing so, he created a brand that people were proud to be involved with–a brand that transcended race, ethnicity, gender or age. He created the kind of brand all companies wish they had.

And that, as much as the three reasons the Welchs articulated, is the reason Obama won.