Your business’ secret to success: do one thing and do it right
June 22, 2009 at 12:23 am
Colonel Sanders was a master of business. He took a product that virtually everyone in the south made for themselves — fried chicken — and decided to sell his own version. The Kentucky Colonel outfit, the secret recipe, the bucket, and his self-promotion all contributed to his uniqueness and aura. However, his true secret to success was a simple philosophy: do one thing and do it right. He made better fried chicken than anyone else, and he focused all his efforts on building the business around his flagship product. His plan was to start small, gain a reputation, and establish a toehold in his local Kentucky community. From there, he wanted to conquer the fried chicken world, and use his market dominance as a springboard for other complementary products. Of course, we all know the rest of the story; his plan worked to perfection and the chicken industry has never been the same.
What’s the lesson that other companies can learn from the Colonel? Determine what your biggest strength is and focus your efforts on that. Perfect your product/service, establish a great reputation, use your revenues to invest in the company, and build your empire. Many companies try to become jacks-of-all-trades, but instead become masters-of-none. This mistake goes back to a previous discussion about market sizing vs. market segementation. It’s better to dominate a small market and branch out into other markets in time, rather than become a bit player in a larger, more competitive market. This approach will focus your internal resources in the places that maximize your profit potential, put your marketing communications plan on a path towards great success, and send a message to competitors that you have your priorities straight.
Don’t let the goatee fool you… Colonel Sanders was a brilliant businessman and a master marketer. Now go out there, focus on the one thing at which you’re best, and fry the competition!
Entry filed under: Best Practices, Branding, Buzz Marketing, Leadership & Management, LinkedIn, Marketing, Sales, Sales Tools, Strategy, Word of Mouth Marketing. Tags: Branding, Colonel Sanders, competition, customers, do one thing and do it right, flagship, jack of all trades, Kentucky Colonel, Kentucky Fried Chicken, LinkedIn, market dominance, market segmentation, market sizing, marketer, Marketing Communications, marketing plan, marketing strategy, master of none, Messaging, revenue, Sales, secret recipe, secret to success, secrets, success.